Spain to host Sevilla Forum on Debt

The Minister for Economy, Trade and Business, Carlos Cuerpo, appears at a press conference alongside various UN officials, at the Palace of Nations, in Geneva

UN Secretary-General António Guterres, Spanish Minister for Economy, Trade and Business, Carlos Cuerpo, UNCTAD Secretary-General, Rebeca Grynspan, and Under-Secretary-General for Economic and Social Affairs, Li Junhua, announced the creation of the Sevilla Forum on Debt during the 16th United Nations Conference on Trade and Development (UNCTAD16), currently taking place in Geneva (Switzerland). A first inaugural high-level meeting is planned for the first quarter of 2026.

The new Forum is one of the first tangible outcomes of the fourth International Conference on Financing for Development (FfD4) and was launched as an initiative within the Seville Platform for Action. This initiative will build on the Seville Commitment, also adopted at the Conference, which establishes a roadmap to strengthen financing for development.

The Sevilla Forum on Debt is a Spanish-led initiative, supported by UNCTAD and UN DESA, to create an open and inclusive platform for dialogue and action on global debt challenges.

Minister Carlos Cuerpo pointed out that "the Sevilla Forum on Debt arrives at a juncture of growing economic uncertainty, rising sovereign debt and the need to find innovative financial solutions". In that sense, "it can serve as an essential bridge between borrowers and creditors, and as a space for candid discussion on bold initiatives to help overcome the growing debt challenge and generate political traction to bring about change".

The minister indicated that "the Forum will support knowledge generation and capacity building, especially for developing countries, providing access to technical expertise on debt sustainability, restructuring and governance".

"The fourth Financing for Development Conference marked a turning point in these matters, so it is valuable that the Seville Forum will play a key role in monitoring the implementation of the agreed initiatives," he said.

A new multilateral space for dialogue on debt

During the presentation, Secretary-General António Guterres stated: "This Forum will bring together all partners-including both developed and developing countries, as well as finance ministers and creditors-in a global dialogue on debt. It will sustain political action on the debt agreements reached in Seville, while developing technical pathways to bring them to life. This includes taking forward the commitment to consolidate and uphold the principles on responsible borrowing and lending, and it includes gathering new ideas to advance the debt architecture reform, which is long overdue".

The Secretary-General reiterated his call for swift, fair, and development-focused debt solutions and underscored the importance of coordinated support from across the UN system to advance the commitments made in the Seville Commitment and the initiatives of the Seville Platform for Action.

Spain will host and support the Forum, working with the UN to advance consultations on its structure and next steps.

As part of its strong commitment to multilateralism, Spain has spearheaded other key initiatives to alleviate the debt burden of vulnerable economies and expand their access to development financing. These include the Debt Pause Clause Alliance, which promotes the suspension of debt payments for countries in crisis, and the creation of the Global Hub on Debt for Development Swaps.

Debt remains a critical global challenge

The United Nations, through UNCTAD and UN DESA, has produced research on sovereign debt challenges and solutions. UNCTAD has been supporting developing countries in managing debt crises for years. The UN Secretary-General has stressed the need for a comprehensive reform of the global debt architecture.

In 2024, global public debt reached $102 trillion, the highest level on record. Developing countries accounted for $31 trillion and paid $921 billion in interest last year alone. UNCTAD warns that 3.4 billion people live in countries that spend more on servicing debt than on health or education. The debt burden is pushing many developing economies into unsustainable situations, which require urgent and systemic responses.

UNCTAD Secretary-General Rebeca Grynspan stressed: "The Sevilla Forum on Debt will allow for a substantive dialogue between all parties - borrowers and creditors, academia, civil society, international organisations and experts - to share knowledge, promote coordination and develop innovative solutions to debt problems. We welcome the announcement of this initiative during UNCTAD16 as it represents a real step forward in supporting developing countries in addressing debt challenges. UNCTAD is fully committed to facilitating this process and ensuring that it delivers real and meaningful outcomes for the countries most in need".

The continued role of the UN in supporting developing countries in debt relief

The Sevilla Forum on Debt is a crucial step towards translating political commitments into concrete action. By bringing together all stakeholders, it seeks to foster the collaboration needed to agree on practical and sustainable solutions.

UN DESA Deputy Secretary-General Li Junhua said: "The Seville Commitment marked a pivotal moment in our efforts to build a fairer, more development-oriented debt architecture. The ultimate test, however, lies in implementing the full package of the debt actions. This is where the Seville Debt Forum can be our catalyst for action. As a platform for inclusive dialogue, it can help to build a political momentum and convergence around the key actions.

The launch of the Seville Debt Forum at UNCTAD16 demonstrates that the multilateral system can deliver concrete results, connecting the reform of global finance with the development priorities of billions of people.

Non official translation