Key recommendations: - Expand liquidity and fiscal space for poor countries. The Biden administration should take immediate action to avert defaults in low-income countries through large and immediate provisions of liquidity and measures to help countries manage rollover risk on sovereign bonds. - Expand official bilateral debt relief to poor countries. The administration should work with the international financial institutions, China, and the Paris Club to implement guiding principles for a COVID-19 common framework for debt treatment. - Reform the sovereign debt system. The Treasury Department should lay the groundwork for a series of updates to the international financial sovereign debt restructuring architecture.