Action 50(b).2

[Invite the International Monetary Fund to undertake a review of ways to strengthen and improve the sovereign debt architecture, building on existing international processes, in collaboration with the Secretary-General, the World Bank, the Group of 20 and major bilateral creditors, and debtors] …and request that the Secretary-General update Member States on progress and present proposals on this issue.

UN entity lead: United Nations Conference on Trade and Development

UN entity co-leads: Department of Economic and Social Affairs

Milestone 1 | Deadline 15 December 2025

The International Monetary Fund completes their review on sovereign debt architecture. United Nations Conference on Trade and Development supports this through technical engagements and policy recommendations arising from high-level events as well as the Fourth International Conference on Financing for Development.

Milestone 2 | Deadline 31 March 2026

Secretary-General presents report to Member States, with updates and views on options and recommendations presented by the IMF in their review of the Sovereign Debt Architecture. Depending on the previous milestones being achieved, including the publication of the review by the IMF, UNCTAD/DESA will prepare a draft report for the consideration of the UNSG.

The Global Sovereign Debt Architecture is not fit for purpose and requires crucial revision, to help countries borrow responsibly, recover more quickly when crises hit and achieve the Sustainable Development Goals. The IMF focus of this review on legal clauses is part of this architecture.

Continued engagement with the International Monetary Fund at the Annual Meetings in Washington, DC and the 9th Intergovernmental Group of Experts on Financing for Development in Geneva.