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<p>In November 2020, the UK and other G20 Finance Ministers and the Paris Club agreed
a new Common Framework for Future Debt Treatments. This applies to 73 of the poorest
countries in the world and, for the first time, brings together Paris Club and major
non-Paris Club creditors to provide joined up debt treatments where required.</p><p>The
Common framework is an internationally agreed initiative and does not impact the rights
of private creditors under UK law. However, under the Framework, debtors will be required
to secure a debt treatment from their private creditors on at least as favourable
terms as from their official sector creditors.</p><p>As G7 president, the UK will
push to ensure the full implementation of the Common Framework. I strongly expect
all private creditors to provide the debt relief needed to ensure debt sustainability
for those countries who request a debt treatment, and we will engage regularly with
the private sector to ensure their appropriate participation in restructurings.</p>
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