Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent discussions he has had with his G20 counterparts on the effectiveness of the Common Framework process; and what assessment he has made of Zambia application under that framework.

The Common Framework, agreed between the G20 and the Paris Club, represents the first time that all G20 creditors and the Paris Club have committed to work together to coordinate debt treatments. The Framework is intended to deliver a longer-term, more sustainable approach to dealing with debt vulnerabilities for countries that request it. Progress in implementing the Common Framework has been a regular feature in the Chancellor’s discussions in the G20 and in its February 2022 communique, the G20 reiterated its commitment to step up efforts to implement the Framework in a timely, orderly and coordinated manner.

Zambia is one of three countries – along with Chad and Ethiopia - to have requested the Common Framework. Zambia reached a Staff-Level Agreement with the IMF in December, marking a step forward. At Spring Meetings, the IMF managing director indicated that China had agreed to join the creditor committee for Zambia. As a creditor to Zambia, it is a priority to work with our G20 partners to ensure swift progress on the debt treatment.