BANGKOK: Developing countries have taken a significant step towards strengthening cooperation on debt-related challenges as the Borrowers’ Platform convened its first Governing Council meeting in Bangkok, bringing together finance ministers, central bank governors and senior government officials.
The meeting, held during the IMF World Bank Annual Meetings, marks the beginning of the Platform’s first annual cycle and a new phase in efforts to improve cooperation among borrowing countries.
According to the United Nations Trade and Development (UNCTAD), 31 developing countries have formally joined the initiative since its launch in April 2026, while many other countries have expressed interest in participating.
The Platform aims to provide developing countries with a dedicated space to exchange knowledge, share experiences and strengthen their collective voice in international discussions on debt and development financing.
UN Secretary-General António Guterres highlighted the mounting pressures facing developing countries, including geopolitical tensions, conflicts, trade disruptions, climate challenges, inadequate financing and rising debt-servicing costs.
He said the Borrowers’ Platform offers participating countries an opportunity to navigate these challenges by sharing advice, tools and practical approaches.
Developing countries are facing growing financial pressures as debt-servicing obligations compete with spending on essential public services and development priorities.
UNCTAD has highlighted the widening strain on public finances, noting that interest costs in developing countries have risen much faster than government revenues over the past decade.
Higher debt-servicing expenses can leave governments with fewer resources for infrastructure, healthcare, education and other essential public investments.
Against this backdrop, the Borrowers’ Platform seeks to improve access to knowledge and data, strengthen debt-management capacity and promote technical cooperation among countries facing similar financial challenges.
UNCTAD said the initiative is designed to complement existing international debt mechanisms rather than replace them. It is not intended to serve as a forum for collective debt restructuring or collective bargaining.
Instead, the Platform will focus on peer learning, technical assistance, the exchange of expertise and stronger participation by borrowing countries in international discussions that influence their financing conditions.
The initiative also seeks to address a longstanding gap in the international financial system, where debt coordination and negotiation mechanisms have largely been creditor-driven, with limited permanent space for borrower-led cooperation.
The first Governing Council meeting adopted a communiqué outlining shared priorities and the future direction of the Platform.
The Council will provide political guidance, while a Steering Committee of senior officials will oversee operational work. The first annual cycle will also address the confirmation of a new Chair and Troika, alongside consideration of the Platform’s modalities and programme of activities.
Egypt, which served as Interim Chair, led the initiative through its establishment phase, with UNCTAD acting as its Secretariat.
UNCTAD Acting Secretary-General Pedro Manuel Moreno reaffirmed the organisation’s commitment to supporting member countries through peer learning, research-based knowledge and practical assistance.
More than 100 developing countries have been invited to participate in the initiative, reflecting the growing international interest in cooperation on debt sustainability and development finance.
The Platform’s first annual cycle is expected to focus on turning its institutional foundations into practical cooperation that can help borrowing countries navigate an increasingly complex global financial environment.
Reported By: Mirza Maqbool Baig I Senior Reporter
