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News: Developing countries launched the first-ever Borrowers’ Platform at IMF-World Bank Spring Meetings 2026 to address rising debt pressures collectively.
About Borrowers’ Platform
- It is a dedicated forum for developing countries to coordinate and address sovereign debt challenges.
- Launched: It was launched during the IMF-World Bank Spring Meetings 2026 by developing countries.
- Origin: The platform was first outlined in the Sevilla Commitment adopted at the Fourth International Conference on Financing for Development in July 2025, creating a permanent space for collaboration.
- Supported by: It is supported by the United Nations Conference on Trade and Development (UNCTAD) which serves as its secretariat.
- Aim: It aims to strengthen coordination and create a collective voice on sovereign debt issues among developing countries.
- Representatives: The platform includes representatives from 30 countries, including Prime Ministers, ministers, and central bank governors, with a working group.
- Leadership: It is guided by a working group chaired by Egypt, with Pakistan as Vice-Chair. Other key members include India, South Africa, Colombia, Nepal, and Zambia.
- Key features:
- Knowledge sharing and coordination: The platform provides a space where countries can exchange experiences, learn from each other, and improve coordination on debt-related issues.
- Technical cooperation and capacity building: It supports strengthening debt management capacity through technical assistance, including UNCTAD’s Debt Management and Financial Analysis System(DMFAS) programme.
- Collective voice in global finance: It enables developing countries to articulate a unified position in global debt discussions, addressing the imbalance created by creditor-led mechanisms like the Paris Club.
- Non-crisis cooperative platform: It is not a debt restructuring or crisis coordination mechanism but focuses on practical solutions, peer learning, and improving transparency in debt management.
- Significance: The platform responds to high external debt of $11.7 trillion, annual debt service costs of nearly $920 billion, and the fact that 54 countries spend more on debt than on health or education.
