Geneva, Oct. 22 (Petra) The Sevilla Forum on Debt, supported by the United Nations, kicked off Wednesday in Geneva to assist developing countries in addressing unsustainable debt burdens, which force nearly 3 billion people worldwide to prioritize debt repayments over essential health and education spending.

According to the UN, the forum aims to promote fairer lending, rapid debt restructuring, and long-term financial system reforms in post-conflict contexts. Hosted by Spain with UN backing, the initiative seeks to maintain global attention on the debt crisis and translate commitments made at the Fourth International Conference on Financing for Development in Sevilla last June into tangible action.

Governments, finance ministers, and creditors from both developed and developing nations are participating in what UN Secretary-General António Guterres described as a "global dialogue on debt," designed to ensure financial justice and that borrowing supports rather than undermines developing economies.

At the forum’s launch, Guterres said, "Developing countries spend $1.4 trillion annually on debt servicing. Some 3.4 billion people live in countries where debt payments exceed spending on health or education. No nation should ever have to choose between servicing debt and serving its people." More than 60 developing countries currently allocate at least 10% of government revenues to interest payments, while many struggle to access affordable financing.

Under the new framework, participating nations will work to establish common principles for responsible borrowing and lending, strengthen crisis prevention mechanisms, and explore reforms to the global debt architecture. Guterres emphasized, "The Seville Debt Forum will help achieve the financial justice that people and nations need and deserve." //Petra// AF