A new forum in Seville to give the countries sunken debt a unified voice to reform the global debt structure

Dr. Rania Al -Mashat, Minister of International Cooperation, Planning and Economic Development in the Arab Republic of Egypt, said: “This is not just a word – this is implementation. The borrowers forum is a real plan, led by countries, to create a common voice and strategy in facing debt challenges.”

Rebecca Greenspan, Secretary -General of the United Nations Conference on Trade and Development (UNCTAD) said that developing countries often face creditors as a unified bloc while negotiating alone. She added: “The sound is not just the ability to speak – it is the ability to form results. Today, 3.4 billion people live in countries that pay more in debt service than health or education.”

The forum – one of the 11 recommendations made by the team of the United Nations Secretary -General on debt – will provide the opportunity for countries to exchange experiences, obtain technical and legal advice, enhance responsible lending and borrowing standards, and adopts a mass negotiation force.

The launch of the forum is a response to long -term invitations from the global southern countries in order to make more inclusive decisions in a debt system dominated by creditors.

“Silent but urgent crisis”

Zambian Foreign Minister, Mamalbo Heimbe, told reporters that the initiative will enhance “long -term partnerships, mutual respect, and shared responsibility”, and expressed his country’s readiness to host an early meeting. While the Spanish Finance Minister, Carlos Cuwarbo, described the current debt crisis as “silent but urgent”, and described the forum as a “moment of Seville” to match the Paris Club of creditors, which was established nearly 70 years ago.

Dr. Mahmoud Mohieldin, the Special Envoy of the Secretary -General of the United Nations concerned with financing the sustainable development plan for 2030 The forum is a direct response to a system that kept the city to the city is isolated for a very long time, adding: “It is about sound and justice – and prevent the next debt crisis before they start.”

The launch of the forum comes at a time when debt is increasing all over the developing world. The agreement, which was adopted by consensus, includes the conference – known as “commitment Seville– A set of obligations to reform sovereign debt.

In addition to supporting borrower’s initiatives, the agreement calls for enhancing debt transparency, improving coordination between creditors, and exploring a multilateral legal framework to restructure debt.

It also supports countries -led debt sustainability strategies, the conditions for suspending debt payment to climate change countries, and increased support for debt budget against nature and climate climate climates.

Fake from a “missed opportunity” to address the debt crisis

On Wednesday, civil society groups strongly criticized the results approved in Seville, describing them as a lost opportunity to achieve serious reform of the global debt system that paralyzes many developing countries.

In a journalistic surrounding the conference, Jason Pragantza of the African Forum and Development Network and Development said that the closing document that was adopted on the first day – Seville’s commitment – was much less than what was required.

He added: “This document did not start with great ambition, however it was diluted. Nearly half of the African countries face a debt crisis. Instead of investing in health, education and clean water, it pays creditors.”

Mr. Praghanza praised the leadership of the African Group and the Alliance of Small Island Countries, which was fought for a framework for the United Nations on sovereign debt.

“False solutions”

Although this ambition was not fully achieved, Praganeza welcomed what he described as “small progress” in the form of a new international government process that could pave the way for future reform.

Civil society leaders also warned of the dangers of the so -called “debt bodies against the climate”, as Mr. Praganeza described it as “false solutions” that do not provide real financial space for developing countries.

Top Ryding from the European Dress and Development Network has repeated the same concerns, saying: “We are told there is no money to combat poverty or climate change – but money exists. The problem is economic injustice. As a result of this conference reflects the work as usual.”

It shed light on the progress made on the new United Nations tax agreement as evidence that designer countries could make a real change, adding: “If we had a tax dollar for every time we were told that this day will never come.”

Global Work Initiative for Health

To help bridge gaps in accessing public services and policies, and to address health care discounts that may cost thousands of lives, Spain launched on Wednesday the global work initiative for health with the aim of revitalizing the entire global health environmental system.

The initiative, which will pump 315 million euros into the global health system between 2025 and 2027, is supported by pioneering multilateral health organizations and more than 10 countries.