G20 nations on Friday agreed for the first time on a common approach for restructuring government debt as the coronavirus crisis leaves some poorer nations at risk of default.

The framework, also agreed by the Paris Club of creditor countries, goes beyond the initiative to reschedule or reduce debts of vulnerable nations on a "case-by-case approach," G20 finance ministers and central bankers said.

"In principle, debt treatments will not be conducted in the form of debt write-off or cancellation," they said in a statement following a virtual meeting hosted by the current G20 president Saudi Arabia.

G20 nations last month agreed a six-month extension to a debt suspension initiative until June next year, falling short of calls by the World Bank and campaigners for a full-year renewal.