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Zambia is set to host the inaugural Borrowers’ Forum, a landmark initiative aimed at empowering developing countries on effective debt management.
The Forum stems from commitments made in the outcome document of the Fourth International Conference on Financing for Development (FFD4), and has been endorsed by the United Nations Secretary-General’s Expert Group on Debt and the UN Conference on Trade and Development (UNCTAD).
Designed to enhance the voice and representation of borrowing nations within the global debt system, the Forum seeks to promote collaboration among international organisations, development partners, and creditor countries.
Minister of Foreign Affairs and International Cooperation, Mulambo Haimbe, reaffirmed Zambia’s strong support for the establishment of the Borrowers’ Forum and confirmed the country’s readiness to host its inaugural session.
Haimbe was speaking in Seville, Spain, on Wednesday during the launch of a proposed roadmap for the Forum, as part of the Seville Platform for Action on the margins of the FFD4, convened by UNCTAD.
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He highlighted the widespread backing the initiative has received from both the Global North and the Global South, underlining its potential to reshape the global debt landscape in favour of developing economies.
“The Forum will foster collaboration among diverse stakeholders — including international institutions, development partners, and creditor nations — to work toward a fairer and more resilient global debt system,” Haimbe stated.
UNCTAD Secretary-General Rebeca Grynspan welcomed the initiative, noting that it would address the longstanding power imbalances in debt negotiations, where developing countries often lack a collective platform to advocate for their interests.
Spanish Minister of Economy, Carlos Cuerpo, also expressed his government’s support, describing the Forum as an essential platform for developing nations to shape their financial futures and strengthen cooperation with creditors in pursuit of sustainable debt management.
Meanwhile, UN Special Envoy on Financing the 2030 Agenda and Chair of the Expert Group, Mahmoud Mohieldin, commended Zambia’s leadership throughout the FFD4 process.
He also recognised Zambia’s Permanent Representative to the United Nations, Ambassador Chola Milambo, for his contribution to shaping the Seville outcome document.
Mohieldin announced that Zambia, Spain, and Egypt would work alongside the UN Secretary-General to lead consultations with Member States and stakeholders towards operationalising the Forum.
The Borrowers’ Forum is expected to complement existing initiatives aimed at addressing debt vulnerabilities, including the G20 Common Framework and the Global Sovereign Debt Roundtable.
Its overarching goal is to establish a sustainable, inclusive debt framework that tackles current challenges while strategically preventing future crises.
Once operational, the Forum — supported by a dedicated UN Secretariat — will serve as a platform for knowledge-sharing and advocacy, amplifying the voice of borrowing nations in ongoing reforms to the global financial architecture.
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