Critical China Change Position on Global Debt, Malpass Says

The heads of the World Bank and the International Monetary Fund both called for China to do more to help restructure global sovereign debt to reduce the risks of a debt crisis.

In discussions with Chinese lenders and the Premier Li Keqiang over the past two days, the two organizations “discussed the urgency of more rapid progress in the ongoing debt restructuring, discussions including for Zambia,” according to World Bank President David Malpass. “Changes in China’s positions are critical in this effort,” he said Friday in China after the meetings.