World Bank's Malpass sees urgency to reach memorandum of understanding on Zambia's debt

World Bank President David Malpass on Tuesday called for urgent moves to finalize a debt restructuring plan for Zambia, and said the size of its debt was so small it could not pose a financial burden to China, now the world's largest sovereign creditor. Malpass said the new Global Sovereign Debt Roundtable meeting on Wednesday would give debtor countries a seat at the table for the first time, which should help improve the current process which has suffered from long delays.

He said the World Bank and others were also encouraging creditor countries to set clear timelines for how a debt restructuring process would unfold to give countries that sought help more clarity.

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