United Nations Secretary-General Antonios Guterres  has tasked a group of prominent experts, led by Special Envoy Mahmoud Mohieldin, to work on finding solutions to the escalating global debt crisis.

These efforts will build on the work of the Fourth International Conference on Financing for Development, scheduled to be held in Seville, Spain, in 2025.

Developing countries are facing an unprecedented debt crisis that threatens their economic stability and social progress.

On the other hand, the Institute of International Finance reported that the global debt reached $322.9 trillion, which is three times the size of the global economy.