Developing countries will formally launch a borrower-led platform on April 15 in Washington, D.C., in a bid to strengthen their collective voice in global debt discussions as repayment pressures intensify.
The initiative, backed by UN Trade and Development, comes as external debt in developing economies climbed to $11.7 trillion in 2024, with rising interest costs squeezing public finances and limiting spending on social services and climate action.
Data from the United Nations show developing countries spent nearly 10% of government revenue on servicing external debt last year, while the least developed countries allocated almost a quarter. In 54 countries, representing about 3.4 billion people, debt payments now exceed spending on health or education.
“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,” said Rebeca Grynspan, Secretary-General of UN Trade and Development.
The Borrowers’ Platform is designed to fill a gap in the international financial system, where coordination mechanisms have historically been dominated by creditors. It will provide a forum for countries to exchange experiences, strengthen technical capacity and coordinate approaches to debt management.
Officials said the platform is not intended to negotiate debt restructuring or act as a collective bargaining bloc, but rather to improve engagement with global financial institutions and enhance debt sustainability.
The launch follows a series of policy endorsements within the United Nations system, including recommendations by the UN Secretary-General’s Expert Group on Debt in 2025 and commitments made at the Fourth International Conference on Financing for Development and the 16th UN Conference on Trade and Development.
An initial working group led by Egypt and Pakistan, with participation from Colombia, Honduras, Maldives, Nepal and Zambia, developed the platform’s framework, while UN Trade and Development will serve as its secretariat.
The Washington launch is expected to coincide with the IMF-World Bank Spring Meetings, placing the issue of developing-country debt at the center of global economic discussions.
The initiative signals a shift toward more coordinated borrower engagement as countries seek to manage rising debt burdens while maintaining growth and development priorities.
