Developing countries marked a significant milestone in global finance with the launch of the first-ever Borrowers’ Platform during the IMF–World Bank Spring Meetings on 15 April. The initiative, supported by United Nations Conference on Trade and Development as Secretariat, creates a dedicated forum for borrowing nations to coordinate, share knowledge, and strengthen their collective voice on sovereign debt issues.
UN Secretary-General António Guterres described the platform as a “breakthrough in global financing,” enabling countries to collaborate more effectively in addressing shared challenges. The move comes amid rising debt pressures, with external debt in developing nations reaching $11.7 trillion in 2024 and servicing costs climbing to approximately $920 billion.
Currently, 54 countries—home to 3.4 billion people—spend more on debt repayments than on health or education, underscoring the urgency for coordinated action. The platform seeks to address a longstanding gap in the international financial architecture, where creditor coordination has been strong, but borrower collaboration limited.
Representatives from 30 countries, including finance ministers and central bank governors, participated in the launch, signalling strong political support. Led by Egypt and Pakistan, the initiative will focus on enhancing debt management, improving transparency, and fostering technical cooperation.
The Borrowers’ Platform is expected to contribute to more sustainable financing outcomes and strengthen resilience across developing economies.
