18/10/2025
ZAMBIA BACKS NEW NON-CREDITOR PLATFORM TO STRENGTHEN NON-CREDITOR VOICES ON GLOBAL DEBT GOVERNANCE
Finance ministers meeting on the sidelines of the 2025 International Monetary Fund and World Bank Annual Meetings endorsed a new platform for non-creditor countries, a move aimed at giving developing economies a stronger voice in shaping the global debt system.
The initiative stems from the Sevilla Commitment, the outcome document adopted by heads of state and government at the Fourth International Conference on Financing for Development (FFD4) held in Seville, Spain, four months ago. The Commitment was jointly drafted by Zambia, Mexico, Norway, and Nepal, with Zambia’s Permanent Mission to the United Nations in New York representing also representing the Global South in this process.
The non-creditor countries’ platform will create a space for borrower nations to exchange experiences, promote responsible lending and borrowing practices, and coordinate their approaches to debt sustainability and development financing. The platform also seeks to elevate developing countries’ influence within the evolving global debt architecture—traditionally dominated by major creditors.
The Washington event was co-hosted by Egypt, Pakistan, Maldives, and the United Nations Conference on Trade and Development (UNCTAD).
Speaking at the session, Dr. Situmbeko Musokotwane, Zambia’s Minister of Finance and National Planning, reaffirmed the country’s support for the new platform, describing it as “a practical avenue for collaboration among developing countries seeking fair and sustainable debt solutions.” He said Zambia stood ready to share lessons from its own debt restructuring experience while learning from peers confronting similar fiscal pressures.
Zambia has also joined the initiative’s technical working group, alongside Egypt, Pakistan, Colombia, Honduras, Nepal, and Maldives, tasked with drafting the platform’s Terms of Reference and operational modalities.