London coalition

The London Coalition on Sustainable Sovereign Debt is a results-based, multistakeholder forum convened by the Sustainable Sovereign Debt Hub. Its mission is to drive pragmatic, market-based solutions for more sustainable and affordable sovereign financing options and to improve restructuring outcomes for emerging economies through collaboration, innovation, and transparency.

The London Coalition was launched on 23 June 2025 and is co-chaired by the UK Economic Secretary of the Treasury, Emma Reynolds, representing the public sector, and former Standard Chartered Chairperson José Viñals, representing the private sector, and receives support from the Children’s Investment Fund Foundation.

The mission of the London Coalition is to deliver pragmatic solutions for sovereign finance, improve debt restructuring outcomes, and help countries meet development ambitions while maintaining access to sustainable financing solutions.

By providing a more formal avenue for engagement across governments, international financial institutions, and the financial sector, the Coalition seeks to develop and implement commercially viable and realistic solutions that will ensure developing economies can access steady, long-term investment from the private sector.

The London Coalition emerges at a critical moment marked by significant geopolitical tensions and economic uncertainties that disproportionately impact developing economies’ financing landscape. These countries require stable and resilient financing solutions to address pressing social and environmental challenges.

Despite recent progress on improving debt sustainability, more needs to be done to speed up debt restructuring processes and develop financing options that are better suited to the needs of developing economies.

The Coalition’s role is pivotal in responding to these complex challenges by helping develop innovative debt instruments and practical market-based approaches that expand financing options for developing countries without disrupting market stability.

The Coalition is a time-bound, results-driven forum designed to foster collaboration between governments, policymakers, and the private sector. Guided by the co-chairs and a multistakeholder Steering Committee, it features two technical working groups:

Bonded Debt Workstream: This group will design scalable liquidity relief solutions such as debt pause clauses, particularly for Small Island Developing States (SIDS) and Low-Income Countries (LICs), while also advancing on contract-based innovations to enhance debt transparency.

The London Coalition will complement policy discussions in other international forums, such as the G20, the Global Sovereign Debt Roundtable (GSDR), and the Paris Club. The Coalition aims to produce tangible outputs by 2026 and present them at major international forums, including the IMF, G20, and COP30.