The civil society proposal for a debt convention argues that a new binding legal framework should address at least the following reforms:

• Multilateral Sovereign Debt Resolution Mechanism
• Binding responsible lending and borrowing principles
• Automatic mechanism for debt payments suspension in the wake of climatic and other external shocks
• Creation of a global debt transparency registry
• New independent debt sustainability frameworks
• Promotion of domestic legislative reforms for debt management, responsible borrowing and lending, and contribution to effective debt resolution.
• Regulation and supervision of financial institutions, including the asset management industry and credit rating agencies (CRAs).