- New
initiative unveiled during IMF–World Bank Spring Meetings, is the
first dedicated space for borrowing countries to exchange
knowledge, strengthen coordination and have a collective voice on
debt.
- Borrowers’
Platform to serve developing country needs in response to long
lasting gap in international financial architecture
- UN Trade and
Development (UNCTAD) take on the role of Secretariat to the
Platform
Geneva,
15 April 2026 - Developing
countries took a major step to rebalance the global financial system
today, launching the first-ever Borrowers’
Platform during the IMF–World Bank Spring Meetings,
with UN Trade and Development (UNCTAD) serving as its secretariat.
The
Platform brings together finance ministers and central bank governors
from developing countries to strengthen debt management capacity,
enhance coordination and amplify their collective voice in global debt
discussions.
United
Nations Secretary-General António Guterres described the initiative as
“a breakthrough in global financing… a platform in which borrowing
countries sit together, learn from each other, and speak with a
collective voice.”
UNCTAD,
which will serve as the Secretariat, is a leading authority on
developing country debt, combining independent analysis with direct
support of for countries in managing their debt through the Debt Management Programme – today
present in 60 countries.
Rising
debt pressures drive urgency for collective action
The
launch came against a backdrop of mounting debt challenges across the
developing world. External debt reached $11.7 trillion in 2024, while
debt service costs rose to approximately $920 billion.
Today,
54 countries – home to 3.4 billion people – spend more on debt
servicing than on health or education, highlighting the scale of the
challenge.
These
pressures have constrained public investment, limiting countries’
ability to finance growth, strengthen resilience and achieve
sustainable development.
Against
this backdrop, cooperation among borrowers has emerged as a natural and
necessary response to shared challenges.
Closing
a gap in the international financial architecture
While
creditor coordination mechanisms have long been established, borrowing
countries have lacked a dedicated platform to exchange experiences,
share information and build technical capacity.
The
Borrowers’ Platform was designed to address this imbalance. First
outlined in the Sevilla Commitment adopted at the Fourth International
Conference on Financing for Development in July 2025, the initiative
creates a permanent space for collaboration among developing countries.
Through
peer learning, technical support and knowledge-sharing, the Platform
aims to strengthen debt management practices and improve coordination
on sovereign debt issues.
Broad
political backing from across the developing world
The
launch brought together representatives from 30 countries,
including Prime
Ministers, 16 ministers and central bank governors,
underscoring strong political momentum behind the initiative.
Countries
of all sizes and regions were represented – from major economies such
as India and South Africa to small and vulnerable states such as the
Maldives – reflecting the shared nature of debt challenges across the
developing world.
Led
by a working group including Egypt (Chair) and Pakistan (Vice-Chair),
alongside Colombia, Honduras, Maldives, Nepal and Zambia, the Platform
will now move from launch to implementation. Member States agreed to
expand participation, establish interim governance arrangements and
define a work programme leading to the IMF–World Bank Annual Meetings
in October 2026.
By
improving transparency, strengthening capacity and fostering
cooperation, the Borrowers’ Platform is expected to contribute to more
sustainable financing outcomes. Over time, it may also send a positive
signal to markets by enhancing debt sustainability practices and
reducing uncertainty for investors—helping ensure that rising debt
burdens do not derail development prospects.
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