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This research paper argues for the establishment of a common international framework for sovereign debt restructuring based on human rights principles to address the global debt crisis, particularly in the Global South. The authors contend that current contractual, market-based approaches are inequitable and opaque, often prioritizing creditor interests over essential socio-economic rights. They propose a statutory, legally binding mechanism under the auspices of the United Nations to ensure transparency, accountability, and the protection of minimum standards of living during debt workouts.