ISLAMABAD: Finance ministers and central bank governors from developing countries are set to launch a new ‘Borrowers’ Platform’ aimed at strengthening debt management and amplifying the collective voice of borrowing nations during the upcoming IMF-World Bank Spring Meetings in Washington on April 15.
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Pakistan’s Finance Minister Muhammad Aurangzeb and Egypt’s Finance Minister Ahmed Kouchouck will jointly preside over the launch at the United Nations Foundation.
The initiative, supported by the United Nations Conference on Trade and Development as its secretariat, seeks to address growing debt pressures faced by developing economies and create a structured forum for cooperation among borrower nations.
Marking the significance of the occasion, UN Secretary-General Antonio Guterres is also expected to attend the launch.
The platform aims to fill a longstanding gap in the global financial system, where borrowing countries often lack adequate representation compared to creditor groups. It is designed to enhance coordination, knowledge-sharing and technical support among developing nations while strengthening their negotiating position in global financial discussions.
The idea for the platform emerged from recommendations by a UN expert group on debt and was formalised under the ‘Sevilla Commitment’ adopted during the 2025 International Conference on Financing for Development. An initial working group, co-led by Pakistan and Egypt, along with countries including Colombia, Honduras, Maldives, Nepal and Zambia, developed its framework.
The Borrowers’ Platform will focus on improving debt transparency, strengthening public debt management, promoting sustainable financing, and fostering South-South cooperation. It is also expected to send a positive signal to financial markets by encouraging better debt sustainability practices.
According to UNCTAD, developing countries’ external debt reached $11.7 trillion in 2024, with many nations allocating significant portions of their revenues to debt servicing. In some of the least developed countries, nearly a quarter of government revenue is spent on external debt repayments, often exceeding spending on health and education.
UNCTAD Secretary-General Rebeca Grynspan emphasised that billions of people in developing nations require a fairer global financial system, stating that the goal is not aid but equitable access to financing that supports sustainable development.
The launch of the platform is being viewed as a major step towards reshaping global debt governance and empowering developing economies in international financial negotiations.
