Zambia Mission – New York

ZAMBIA CALLS FOR COLLECTIVE ACTION TO OPERATIONALIZE NON-CREDITORS’ PLATFORM AND REFORM THE INTERNATIONAL FINANCIAL ARCHITECTURE

PRESS STATEMENT

For Immediate Release

New York, 23 September 2025 – Zambia’s Minister of Foreign Affairs and International Cooperation, Hon. Mulambo Haimbe, S.C., M.P., has reaffirmed the Government’s strong commitment to collective global action on debt sustainability and the reform of the international financial architecture.

Delivering the keynote address at a side event co-hosted by Zambia and Egypt on the margins of the 80th session of the United Nations General Assembly, Hon. Haimbe emphasized that unsustainable debt burdens continue to obstruct critical investments in health, education, infrastructure, and social protection across many developing countries.

The event brought together representatives from 16 Global South countries. The Non-Creditors’ Platform builds on momentum from the Fourth International Conference on Financing for Development (FFD4), held in Seville, Spain, three months ago. Zambia, alongside Mexico, Norway, and Nepal, played a leading role in drafting the outcome document, culminating in the adoption of the Sevilla Commitment.

This landmark agreement endorsed the establishment of a platform for borrower countries to promote peer learning and strengthen their collective voice in the global sovereign debt architecture.

Hon. Haimbe stressed that the evolving global economic landscape requires deeper coordination among countries with shared development priorities.

Speaking at the same event, Egypt’s Minister of Foreign Affairs, Hon. Badr Abdel-Atty cautioned that rising debt levels, higher borrowing costs, and escalating climate challenges are slowing progress towards the Sustainable Development Goals. He reaffirmed Egypt’s strong commitment to both the launch of the platform and the reform of the international financial architecture.

Ministers of Finance from Pakistan and Angola reaffirmed their support for the initiative, urging that it be designed to avoid excessive bureaucracy and instead remain agile and proactive. They emphasized the need for credit rating agencies to reassess existing models and called for stronger interlinkages, and to understand the root causes of the recurring debt crises as part of the terms of reference for the platform.

Reflecting on the discussion, Ms. Prudence Kaoma, Permanent Secretary (Planning and Administration) at Zambia’s Ministry of Finance and National Planning, noted the convergence among all member states to have a roadmap on the operationalization of the platform, and finalizing the concept note.

Participants agreed on the urgency of the platform’s implementation, highlighting its potential benefits for both borrower and creditor countries. They called for accelerated action, and looked forward to further engagement on this matter at the World Bank Group/ International Monetary Fund Annual Meetings scheduled from 13th – 18th October, 2025.

 

Issued by:

Namatama Njekwa

First Secretary for Press and Public Relations

Permanent Mission of the Republic of Zambia to the United Nations

 

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