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BANGKOK, Thailand, 12 October 2026 — Global South civil society organisations have called for a fundamental shift in the international debt system, urging developing countries to take a central role in shaping debt rules and decision-making.
Speaking at the first Governing Council meeting of the Borrowers’ Platform in Bangkok, Janet Zhou delivered a statement on behalf of Global South organisations within the Civil Society Financing for Development (FfD) Mechanism and its Southern debt leads: the African Forum and Network on Debt and Development (AFRODAD), the Asian Peoples’ Movement on Debt and Development (APMDD), and the Latin American and Caribbean Network for Economic, Social and Climate Justice (Latindadd).
Ms. Zhou described the meeting as a historic moment for developing countries and welcomed the inclusion of civil society in discussions on reforming the global debt architecture.
“The Borrowers’ Platform puts borrowers at the core of the process,” AFRODAD's ED said, highlighting the need to move away from a system in which creditors have traditionally determined the rules governing sovereign debt.
Ms. Zhou welcomed the Sevilla Commitment, for setting in motion efforts to reform the global debt architecture but stressed that communities across the Global South continue to experience the consequences of debt crises through cuts to public services, heavier tax burdens and persistently high living costs.
Her intervention questioned the effectiveness of creditor-led approaches, including the Group of Twenty (G20) Common Framework, arguing that existing arrangements have failed to prevent countries from falling into debt distress.
She also recalled the long ask led by Civil Society for a more democratic international debt system grounded in international law, reiterating longstanding support for a United Nations Framework Convention on Sovereign Debt.
The first Governing Council meeting marks an important step in efforts to place borrowing countries at the centre of international discussions on debt. For Global South civil society, the challenge ahead is to ensure that this new platform contributes to a more democratic, accountable and equitable global debt architecture that responds to the needs and priorities of affected populations.
To read/watch the full intervention click here
