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Statement calling on Commonwealth countries to work together to tackle the global debt crisis.

The world is facing its most severe debt crisis in over three decades. Many countries in the Commonwealth are facing mounting debt repayments, which are placing significant pressure on domestic fiscal budgets.

However, this crisis does not fall evenly across Commonwealth members, and for many members in the Global South, debt repayments are constraining governments' ability to finance sustainable development and deliver essential public services, including health, education and social protection.

For many of the lowest-income countries in the Commonwealth, debt interest repayments dwarf what they spend on health, education and climate adaptation. The current global financial architecture requires further reform to strengthen debt governance, improve access to affordable financing and support fiscal sustainability. Rather, times of crisis for these countries become times of opportunity for lenders, and exorbitant interest rates are applied to loans offered to countries which have little alternative. The statement calls for a more transparent, predictable and equitable international debt architecture that promotes shared responsibility among all creditors.

The Commonwealth Charter recognises the importance of sustainable economic and social transformation to eliminate poverty and includes a commitment to collaboration to help the poorest and most vulnerable. Finding a fair, long-term solution to the global debt crisis is essential to achieve these shared objectives and fulfil the principles set out in the Charter.

In this time of great challenge and diminished global collaboration, building a foundation for collective action is of vital importance. A high-level roundtable ‘From Crisis to Justice’ hosted in Glasgow in July 2026 contribute to this continued conversation.

We, nations of the Commonwealth, call for urgent and systemic action. Far-reaching reforms to the global financial architecture are needed to transform the global debt infrastructure into one that promotes fairness, sustainability, resilience and inclusive economic growth. Such reforms should include timely, transparent and country specific debt treatment and, where appropriate, debt relief including meaningful debt relief for countries whose public debt exceeds 80% of GDP, based on comprehensive debt sustainability assessments undertaken in accordance with internationally agreed frameworks, recognising that excessive debt burdens constrain public investment and undermine governments' ability to deliver sustainable development. Such reforms should also, recognising that excessive debt burdens constrain public investment and undermine governments' ability to fulfil the basic needs of their citizens.

On the issue of the global debt crisis, we call on all Commonwealth nations to work collaboratively to bring forth:

• new debt legislation which ensures private lenders engage in debt restructuring on the basis of comparable treatment with other creditors
• timely and equitable debt restructuring and, where appropriate, debt relief in accordance with internationally agreed debt sustainability frameworks
• enhanced participation of bilateral, multilateral and private creditors in coordinated debt resolution processes
• expanded access to affordable concessional and climate finance to reduce future debt vulnerabilities
• strengthened debt transparency, sound public financial management and domestic resource mobilisation to support long-term debt sustainability
• a new debt framework within the United Nations or other agreed multilateral processes that command broad international consensus

These proposed solutions to the debt crisis, as further detailed in the Common African Position on Debt and explored in the high-level Roundtable on Debt Justice hosted in Glasgow 2026, must be pursued in key international forums. They must feature prominently on the G20 agenda when the United Kingdom hosts the Summit in 2027, ensuring that the voices of the most affected countries shape the debate around debt justice.

This statement further calls for greater representation of developing countries in global financial governance institutions and decision-making processes to ensure that reforms reflect the interests of all members of the international community.

The statement was agreed with representatives of the Governments of Malawi and Zambia at a roundtable on debt justice and climate resilience hosted by the Cabinet Secretary of Climate Action and Rural Affairs as part of the Scottish Government’s 2026 Commonwealth Games event programme.