It added that establishing a debt workout mechanism is crucial to expedite progress under the G20 Common Framework for Debt Treatment. This has faced challenges due to creditor coordination issues and the absence of automatic debt service suspension clauses. Developing countries, especially those with high debt burdens, require increased liquidity during times of crisis, the UN said, adding that a liquidity crisis risks turning into a debt crisis otherwise. "This can be achieved by expanding contingency finance. The global safety net must work. Measures such as enhancing the use of Special Drawing Rights, temporarily suspending IMF surcharges, and broadening access to emergency financing through increased quotas must be pursued," the press release said.