A new global platform to confront mounting debt challenges — the Sevilla Forum on Debt — was launched on October 22, 2025, at the 16th United Nations Conference on Trade and Development (UNCTAD16) in Geneva.
The Forum, a Spanish-led initiative supported by UNCTAD and the UN Department of Economic and Social Affairs (DESA), aims to serve as an open and inclusive space for dialogue and action on sovereign debt reform.
Announced jointly by UN Secretary-General António Guterres, Spain’s Minister of Economy, Trade and Business Carlos Cuerpo, UNCTAD Secretary-General Rebeca Grynspan, and UN DESA Under-Secretary-General Li Junhua, the Forum marks one of the first tangible outcomes of the Fourth International Conference on Financing for Development (FfD4) held earlier this year.
“The Sevilla Forum will bring together all partners — developed and developing countries alike — in a global dialogue on debt,” said UN Secretary-General António Guterres. “It will sustain political attention on the agreements reached in Sevilla, while developing technical pathways to bring them to life. This includes advancing principles of responsible borrowing and lending and reforming the global debt architecture — which is long overdue.”
The Forum forms part of the Sevilla Platform for Action and complements the Sevilla Commitment, the outcome document adopted at FfD4 that sets a roadmap for strengthening development financing and addressing the unsustainable debt burdens of many developing economies.
Spain will host and support the Sevilla Forum, which Minister Carlos Cuerpo described as “a vital bridge between borrowers and creditors” and “a hub for candid discussion on initiatives to help overcome the mounting debt challenge.”
He added that the Forum will “track the implementation of the debt initiatives agreed upon in Sevilla,” helping transform political commitments into institutional mechanisms for fairer, more predictable debt governance.
Spain’s leadership on debt issues has also driven initiatives such as the Debt Pause Clause Alliance—which promotes suspension of debt payments for countries in crisis—and the Global Hub for Debt Swaps.
Global debt has reached unprecedented levels. In 2024, public debt hit $102 trillion, with developing countries accounting for $31 trillion and paying $921 billion in interest payments alone. According to UNCTAD, 3.4 billion people now live in countries spending more on debt servicing than on health or education.
“The Sevilla Forum will allow a substantive dialogue between borrowers, lenders, academia, civil society, and experts to share knowledge and develop innovative debt solutions,” said UNCTAD Secretary-General Rebeca Grynspan. “Announcing it at UNCTAD16 represents a real breakthrough for developing countries struggling with debt. UNCTAD is fully committed to ensuring it leads to real, impactful outcomes.”
UN DESA’s Li Junhua underscored the Forum’s role in translating the Sevilla Commitment into action: “The Sevilla Commitment marked a pivotal moment in our efforts to build a fairer, more development-oriented debt architecture. The real test lies in implementation — and the Sevilla Forum can be our catalyst for action.”
By convening governments, creditors, and international institutions, the Forum aims to sustain political momentum for debt reform and foster concrete progress toward a more equitable financial system.
The launch at UNCTAD16 highlights how multilateral cooperation can still deliver meaningful results — linking the urgent task of global finance reform to the development priorities of billions of people worldwide.