[DOCUMENT] G20 Common Framework

On November 13, the G20 Finance Ministers and Central Bank Governors agreed on a common framework for debt distress beyond DSSI. The relief will be based on an IMF and World Bank debt sustainability analysis, and all G20 members will participate in joint negotiations. Write-offs will not be used in principle, and will be considered for the most difficult cases.

The framework requires countries to seek similar treatment from private creditors in nominal, net-present-value, and duration terms. Multilateral development banks, meanwhile, will be considered as preferred creditors but vow to provide additional relief.

This framework follows the first communique presenting the DSSI, and the second communique enacting the prolongation until June 2021.