The United Nations and the Government of Spain announced the establishment of the Sevilla Forum on Debt, a new high-level, multi-stakeholder platform dedicated to addressing the global debt crisis, which currently sees public debt at an unprecedented $102 trillion.
The creation of the Forum was formally announced during the 16th United Nations Conference on Trade and Development (UNCTAD16), currently taking place in Geneva (20-23 October 2025), by UN Secretary-General António Guterres, Spain’s Minister of Economy, Trade and Business Carlos Cuerpo, UNCTAD Secretary-General Rebeca Grynspan, and UN Under-Secretary-General for Economic and Social Affairs Li Junhua.
The Sevilla Forum, a key outcome of the Fourth International Conference on Financing for Development (FfD4) and a pillar of the Sevilla Platform for Action, aims to translate political commitments—such as the Sevilla Commitment—into tangible institutional mechanisms for fairer and more predictable debt governance. Spain will host and support the initiative, working with UNCTAD and UN DESA to advance its structure.
Highlighting the urgency of the crisis, UN Secretary-General António Guterres stressed the Forum’s critical role in driving systemic change.
“This Forum will bring together all partners—including developed and developing countries alike, and finance ministers and creditors—in a global dialogue on debt,” said Secretary-General Guterres. “It will sustain political attention on the agreements reached in Sevilla, while developing technical pathways to bring them to life. This includes taking forward the commitment to consolidate and uphold principles on responsible borrowing and lending, and gathering new ideas to advance debt architecture reform, which is long overdue.”
Global public debt reached a record $102 trillion in 2024, with developing countries accounting for $31 trillion and paying $921 billion in interest payments alone last year.
Spain’s Minister of Economy, Trade and Business, Carlos Cuerpo, emphasized the Forum’s function as a crucial link between stakeholders. “The forum could serve as a vital bridge between borrowers and creditors and a hub for candid discussion on initiatives to help overcome the mounting debt challenge. It will also play a key role in tracking the implementation of the debt initiatives agreed upon in Sevilla.”
The new Forum is designed as an open and inclusive space for substantive dialogue, bringing together borrowers, lenders, academia, civil society, and international organizations to share knowledge and develop innovative solutions.
UNCTAD Secretary-General Rebeca Grynspan stated: “We are pleased that this initiative is being announced during UNCTAD16, since it represents a real breakthrough in supporting developing countries to tackle debt challenges. UNCTAD is fully committed to facilitating this process, ensuring that it leads to real, impactful outcomes for the countries most in need.”
Echoing the necessity of follow-through, UN DESA Under-Secretary-General Li Junhua added: “The Sevilla 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 debt actions. This is where the Sevilla Forum on Debt can be our catalyst for action.”
The launch of the Sevilla Forum stands out as one of FFD4’s first tangible outcomes, demonstrating the multilateral system’s capacity to link global finance reform directly to the development priorities of billions of people. This initiative complements other Spanish-led efforts, including the launch of the Debt Pause Clause Alliance and the establishment of the Global Hub for Debt Swaps.
