People’s Movements Launch International Peoples’ Assembly in Bangkok, Demand Debt Cancellation and Global Financial Reform

(visit: https://thisworldisours.org/peoplerising/)

BANGKOK, 12 October 2026 — As finance ministers, central bankers and delegates gather in Bangkok for the Annual Meetings of the International Monetary Fund (IMF) and the World Bank, more than 200 civil society organizations, trade unions, and debt and climate justice coalitions from Asia, Africa and Latin America have launched the International Peoples’ Assembly, calling for debt cancellation and a fundamental overhaul of the global financial architecture.

Convened under the theme “From Debt and Domination to Justice and Liberation,” the Assembly brings together movements challenging an international financial system that continues to trap developing countries in cycles of debt, undermine public services and deepen the climate crisis. Taking place alongside the IMF–World Bank Annual Meetings from 12 to 18 October, the gathering rejects incremental reforms in favour of transformative changes that put people and planet before creditors’ interests.

The CS FfD Mechanism was present at the International Peoples’ Assembly, reinforcing the call for a global financial system grounded in justice, accountability and democratic decision-making. The Mechanism is bringing a clear message to Bangkok: Democratize Debt Governance! We need a UN Framework Convention on Sovereign Debt.

The current global debt architecture, centred on the IMF and the Group of 20 (G20), leaves borrower countries with little meaningful voice in decisions that shape their economic futures. The absence of binding principles on responsible lending and borrowing has contributed to repeated debt crises, while debt servicing diverts essential public resources away from healthcare, education, social protection, climate action and sustainable development.

For countries across the Global South, the consequences are profound. Governments face mounting pressure to prioritize repayments to creditors over the needs and rights of their populations, while unequal power relations in international financial institutions constrain their ability to pursue just and sustainable development pathways. A United Nations Framework Convention on Sovereign Debt would advance a more inclusive and democratic approach to sovereign debt governance, establishing a multilateral process in which borrower countries and affected populations can participate meaningfully in shaping the rules.

As part of the broader struggle to transform a deeply unjust international financial architecture, civil society must continue to challenge those blocking meaningful changes to global debt governance and build momentum for a UN-led framework that advances fairness, accountability and shared responsibility.

Join the movement

Learn more about the movements behind the International Peoples’ Assembly and engage with the calls for systemic change.

• Explore the website: https://thisworldisours.org/peoplerising/

• Sign on to the common statement: Add your organization’s voice to the collective call for debt justice and the transformation of the global financial architecture by signing the statement here: https://docs.google.com/forms/d/e/1FAIpQLSd8cIWEW8llhRHMDWAeeOBkssA_iuvqx_PnI2l1GGqJqhpHAg/viewform

• Watch the video: https://www.youtube.com/watch?v=iG7WgfY21DI