Opening Remarks by Commonwealth Secretary-General at the Commonwealth Forum of Sustainable Sovereign Debt

It is a great pleasure to welcome you to Marlborough House — our collective Commonwealth home. Debt is not a question of balance sheets. For many countries, it is a question of choices; of social cohesion and of survival. Between investing in people, or servicing the past. Between resilience, and vulnerability. Between sovereignty, and the choices of creditors.

For many of our Small States and vulnerable economies, it is quite literally the difference between a new school or a shuttered clinic — between recovery and retreat. That is why this Forum matters. And why it matters now. Because we are not simply confronting high levels of global debt. We are confronting a global system that is no longer delivering as it should. A system where risk is priced unevenly. Where access to finance is too slow, too costly, and too conditional. And where those most exposed to shocks often face the greatest barriers to recovery. That is not just unsustainable. It is unjust.

And it hurts growth across our interconnected global economy. It is precisely why the Commonwealth must act — not only to support our members, but to help shape a more effective and equitable approach to sovereign debt globally.

This Forum is a cornerstone of our Commonwealth Year of Innovative, Resilient and Sustainable Public Debt Management. It also marks more than four decades of Commonwealth leadership in strengthening debt management systems across our member states. Over that time, we have built a quiet but powerful legacy — grounded in trust, technical excellence, and partnership.

Now, we must build on that legacy — and adapt it to a far more complex and uncertain world. A world in which public debt has reached unprecedented levels. A world where climate shocks, economic and geopolitical volatility as well as technological disruption are no longer peripheral risks — but central drivers of fiscal instability. And a world in which the decisions we take today will define the opportunities available to future generations.

It is therefore my privilege this morning to launch two important Commonwealth reports: The Commonwealth Debt and Youth Report  And The IMF Resilience and Sustainability Facility – Three Years On.

Together, they make one message unmistakably clear: Today’s debt decisions will shape tomorrow’s development outcomes.

In a Commonwealth where 60 per cent of our people are under the age of 30, this is not only an economic issue. It is an intergenerational contract. Every dollar spent on unsustainable debt is a dollar not invested in education, in jobs, in opportunity — and in the future our young people deserve. That is why our work in this “Year of Innovative, Resilient and Sustainable Debt” is anchored in three priorities.

First: bringing sovereign debt management decisively into the digital age

Through Meridian 2030, we are building the infrastructure for real-time, transparent, data-driven debt management. By integrating artificial intelligence and advanced digital tools, we aim to equip governments with the information and foresight they need — not simply to manage debt, but to negotiate from a position of strength. And through Horizon 2.0, we are advancing forward-looking analytical tools that help countries anticipate — rather than react to — emerging risks.

Second: aligning debt with resilience

In too many of our member states, climate shocks are now the single greatest driver of fiscal stress. We must ensure that sovereign debt frameworks reflect this reality. By leveraging blue and green assets, expanding access to resilience finance, and integrating climate risk into debt strategies, we can reduce vulnerability while protecting the natural capital on which so many of our economies depend.

Third: moving from discussion to execution

For too long, innovative instruments have remained on the margins. Debt swaps, resilience-linked financing, and other tools must become part of the mainstream.

Our new Handbook on Debt Swaps is designed to support precisely this transition — turning ideas into practical solutions that create fiscal space and unlock investment. This week is not only about ideas. It is about implementation. It is about building partnerships that can unlock concessional finance at scale. And it is about ensuring that the Commonwealth continues to act as a trusted platform — bringing together governments, institutions and investors to deliver practical outcomes.

That is why I am pleased to announce the Inaugural Commonwealth Public Debt Management Awards, which will be presented later this week. These awards recognise the professionalism, integrity and innovation of public debt offices across our membership — and the critical role they play in safeguarding economic stability.

We are also taking an important step forward with the development of the Commonwealth Debt Managers Network. This network will provide a permanent platform for collaboration, peer learning, and coordinated action. It will strengthen our collective voice. And it will help ensure that the priorities of our member states are reflected more effectively in global financial discussions.

Excellencies,

To the Heads of Public Debt Management in this room: You are not only managers of debt. You are architects of economic resilience. The decisions you shape this week will not remain in conference rooms.

They will determine fiscal space, development pathways, and economic sovereignty for years — even decades — to come. So let us be clear about the task before us. The time for incremental change has passed.

What is required now is coordination, innovation, and the courage to act differently. If we succeed, the Commonwealth will not simply respond to the global debt challenge. We will help redefine how it is addressed. And in doing so, we will ensure that our countries are not only more resilient — but more empowered, more equitable, and better prepared for the future.

It is with that spirit of purpose and partnership that I declare the Commonwealth Forum on Sustainable Sovereign Debt open.