The Borrowers’ Forum, launched at the United Nations’ (UN) Sustainable Development Conference in Sevilla, Spain, is backed by the UN and recognised in the Sevilla Commitment outcome document, is being hailed as a breakthrough in reforming the international debt architecture.

“This is not just talk, this is execution,” said Egypt’s Minister of Planning and Economic Development, Dr Rania Al-Mashat. “The Borrowers’ Forum is a real plan, driven by countries, to create a shared voice and strategy in confronting debt challenges.”

The initiative responds to long-standing frustrations among developing countries who often find themselves negotiating individually with a united front of creditors. The forum aims to shift this dynamic by enabling coordinated responses and stronger collective bargaining.

UN Trade and Development Secretary-General Rebeca Grynspan noted that the current system too often marginalises developing nations. “Voice is not just the ability to speak, it’s the power to shape outcomes,” she said. “Today, 3.4 billion people live in countries that pay more in debt service than they do on health or education.”

The Borrowers’ Forum is one of 11 proposals made by the UN Secretary-General’s Expert Group on Debt. It will serve as a platform for knowledge-sharing, legal and technical assistance, and the promotion of responsible borrowing and lending standards.

By creating a united front, the Forum is expected to strengthen the influence of debtor nations in shaping more equitable and inclusive financial outcomes, a long-standing demand of the Global South.

--UN/ChannelAfrica--