Africa-Press – Zambia. The Government of the Republic of Zambia has offered to host the inaugural Borrowers’ Forum, a commitment agreed in the outcome document of the Fourth International Conference on Financing for Development (FFD4) and endorsed by the United Nations Secretary-General’s Expert Group on Debt and the UN Conference on Trade and Development (UNCTAD). The forum is designed to empower developing countries to foster effective debt management.
The UNCTAD Forum officially launched a proposed roadmap for the Forum as part of the Seville Platform for Action on the margins of the FFD4 in Seville, Spain. The initiative marks a significant outcome of the Seville Commitment, the conference’s final outcome document, which Zambia co-facilitated alongside Mexico, Nepal, and Norway.
Speaking during the launch, Minister of Foreign Affairs and International Cooperation, Hon. Mulambo Haimbe, SC, MP, expressed Zambia’s strong support for the establishment of the Borrowers’ Forum and confirmed the country’s willingness to host its inaugural session.
The Minister emphasised that the Forum has garnered broad support from both the Global North and the Global South due to its potential to enhance the voice and representation of borrower countries in the global debt architecture
Hon. Haimbe noted that the Forum will foster collaboration among diverse stakeholders, including international organisations, development partners, and creditor nations, working together toward a more resilient global debt system.
Speaking at the same event, UN Trade and Development Secretary-General Rebeca Grynspan welcomed the launch of the Forum, noting that it aims to address the power imbalances that often characterise debt negotiations, where debtor countries are frequently isolated and lack a unified voice.
The Spanish Minister of Economy Mr. Carlos Cuerpo stated that the Forum provides a platform for developing countries to shape their futures and deepen cooperation with creditors, thereby fulfilling a shared responsibility to ensure debt sustainability.
UN Special Envoy on Financing the 2030 Agenda who is also the Chair of the Expert Group, Mahmoud Mohieldin, praised Zambia’s leadership throughout the FFD4 process and congratulated Zambia’s Permanent Representative to the United Nations, H.E. Dr. Chola Milambo, for his role in shaping the Seville outcome document. He announced that Zambia, Spain, and Egypt will support the UN Secretary-General in consultations with Member States and stakeholders to operationalise the Forum.
The Borrowers’ Forum complements ongoing initiatives aimed at addressing debt vulnerabilities, including the G20 Common Framework and the Global Sovereign Debt Roundtable. The goal is to build a debt framework that not only addresses current challenges but also strategically prevents future crises, fostering long-lasting partnerships between borrowers and creditors.
Backed by a dedicated UN Secretariat, the Borrowers’ Forum will promote knowledge-sharing and amplify the voice and representation of borrowing countries in relation to reforms of the global financial architecture. This aligns with the 11 proposals of the UN Secretary-General’s Expert Group on Debt, launched by the Secretary-General in New York on 27 June 2025.
The forum has been launched nearly 70 years after the creation of the Paris Club of Creditors and symbolises a shift in global debt governance, giving debtor countries a collective voice.
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