Seville Forum Unites to Combat Global Debt Crisis

The newly launched Seville Forum on Debt aims to address critical debt challenges in emerging economies. Spearheaded by Spain and the U.N., the forum focuses on bringing together creditors and borrowers to devise solutions. With global public debt reaching $102 trillion, many countries now spend more on debt than health or education.

The Seville Forum on Debt, a newly formed initiative backed by the United Nations, was officially launched as leaders and policymakers emphasized the urgent need to address surging debt burdens in emerging economies.

The forum, led by Spain and unveiled during the U.N. Conference on Trade and Development in Geneva, seeks to bring together creditors, borrowers, international financial bodies, and academics to brainstorm solutions to burgeoning debt issues. Spain's Economy Minister Carlos Cuerpo highlighted the negative impacts of high debt servicing costs on public services like education and health.

According to UNCTAD, global public debt soared to a record $102 trillion in 2024. Many of the world's nations are diverting critical funds from essential services to cover debt costs, underscoring the need for immediate systemic reforms.

(With inputs from agencies.)