Developing countries launched the first-ever Borrowers’ Platform during the IMF–World Bank Spring Meetings. UN Trade and Development (UNCTAD) will serve as the Secretariat.
The platform gives borrowing countries a formal space to exchange knowledge, coordinate debt strategies, and strengthen their collective voice in global debt discussions.
UN Secretary-General António Guterres called it “a breakthrough in global financing.” He said it allows borrowing countries to learn from each other and speak with one voice.
UNCTAD leads the Secretariat role. It provides debt expertise and supports debt management programs in 60 countries.
Rising debt pressures drive urgency
Developing countries face rising debt pressures. External debt reached $11.7 trillion in 2024. Debt service costs reached about $920 billion.
Fifty-four countries now spend more on debt service than on health or education. These countries represent 3.4 billion people.
High debt burdens reduce public investment. They also limit growth, resilience, and development spending.
The new platform responds to these shared pressures. It promotes cooperation among borrowing countries.
Closing a gap in global finance
Creditor countries already have coordination mechanisms. Borrowing countries do not.
The Borrowers’ Platform fills this gap. It gives developing countries a permanent forum for cooperation.
The initiative builds on the Sevilla Commitment adopted in July 2025 at the Fourth International Conference on Financing for Development.
The platform supports peer learning, technical assistance, and knowledge sharing. It aims to improve sovereign debt management.
Strong political support
Representatives from 30 countries attended the launch. This included prime ministers, finance ministers, and central bank governors.
Participants included major economies such as India and South Africa. It also included smaller and vulnerable states such as the Maldives.
Egypt chairs the working group. Pakistan serves as vice-chair. Colombia, Honduras, Maldives, Nepal, and Zambia also participate.
The platform will now move into implementation. Members will expand participation and set governance rules.
They will define a work program ahead of the IMF–World Bank Annual Meetings in October 2026.
The platform aims to improve transparency and debt management. It may also improve market confidence and support more sustainable financing outcomes.
