KUALA LUMPUR, Sept 17 — Malaysia might need fork out an additional RM7.7 billion in order to repay the principal of the US$6.5 billion (RM29.5 billion) 1Malaysia...
KUALA LUMPUR, Sept 17 — Malaysia might need fork out an additional RM7.7 billion in order to repay the principal of the US$6.5 billion 1Malaysia Development Bhd bonds due to the continued slide of the ringgit against the greenback, according to Lim Guan Eng.
“Whether this depreciation of the ringgit value against three of our major trading partners is considered by the government to be a crisis or not, the government must adopt structural economic reforms immediately to arrest the ringgit’s rapid descent or else there will be adverse repercussions on inflation to businesses, cost of living to the rakyat and our government debt denominated in US dollars,” he said in a statement today.
“The US$6.5 billion dollar bonds issued in 2012 and 2013 , are due in 2022 and 2023 when the strength of the US dollar is at its highest in 24 years.
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