伦敦联盟

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, Lucy Rigby, 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 Sustainable Sovereign Debt Hub serves as the Secretariat to the London Coalition, supporting its working groups and advancing these initiatives through coordination, analysis, and stakeholder engagement.

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Updates: April 2026

Two key proposals developed by the London Coalition were published on 16th of April, during the week of the 2026 IMF-World Bank Spring Meetings: a Pause Clause Proposal and Term Sheet for sovereign bond contracts and an Implementation Guide for Restructuring Private Sector Sovereign Loans.

The Pause Clause Proposal and Term Sheet, developed by a group of leading international bondholders, will allow countries hit by major shocks to temporarily defer debt payments in a clear, time-bound way, building on precedents in Barbados and Grenada. This will sit alongside strong debt transparency so markets can price risk properly, and the group will continue consulting with developing countries to support uptake.

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The Implementation Guide for Restructuring Private Sector Sovereign Loans developed by leading commercial lenders provides a practical, voluntary reference on how to organise engagement and streamline discussions. This will help reduce delays and uncertainty in negotiations and limit the economic damage that prolonged debt distress can cause.

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A Bloomberg exclusive, published on April 17th 2026, highlights how the Pause Clause Proposal and the Implementation Guide brought forward by the London Coalition on Sustainable Sovereign Debt form part of a set of practical solutions to improve sovereign borrowing and lending in developing economies.

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Purpose and mission

伦敦联盟的使命是为主权融资提供务实的解决方案，改善债务重组结果，帮助各国实现发展目标，同时保持获得可持续融资解决方案的机会。

通过为各国政府、国际金融机构和金融部门提供更正式的参与渠道，该联盟寻求制定和实施商业上可行且现实的解决方案，以确保发展中经济体能够从私营部门获得稳定、长期的投资。

Why is this important?

地缘政治紧张局势和经济不确定性对发展中经济体的融资环境造成了严重影响，伦敦联盟正是在这一关键时刻应运而生。这些国家需要稳定而有弹性的融资解决方案，以应对紧迫的社会和环境挑战。

尽管最近在改善债务可持续性方面取得了进展，但仍需做出更多努力，以加快债务重组进程，并制定更适合发展中经济体需求的融资方案。

该联盟在应对这些复杂挑战方面发挥着关键作用，它帮助开发创新债务工具和基于市场的实用方法，在不破坏市场稳定的情况下扩大发展中国家的融资选择。

Structure and approach

该联盟是一个有时限、以结果为导向的论坛，旨在促进政府、决策者和私营部门之间的合作。在共同主席和多方利益相关者指导委员会的指导下，联盟设有两个技术工作组：

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.

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‍Non-bonded Debt Workstream
‍This group will explore ways to improve coordination among non-bonded commercial creditors during debt restructurings, analyse the sequencing of restructuring claims and the role of commercial insurers in the evolving lending landscape. It will also focus on developing model transparency clauses and strengthening debt resilience in sovereign loan contracts.

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