Developing countries have launched the Borrowers’ Platform that 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.

Launched during global finance institutions the International Monetary Fund (IMF)–World Bank Spring Meetings, the UN Trade and Development (Unctad) will serve as secretariat for the platform.

“The platform is a breakthrough in global financing in which borrowing countries sit together, learn from each other, and speak with a collective voice,” says UN secretary-general António Guterres.

Debt pressures have constrained public investment and limited countries’ ability to finance growth, strengthen resilience and achieve sustainable development, Unctad says.

Globally, 54 countries that are home to 3.4-billion people, spend more on debt servicing than on health or education, which highlights the scale of the challenge.

The external debt of developing countries reached $11.7-trillion in 2024, while their debt service costs rose to about $920-billion during that year.

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

The Borrowers’ Platform was designed to address this imbalance and 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, Unctad says.

The launch brought together representatives from 30 developing countries of all sizes and regions, which highlights the strong political momentum behind the initiative. The initiative 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 this year.

By improving transparency, strengthening capacity and fostering cooperation, the Borrowers’ Platform is expected to contribute to more sustainable financing outcomes, says Unctad.

Over time, it may also send a positive signal to markets by enhancing debt sustainability practices and reducing uncertainty for investors, thereby helping ensure that rising debt burdens do not derail development prospects.