New Forum Builds on Sevilla Pledges to Tackle Global Debt Crisis

Today, a new UN-backed forum was launched to relieve developing nations of some of the weight that come with unsustainable debt. The issue has reached its precipice, leaving more than three billion people worldwide living in economies forced to spend more on repayments than health or education.

Titled the Sevilla Forum on Debt, this platform will promote fairer lending, faster restructuring and long-term reform of the post-war financial system. It is designed to maintain global attention on the debt crisis, simultaneously turning the commitments made at the FFD4 into solid, tangible action.

Governments, finance ministers, and creditors from all over the world will work together to establish “a global dialogue on debt,” one that aims to deliver financial justice and reinforce the idea that borrowing works in the favor of developing economies.

The new forum will uplift the Sevilla Commitment, a plan that outlines the path to making global finance fairer and more sustainable. Specifically, the Commitment highlights strategies for lowering borrowing costs, enabling timely and equitable debt restructuring, and strengthening transparency and accountability.

The “Sevilla process,” which includes both the Commitment and the Platform for action, reflects increased concern that rising debt is hindering progress toward the Sustainable Development Goals (SDGs).

With this new framework, countries will work tirelessly to develop shared principles for responsible borrowing and lending, fortify crisis-prevention strategies, and reform the existing global debt architecture.

For more information, please visit UN News.