Malaysia: Malaysia’s 1MDB state fund still $7.8 billion in debt: government report

1Malaysia Development Berhad (1MDB), the state fund at the centre of a massive corruption scandal, still had an estimated 32.3 billion ringgit ($7.80 billion) in outstanding debt as of September, the government said on Friday.

Set up in 2009 by former prime minister Najib Razak, authorities are investigating how billions of dollars went missing from 1MDB – a disappearance the government says led to the finance ministry having to bail out the fund.

Malaysia said in 2018 the government would have to pay about $13 billion of 1MDB’s dues.

Since April 2017, the government has provided 9.4 billion ringgit in loans and advances to help 1MDB meet its financial commitments and debt obligations, according to the 2021 fiscal outlook report, released ahead of the government’s budget announcement on Friday.

The original full article can be found at reuters.com

(Photo: Free Malaysia Today)

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