Wahid: 1MDB issues will be solved in two months

comments     Bernama     Published     Updated

The issues related to 1Malaysia Development Bhd (1MDB) will be resolved by year-end, said Minister in the Prime Minister's Department Abdul Wahid Omar.

"Prime Minister Najib Razak issued a statement before this saying that the issues related to 1MDB will be resolved in six months , meaning by the end of this year," Wahid said.

He added that the government had recently taken proactive measures such as selling some of 1MDB's assets and using the proceeds to pay and reduce the debt level.

"This process will be carried out in a market-friendly and transparent manner," he said.

1MDB recently announced that its debt level was set to fall to approximately RM16 billion.

Meanwhile he said the government's efforts to strengthen the economy and finance will help the ringgit return to its appropriate level.

He declined however to speculate on what level the ringgit should be at and when it would occur.

Wahid said this at TV3's Question-Answer programme on the national economy last night.

He was asked to elaborate on Rabobank's forecast that the ringgit would trade between RM4.45 and RM4.50 against the US dollar by year end.

The forecast was made in the event that China, the world's second biggest economy, devalued its currency, renminbi.

"This forecast is based on various views based on the likelihood that the US would increase its interest rate and China devalue its currency. We will continue to focus on the basic economy and the ringgit will stabilise and come back to its proper level," he said.

The ringgit fell by 0.4 percent against the US dollar to RM4.1770/1860 on Tuesday following the fall in global crude oil prices.

- Bernama



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