Why do we need to reform the global debt architecture? Why do we need a UN Framework Convention on Sovereign Debt? Does the UN have a mandate to lead on debt architecture reforms? What happened to the 2014 UN General Assembly resolution 68/304 for a legal framework on debt restructuring? What has the UN done on debt architecture reform since 2015? What is a framework convention? What would a UN Framework Convention on Sovereign Debt do? What is the difference between the UN Framework Convention on Sovereign Debt and the Multilateral Sovereign Debt Resolution Mechanism? What does civil society want in a UN Framework Convention on Sovereign Debt? Why do we need a Multilateral Sovereign Debt Resolution Mechanism? What does civil society want in a Multilateral Sovereign Debt Resolution Mechanism? If all countries participate in the Multilateral Sovereign Debt Resolution Mechanism, will they be able to make efficient decisions? How would a UN Framework Convention on Sovereign Debt ensure the willing participation of creditor countries? How will the UN enforce the results of a debt restructuring process under the Multilateral Sovereign Debt Resolution Mechanism? How does this proposal differ from the IMF’s attempt to establish a Sovereign Debt Restructuring Mechanism? Does the UN Framework Convention on Sovereign Debt duplicate the efforts of the G20, GSDR, and IMF? Why are we calling for a UN Framework Convention on Sovereign Debt now? Is an agreement on a UN Framework Convention on Sovereign Debt in FfD4 realistic? Who is championing the call for a UN Framework Convention on Sovereign Debt? How can I get involved?

If all countries participate in the Multilateral Sovereign Debt Resolution Mechanism, will they be able to make efficient decisions?

While all countries would participate in defining and establishing a Multilateral Sovereign Debt Resolution Mechanism, as well as the principles and parameters for debt restructuring, it doesn’t mean they will all take part in the debt restructuring processes under the mechanism. This will depend on the final composition and structure of the body. Instead, participation means all countries will have to agree on the rules, principles, and structures for the mechanism to deliver fair, durable, timely, and comprehensive debt resolution.

Additionally, once the rules, principles, and parameters of a fair debt restructuring are collectively decided, a debt resolution body, also defined by all member states, will have to make sure that these are applied in debt restructuring and cancellation processes, at the request of borrowing countries.

While UN processes may face challenges such as bureaucracy and competing interests, its ability to convene all countries fosters comprehensive participation and equitable decision-making, enhancing the likelihood of sustainable and universally accepted outcomes. Unlike forums dominated by specific groups or exclusive memberships like the Paris Club, which can be criticised for biases and blind spots, a UN intergovernmental process would strive for inclusivity and representation from all member states