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UN Trade and Development (UNCTAD) announced on Wednesday the launch of a Borrowers’ Platform for developing countries at the 2026 IMF–World Bank Spring Meetings in Washington, D.C. 

UNCTAD, which described the platform as a ‘major step’ toward rebalancing the global financial system, is serving as the secretariat for the first-ever initiative.

The platform brings together finance ministers and central bank governors from developing countries to strengthen debt management capacity, enhance coordination and amplify their collective voice in global debt discussions.

United Nations Secretary-General António Guterres described the initiative as “a breakthrough in global financing… a platform in which borrowing countries sit together, learn from each other, and speak with a collective voice.”

UNCTAD is a leading authority on developing country debt, combining independent analysis with direct support for countries in managing their debt through the Debt Management Programme, which is now running in 60 countries.

The launch came against a backdrop of mounting debt challenges across the developing world. According to UNCTAD, external debt reached $11.7 trillion in 2024, while debt service costs rose to approximately $920 billion.

“Today, 54 countries – home to 3.4 billion people – spend more on debt servicing than on health or education, highlighting the scale of the challenge,” noted the UN special agency. “These pressures have constrained public investment, limiting countries’ ability to finance growth, strengthen resilience and achieve sustainable development.”

It said this reality necessitates cooperation among borrowers as a natural and necessary response to shared challenges.

UNCTAD noted that, while creditor coordination mechanisms have long been established, borrowing countries have lacked a dedicated platform to exchange experiences, share information and build technical capacity.

First outlined in the Sevilla Commitment adopted at the Fourth International Conference on Financing for Development in July 2025, the initiative creates a permanent space for collaboration among developing countries.

Through peer learning, technical support and knowledge-sharing, the Platform aims to strengthen debt management practices and improve coordination on sovereign debt issues.

The launch brought together representatives from 30 countries, including Prime Ministers, 16 ministers and central bank governors, indicating a political momentum behind the initiative. Notable participants included India and South Africa.

“Led by a working group including Egypt (Chair) and Pakistan (Vice-Chair), alongside Colombia, Honduras, Maldives, Nepal and Zambia, the Platform will now move from launch to implementation. Member States agreed to expand participation, establish interim governance arrangements and define a work programme leading to the IMF–World Bank Annual Meetings in October 2026,” UNCTAD said in a statement sent to Financial Nigeria. 

By improving transparency, strengthening capacity and fostering cooperation, the Borrowers’ Platform is expected to contribute to more sustainable financing outcomes. Over time, it may also send a positive signal to markets by strengthening debt sustainability practices and reducing investor uncertainty—helping ensure that rising debt burdens do not derail development prospects, according to the statement.