Following the news that the G20 countries have endorsed the Common Framework, Dr David McNair, ONE’s Global Policy Director, warned the agreement lacked ambition.
He said: “Today’s announcement is utterly disappointing. The Common Framework could have changed the game for countries navigating the impossible choices between repaying their debt or fighting the COVID-19 pandemic, especially Zambia, which is about to default on its debt. The G20 failed to do just that.
“As the G20 continues to consider its response to COVID19 and the future of the Common Framework, a comprehensive plan to address the longer-term financing needs and options for debt treatments and cancellation is necessary. But first, they must push for a comprehensive debt standstill – including multilateral and private debt – and an allocation of 500 billion Special Drawing Rights transferred to the poorest countries to help them weather crisis.
“Too much is at stake for the G20 to continue to stand idle. This is the G20’s job. We need to see greater ambition and clarity. Enough is enough.”