In a critical year for the Jubilee campaign, the Fourth UN Financing for Development Conference (FfD4), held in Seville from 30 June to 3 July, intensified concerns over the concentration of decision-making power in sovereign debt governance (see Observer Spring 2025). Civil society groups and blocs of developing countries have called for a shift away from creditor-led restructuring processes and toward a UN-led sovereign debt workout mechanism, where all countries participate on equal footing.
Yet these demands were diluted in the 17 June final outcome document, the Compromiso de Sevilla, following resistance from major creditors, including the EU and the UK. Even with its weakened language, the…