Developing Countries Launches First-Ever Borrowers’ Platform

developing countries have launched the first-ever Borrowers’ Platform during the IMF–World Bank Spring Meetings 2026. The initiative is being seen as a major step toward rebalancing a system historically influenced by creditor nations.

The platform will function with the United Nations Conference on Trade and Development acting as its secretariat, providing institutional support and coordination.

Purpose and Objectives

The Borrowers’ Platform establishes a dedicated forum for:

• Finance ministers and central bank governors from developing economies
• Knowledge-sharing on sovereign debt management
• Strengthening coordination among borrower nations
• Articulating a collective voice on debt-related challenges

It aims to address a long-standing gap in global financial governance by offering a borrower-led space for dialogue and cooperation.

Rising Debt Concerns

The initiative comes amid mounting debt pressures in the developing world:

• External debt reached $11.7 trillion in 2024
• Global public debt stood at $102 trillion
• Developing countries account for approximately $31 trillion of this total

Despite a smaller share compared to advanced economies, debt in developing countries has been growing at twice the pace since 2010, according to UNCTAD.

Key Functions of the Platform

The Borrowers’ Platform will:

• Enable countries to share experiences and best practices
• Build capacity to manage and respond to debt challenges
• Improve engagement in global financial discussions
• Enhance debt sustainability and transparency
• Send a positive signal to financial markets

What the Platform Is Not

Policymakers clarified that the platform:

• Is not a crisis coordination mechanism
• Will not conduct collective debt restructuring negotiations
• Is not a standard-setting or bargaining body

Source: UN