Ministers of finance and central bank governors of developing countries will launch the ‘Borrowers’ Platform’ to improve their debt management capacity in Washington on April 15, during the IMF-World Bank Spring meetings.       Finance Minister Muhammad Aura­ngzeb and Egyptian Finance Minister Ahmed Kouchouck will jointly preside over the launching of the platform, to be held at the United Nations Foundation.     The launch comes amid rising debt pressures across developing countries. UN Secretary-General Antonio Guterres will attend the platform’s launch.       The platform will strengthen South-South cooperation and knowledge-sharing; provide technical and advisory support to borrowing countries; improve representation in global financial and debt discussions; enhance debt transparency and public debt management; support sustainable financing and development outcomes; and send a positive market signal by strengthening debt-sustainability practices and improving data.   UNCTAD says debt servicing costs in developing countries have soared over the past decade, squeezing their public finances and forcing them into tough trade-offs. As more revenue goes to debt repayments, less is available for public services and climate action.   Developing countries’ external debt burden reached $11.7 trillion in 2024. In 2024, they spent almost 10 per cent of government revenue on interest payments to creditors abroad. Least developed countries pay nearly a quarter of their revenue to external creditors. 54 countries, home to 3.4 billion people, now spend more on debt than on health or education. (ICE ISLAMABAD)

Fonte notizia: dawn