By Matthew Hill | Updated on Oct 12, 2026 at 02:43 PM
A newly formed borrowers’ collective of developing countries elected Pakistan to chair it as the group faced what United Nations Secretary-General António Guterres called “a perfect storm.”
The Borrowers’ Platform held its first governing council meeting on Monday in Bangkok, bringing together finance ministers and central bank governors from more than 30 developing nations dealing with growing pressures including the fallout from the Iran war.
Pakistan Finance Minister Muhammad Aurangzeb told reporters the platform was mainly established to help countries benefit from each others’ experiences.
“It’s about mutual learning, technical cooperation with each other,” he said. “This is more about proactive engagement — how we avoid the pitfalls.”
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The gathering took place on the sidelines of the International Monetary Fund and World Bank annual meetings in Thailand’s capital, where the world’s growing debt pile is a key theme. While developed nations are what IMF Managing Director Kristalina Georgieva labeled the world’s “ worst offenders ,” rising global yields hit other economies too.
Guterres, in a statement, pointed to wars, trade and climate pressures, a lack of adequate financing and high debt-service burdens.
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“Developing countries face a perfect storm,” he said. “The Borrowers Platform offers members an opportunity to navigate this.”
The median developing country now spends about 9.5% of revenue on interest payments alone, the UN Development Programme warned in a report published at the weekend — the highest proportion since 2001.