The correct answer is Both 1 and 2. Key Points G20 Common Framework Chad has become the first country to officially request a debt restructuring under a new common framework “G20 Common Framework” introduced by China and other groups of 20 countries last year with the help of the Paris Club. It is the Common Framework for Debt Treatments beyond the Debt Service Suspension Initiative (DSSI). Initiative endorsed by G20 together with Paris Club. Hence, Statement 1 is correct. The Common Framework is intended to deal with insolvency and protracted liquidity problems, along with the implementation of an IMF-supported reform program. It was announced in November 2020 to deal with the issue of unsustainable debts faced by various countries as an impact of COVID-19. Hence, Statement 2 is correct. Paris Club is a club or group of officials from major creditor countries. It was established in the year 1956. It aims to find sustainable solutions to the difficulties faced by debtor countries in payments. Additional Information G20 It is an international forum for global economic cooperation. It has 20 members, and these countries are as follows- Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union. G20 members account for 85 percent of the world economy, 75 percent of global trade, and two-thirds of the world's population. G20 was formed in 1999 and its present chairman is Joko Widodo, President of Indonesia Canadian finance minister Paul Martin was chosen as the first chairman and German finance minister Hans Eichel hosted the inaugural meeting.