Debtor countries finally have a group of their own

CAIRO — On April 15, a group of developing countries launched the Borrowers’ Platform to create a more powerful collective voice in debt-management discussions and international financial negotiations. While the initiative is grounded in the Sevilla Commitment, adopted at last year’s Fourth International Conference on Financing for Development, it was long in the making. To paraphrase the French literary giant Victor Hugo, nothing is stronger than an idea whose time has come. For decades, developing countries have been forced to navigate an increasingly complex international financial system. With systemic and geopolitical risks mounting, uncertainty has become the new normal, leading to a growing chorus of Global South policymakers calling for more collaboration and coordination. The Sevilla Commitment formalized this idea, with United Nations member states agreeing to “establish a platform for borrower countries with support from existing institutions, and a United Nations entity serving as its secretariat.” The aim is to create a venue for these countries to discuss techni

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