Looking at geopolitics today, an agreement for an overhaul of the global debt architecture might seem impossible. But the beauty of multilateralism and the UN is that it only takes the political will of a few to start a process and what seemed impossible suddenly becomes a reality. The recent example of the UN Tax Convention, tabled by the Africa group in November 2023 – and in negotiation today – provides hope that change in the debt architecture sphere is also possible. Similarly, by actively engaging in these discussions, European and other creditor countries can play a pivotal role in shaping a fairer financial system that addresses the needs of the most vulnerable nations.

The next FfD conference is a key milestone to advance towards that process. The groundwork laid now and at FfD4 will significantly influence the trajectory of the process and help ensure that we do not lose momentum in the fight for a fairer debt architecture. If we delay action, we risk prolonging the challenges faced by indebted  countries and missing a pivotal chance to solve future debt crises