Poor nations face peril over elusive G-20 debt relief push

FILE PHOTO: Employees arrange the Saudi Arabian flag during the final preparations before world leaders gather for the official family photograph on day one of the G20 leaders summit at the convention center of La Nuvola, in Rome, October 30, 2021. Ludovic Marin/Pool via REUTERS

A failure to secure meaningful progress on a debt relief for the world's poorest nations at the International Monetary Fund and World Bank annual meeting in Washington has left policymakers, campaigners and investors frustrated.

Two years ago the Group of 20 launched the Common Framework - a mechanism designed to provide a swift and comprehensive debt overhaul to nations buckling under debt burdens after COVID-19 shock that would reach beyond temporary debt payment moratoriums.