“The absence of a dedicated platform for sharing knowledge and elevating the collective voice of debtor countries has long been recognised as a critical gap in the international financial architecture,” read the expert group’s report.
A borrowers’ forum, it added, can address this gap by enabling a platform for peer support and experience sharing. It can help rebalance the global debt governance by amplifying the collective voice, knowledge and advocacy of debtor countries.
The announcement comes as 3.4 billion people live in countries that spend more on interest payments than on critical social services such as health and education in 2024. “Twenty one countries devote 10 per cent of their GDP to interest payments. This is…