When Antigua and Barbuda's finance minister joined counterparts from across the developing world in Washington D.C. last week, he wasn't just attending another meeting — he was part of something unprecedented. Together, dozens of nations launched the Borrowers' Platform, a member-state initiative designed to give developing countries a real seat at the table when negotiating their own debts.
The timing could hardly be more urgent. The economic shockwaves from the Middle East conflict are reaching far beyond the region, from import-reliant Caribbean nations to Pacific Island States, where spiking oil prices are pushing up the cost of food and other essentials for low-income families. According to UN analysis, the military escalation could push more than 30 million people into poverty worldwide — undoing years of hard-won development progress.
Yet the debt crisis facing developing nations predates this latest crisis. Over the past decade, the cost of servicing debt has soared. In 2024 alone, the collective external debt burden of developing nations reached $11.7 trillion. Today, 54 countries — home to 3.4 billion people — spend more on debt repayment than on health or education. Least developed countries now pay nearly a quarter of their revenue to external creditors. And when these nations do borrow, they face interest rates more than twice as high as those available to advanced economies.
"This leaves developing countries at a distinct disadvantage in accessing the financing they need," UN Secretary-General António Guterres told attendees at Wednesday's launch event, describing the Platform as "a breakthrough in global financing." The initiative, proposed by his Expert Group on Debt in 2025 and supported by the UN trade agency UNCTAD, fills a critical gap in the international financial architecture by creating the first borrower-led space where nations can share specialist knowledge and amplify their collective voice.
The Platform is open to nations of all sizes across different stages of development and indebtedness. Its goals are practical: help countries navigate debt restructuring, give them tools to engage with creditors on more equal terms, and send a clear market signal that could ultimately lower borrowing costs. Creditor nations have long had their forums — the Paris Club, the London Club, the Institute of International Finance. Now borrowers have one too.
"Developing countries are rising economic actors," Guterres said, "and global governance must adapt accordingly." With this Platform, they are taking matters into their own hands.