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- 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, Switzerland – 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.