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<p>The UK recognises the significant debt vulnerabilities faced by many low-income
countries, exacerbated by the Covid-19 pandemic. That is why support for low-income
countries, including on debt, has been a key priority for the UK’s G7 Presidency this
year and something we have worked closely on with our international partners in the
G20.</p><p> </p><p>To deal with immediate debt vulnerabilities, the UK, alongside
our G20 and Paris Club partners, agreed the Common Framework for Debt Treatments beyond
the Debt Service Suspension Initiative. This brings together, for the first time,
G20 and Paris Club creditors to coordinate on debt treatments for 73 low-income countries.
Under the Common Framework, private creditors will be required to implement debt treatments
on at least as favourable terms as those agreed by official creditors.</p><p>The UK
is also at the forefront of G7 initiatives on debt transparency, which is a key part
of ensuring longer-term debt sustainability. We have improved our own practices by
publishing detailed loan-by-loan information of new lending, a position which was
also adopted by the G7 in June 2021.</p>
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