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Developing countries have unveiled a new Borrowers’ Platform aimed at improving debt management and presenting a unified position in global financial discussions.
The initiative was launched at the IMF–World Bank Spring Meetings, with the United Nations Conference on Trade and Development (UNCTAD) serving as its secretariat. The announcement was made in Washington, D.C., where global finance leaders gathered to address pressing economic issues.
According to UNCTAD, the platform brings together finance ministers and central bank governors from developing economies. Its core objective is to strengthen debt management capacity, improve coordination among borrowing nations, and amplify their collective voice in negotiations that shape global debt policies.
António Guterres described the initiative as a breakthrough in global financing, noting that it allows borrowing countries to collaborate, share experiences, and speak more effectively on issues affecting their economies.
Mounting debt pressures
The launch comes at a time when many developing countries are facing rising debt burdens. UNCTAD estimates that external debt reached $11.7 trillion in 2024, with servicing costs climbing to about $920 billion.
More critically, 54 countries—home to roughly 3.4 billion people—now spend more on debt servicing than on essential sectors such as healthcare and education. This trend continues to limit public investment and weaken governments’ ability to drive growth and resilience.
UNCTAD, which currently supports debt management programmes in over 60 countries, says the platform could help countries respond more effectively to these challenges while pushing for a more balanced and inclusive global financial system.
