Nigeria: Only Nine Countries Endorse 'Borrowers' Platform' Amid Concerns Over African Nations' Debt Burden
Only nine countries have joined the UN-backed 'Borrowers' Platform,' an initiative designed to help developing nations coordinate their sovereign debt negotiations. UN officials are urging civil society groups to pressure their governments to join the platform to increase their collective bargaining power.
Why it matters
The platform represents a significant attempt to shift the balance of power in international financial negotiations for developing nations struggling with debt.
"Civil society must be asking your governments, are you joining the Borrowers' Platform? Why are you not joining the Borrowers' Platform? What is it there that is holding you back?"
Nine countries have so far endorsed the Borrowers' Platform, a new initiative intended to give developing countries a stronger collective voice in negotiations over sovereign debts, a senior United Nations official said on Thursday.
They comprise five African countries and four other nations from the rest part of the world.
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Those from Africa are the Central African Republic, Egypt, Ghana, Madagascar and Sudan.
The rest from other parts of the world are Colombia, Honduras, Nepal and Pakistan. Egypt is serving as the platform's interim chair and Pakistan its vice-chair.
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