Against the backdrop of the unprecedented impact of the COVID-19 pandemic on global debt markets, capital flows and debt sustainability—particularly for vulnerable low-income countries—the members of the Group of Trustees of the Principles for Stable Capital Flows and Fair Debt Restructuring met virtually this week for their annual review of progress on the implementation of the Principles within the framework of the international financial architecture. Following the meeting, co-Chairs François Villeroy de Galhau, Governor, Banque de France; Dr. Axel Weber, Chairman of the Board of Directors, UBS Group AG; and Dr. Yi Gang, Governor, People's Bank of China issued the following statement.