Zambia to Host First-Ever Borrowers’ Forum, Pioneering Global Debt Reform for Developing Nations
Zambia will host the inaugural Borrowers’ Forum, a new global platform aimed at empowering developing nations to take charge of debt management and reform the global financial system.
The commitment was officially announced at the Fourth International Conference on Financing for Development (FFD4) in Seville, Spain, and is backed by the United Nations, UNCTAD, and the UN Secretary-General’s Expert Group on Debt.
The Forum was unveiled as a key outcome of the Seville Commitment, co-facilitated by Zambia, Mexico, Nepal, and Norway. UNCTAD launched the roadmap for the Borrowers’ Forum on the conference sidelines as part of the newly adopted Seville Platform for Action.
Zambia’s Minister of Foreign Affairs and International Cooperation, Hon. Mulambo Haimbe, SC, MP, reaffirmed the country’s commitment to hosting the first session, highlighting the Forum’s role in promoting equitable participation of borrower countries in global debt discussions.
“This initiative has secured support across both the Global North and South,” he said, “and will foster collaboration between debtors, creditors, and development partners.”
UNCTAD Secretary-General Rebeca Grynspan hailed the Forum as a crucial step toward addressing entrenched power imbalances in debt negotiations, while Spain’s Minister of Economy, Carlos Cuerpo, described it as “a platform for developing nations to shape their financial futures.”
UN Special Envoy for Financing the 2030 Agenda, Mahmoud Mohieldin, who also chairs the Expert Group on Debt, lauded Zambia’s leadership and praised H.E. Dr. Chola Milambo, Zambia’s Permanent Representative to the UN, for his role in shaping the conference’s outcome document.
He also confirmed that Zambia, Spain, and Egypt will assist the UN in consultations to operationalise the Forum.
The Forum is designed to complement existing efforts like the G20 Common Framework and the Global Sovereign Debt Roundtable, providing a long-term, borrower-led approach to debt sustainability.
Supported by a dedicated UN Secretariat, it will amplify the collective voice of debtor nations and align with the 11 reform proposals put forward by the UN Secretary-General’s Expert Group on Debt.
Marking nearly 70 years since the Paris Club of Creditors was formed, the Borrowers’ Forum signals a bold shift in global debt governance, aiming to rebalance the scales in favor of inclusive and equitable financial systems.
