Conjuncture

The Common Framework (CF) was formulated by the IMF and the World Bank in response to efforts by the Group of 20 Nations (G-20) to assist low -income countries address the significant rise in financing needs and rapid accumulation in public sector debt positions as a consequence of the COVID-19 Pandemic

The CF was modelled on traditional Paris Club processes and traditions employed during a period when developed western countries' claims on low -income debtors represented a significant percentage of total public sector debts

Creditor bases have evolved over the past few years, with diverse commercial and traditional non-Paris Club creditors such as China now representing a majority segment of total public sector debts in many low -income countries