Genting Hong Kong bankruptcy has no impact on Malaysian Economy – Azmin

by BERNAMA / pic by TMR FILE

SHAH ALAM – The Genting Hong Kong bankruptcy has no impact on the country’s liquidity and economic growth, said Senior Minister cum International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali.

The media had previously reported that three Malaysian banks were named as among the chief unsecured creditors of Genting Hong Kong, with a combined exposure of US$600 million (RM2.5 billion).

“Maybank had issued a statement saying it would not affect the bank’s financial strength. I think the Ministry of Finance (MOF) will monitor the situation closely.

“But so far based on the statement given by Maybank, it has no impact on our liqiuidity and I think Bank Negara Malaysia (BNM) and MOF will take some measure to ensure that the liquidity in the country will remain strong,” he said after chairing the Selangor Development Action Council meeting here today.

He added that, in general, the World Bank has reviewed the performance of Malaysia’s economic growth this year which is quiet promising.

“With the latest figure produced by the World Bank, we expected to achieve 5.8 per cent growth and this is also in line with the projection by MOF and BNM Malaysia which projected between 5.5 and 6.5 per cent growth for 2022 which is certainly a better performance compared to 2021 which was at 3.3 per cent,” he said.

On the cost-benefit analysis (CBA) documents for the ratification of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Azmin said his ministry is working very closely to look at the finding of the report.

“ I will table the finding of this report to the Cabinet hopefuly in late February to get the mandate from the Cabinet and we will certainly make the finding of CBA for CPTPP public.

“We expect to continue discussion of this matter with stakeholders to make sure all parties understand the obligations by the private and public sectors when it comes to CPTPP and what are the benefits and we expect to finalise this process by the third quarter of this year,” he said.