The G20 Common Framework was launched in 2020 to help countries facing high levels of external debt and interest.
Its purpose was simple: bring creditors together, restructure debts fairly, and help countries get back on a sustainable path.
Over five years later, the system is failing to deliver timely and adequate debt relief. Countries have spent years negotiating debt deals while continuing to face mounting pressures at home. Some governments have been discouraged from applying altogether because the process is seen as slow, unpredictable and unlikely to provide enough relief.
An opportunity for change? The failure of the Common Framework is a pressing challenge for international cooperation which could be tackled by…