Excellencies,
Distinguished delegates,
Dear colleagues,
The Sevilla Commitment marked a pivotal moment in our efforts to build a fairer, more development-oriented debt architecture. It sets out an ambitious and integrated plan to
i) prevent debt crises;
ii) lower borrowing costs;
iii) reform the international debt architecture; and
iv) improve debt sustainability and credit assessments.
These commitments were complemented by initiatives in the Sevilla Platform for Action, which offers practical solutions to translate vision into results.
Spain¡¯s leadership has been instrumental in this regard¡ªinitiating the Debt Pause Clause Alliance and the Global Hub for Debt Swaps for Development at the World Bank, both of which embody the spirit of innovation and solidarity that defined the Sevilla outcome.
The ultimate test, however, lies in implementing the full package of debt actions. This includes transformative actions such as the borrower¡¯s platform¡ª an initiative to update and better implement principles for responsible sovereign borrowing and lending¡ª and an intergovernmental process at the UN to close gaps in the debt architecture.
This is where the Sevilla Forum on Debt can be our catalyst for action.
As a platform for inclusive dialogue, the Forum can help build political momentum and convergence around key actions.
Such dialogue can be underpinned by strengthened technical collaboration and workstreams. The Forum can support work on consolidated borrowing and lending principles; it can also be a center of knowledge and learning and a catalyst for greater uptake of debt pause clauses and debt swaps, linked to the Sevilla Platform for Action initiatives.
The Forum can build both political support and the evidence base for decision making at the United Nations¡ªwhere Member States can translate dialogue into decisions, in an inclusive and universal setting.
Excellencies,
Distinguished delegates,
The Sevilla Forum is a crucial informal and inclusive space to generate ideas and mobilize multistakeholder support.
Together, we can, and we will turn the promise of Sevilla into tangible progress for all.
Thank you.