Barbados bids to host new global Borrowers’ Platform secretariat
Barbados has thrown its hat into the ring to host the secretariat of a landmark new Borrowers’ Platform, with Prime Minister Mia Mottley declaring on Wednesday that her country has “walked it, lived it and breathed it” — as developing nations move to close ranks against a global financial system they say is rigged against the poor.
The initiative was launched in Washington on the margins of annual Spring Meetings of the key international institutions, the World Bank and the International Monetary Fund.
The Borrowers’ Platform, agreed by member states at the Fourth International Conference on Financing for Development in 2025, is intended to address longstanding imbalances in the global financial system by improving coordination, representation and technical support for borrowing countries.
The launch of the Borrowers’ Platform comes amid rising debt pressures across developing countries, with the initiative designed to improve debt sustainability practices and support more equitable financing outcomes.
Mottley said: “We make formal our interest as Barbados to host the Secretariat of the Borrowers’ Platform because we have walked it, we have lived it, we are breathing it and we are prepared to continue to advocate for the change in rules and circumstances such that countries can find their way as independent sovereign nations to be able to finance development for their people.”
The prime minister framed the initiative as a critical step toward correcting a system that she argued continues to disadvantage smaller and more vulnerable states:
“We have ended up in this position largely because we have a system that does not favour the weak, nor the different,” she said, warning that without reform, global inequalities will continue to widen.
“The rich are getting richer and the poor are getting poorer.”
Mottley also challenged the way borrowing is treated at the international level, arguing that countries in distress are often penalised rather than supported.
“Countries need assistance. They are not begging. They need space. They need assistance,” she said, as she called for a more balanced and humane approach to debt management.
The platform is expected to strengthen South-South cooperation, improve debt transparency, and provide technical and advisory support to developing countries, while also enhancing their representation in global financial discussions.
Mottley stressed that the initiative must move quickly beyond its initial group of 28 countries and be supported by strong leadership.
“I do believe that the chief executive officer ought to be appointed as soon as possible if we are going to see further progress,” she said, adding that such leadership must combine “credibility but conscience”.
She warned that the current global environment, marked by multiple overlapping crises, leaves little room for delay.
“We are running against the clock,” Mottley said, noting the cumulative impact of COVID-19, the war in Ukraine and ongoing geopolitical tensions on vulnerable economies.
The prime minister also emphasised that the platform represents an opportunity for developing countries to take greater control of their financial future.
“We have come not to ask for permission. We have come to execute in the interests of the people whom we have been elected to serve,” she said.
(SM)
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