The leaders of the G20 previously promised to prolong the DSSI until at least June next year so that eligible nations could suspend their debt service payments.
Malpass explained such a move would help the countries considered the poorest save more money to combat current economic difficulties. He added that thanks to the initiative, those territories deferred some $5 billion through the end of 2020, with savings of another $7.3 billion expected in June.
Malpass previously stressed the G20 must provide enough debt relief to make sure there was no further increase in poverty worldwide.
The European Union announced in November it had contributed 183 million euro to the expanded Debt Service Suspension Initiative (DSSI), as agreed at the meeting of the Group of 20 (G20) the previous weekend, for the world's "poorest and most vulnerable countries."