INTERNATIONAL —13 April 2026 (NPA) — The United Nations has officially launched the Borrowers’ Platform, a new initiative designed to give developing countries a stronger collective voice in global debt discussions. Facilitated by the UN Conference on Trade and Development (UNCTAD), the platform seeks to address long-standing gaps in the international financial system by creating a borrower-led space for cooperation, knowledge-sharing, and capacity-building.
Debt servicing costs in developing countries have surged over the past decade, with external debt reaching $11.7 trillion in 2024. That year, governments spent nearly 10% of their revenue on interest payments, while least developed countries devoted almost a quarter of their revenue to external creditors. According to UNCTAD, 54 countries—home to 3.4 billion people—now spend more on debt than on health or education.
Rebeca Grynspan, Secretary-General of UNCTAD, underscored the urgency of reform: “3.4 billion people deserve better outcomes. They’re not asking for charity. They want a level playing field where finance enables development rather than constraining it.”
Egypt’s Finance Minister Ahmed Kouchouk, who chairs the initial working group, explained that the Borrowers’ Platform is not a debt restructuring forum but rather a cooperative space to share experiences, strengthen debt management capacity, improve transparency, and engage more effectively in global financial discussions.
The platform’s creation follows a series of milestones: in December 2024, UN Secretary-General António Guterres appointed an Expert Group on Debt; in June 2025, the group proposed the Borrowers’ Platform; in July 2025, Member States endorsed the idea in the Sevilla Commitment at the 4th International Conference on Financing for Development; and in October 2025, the Geneva Consensus at UNCTAD16 called on UNCTAD to facilitate borrower cooperation. A working group led by Egypt and Pakistan, with members including Colombia, Honduras, Maldives, Nepal, and Zambia, drafted the platform’s modalities.
UNCTAD will serve as the platform’s secretariat, providing technical and administrative support. Advocates say the initiative sends a positive signal to markets by promoting debt sustainability and transparency, while giving developing countries a long-overdue seat at the table in shaping global financial rules.
