India, April 16 -- Developing countries have launched the first-ever Borrowers' Platform at the International Monetary Fund (IMF)-World Bank Spring Meetings 2026, marking what policymakers described as a major step toward rebalancing a global financial system long shaped by creditor interests.

The initiative, with the United Nations Conference on Trade and Development (UNCTAD) serving as its secretariat, creates a dedicated forum for finance ministers and central bank governors from developing economies to exchange knowledge, strengthen coordination and articulate a collective position on sovereign debt challenges.

Secretary-general of UN António Guterres called the platform "a breakthrough in global financing. a platform in which ...