The G-20 Common Framework Needs Upgrades to Prevent a Global Debt Crisis

The G-20 Common Framework Needs Upgrades to Prevent a Global Debt Crisis
Sri Lankan auto rickshaw drivers line up to buy petrol near a fuel station in Colombo, Sri Lanka, April 13, 2022 (AP photo by Eranga Jayawardena).

As inflation rates spike and interest rates rise, many countries are facing looming sovereign debt crises. A mechanism like the G-20’s Common Framework for Debt Treatments, aimed at addressing what could become a global debt crisis, is becoming more important than ever—but to be effective it needs to address major shortcomings.

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