Africa's $11.7T debt

African governments and companies now owe about $11.7 trillion, a debt load that dominated the April 2026 spring meetings in Washington. (unctad.org) Finance ministers and central bank governors from developing countries launched a new Borrowers’ Platform on April 15 during the International Monetary Fund and World Bank meetings. United Nations Trade and Development, known as UNCTAD, is serving as the secretariat. (unctad.org) Egypt’s finance minister, Ahmed Kouchouk, and Pakistan’s finance minister, Muhammad Aurangzeb, led the launch process as chair and vice-chair. UNCTAD said the opening session in Washington included representatives from 30 countries, including two prime ministers and 16 ministers and central bank governors. (unctad.org) The platform is meant to give borrowing countries a standing room of their own in debt talks, where creditor groups have long been more organized. UNCTAD said members want better debt management, more coordination and a stronger collective voice in restructurings and global rule-setting. (unctad.org) That push comes after a broader run-up in debt across the developing world. UNCTAD said developing countries’ external debt reached a record $11.4 trillion in 2023, and 54 developing countries spent at least 10% of government revenue on interest payments that year, with nearly half of them in Africa. (unctad.org) The new forum traces back to the Sevilla Commitment adopted at the Fourth International Conference on Financing for Development in July 2025. UNCTAD said the Borrowers’ Platform was envisioned there to fill a gap in an international financial system where borrowing countries remain underrepresented. (unctad.org) Its first communiqué set out practical next steps rather than a debt deal. Participating countries agreed to expand membership, set interim governance arrangements and prepare a work program ahead of the International Monetary Fund and World Bank annual meetings in October 2026. (unctad.org) The backdrop is a debt system that often moves slowly once countries run into trouble. UNCTAD said weak restructuring mechanisms leave many governments trying to avoid default even when debt service crowds out spending on health, education and climate investment. (unctad.org) For now, the new platform does not cancel any loans or lower any interest bills. It gives debtor countries a formal bloc before the next round of global finance talks, with Africa’s swelling debt burden at the center of the argument. (unctad.org)