RM32.08b still outstanding from 1MDB debt, minister says

The govt had paid RM10.85b through MoF and MoF Inc from April 2017 to May this year for 1MDB’s debt commitments

MALAYSIA still has RM32.08 billion debt commitment due to the controversial 1Malaysia Development Bhd (1MDB).

Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz told the Dewan Rakyat today that the figure is based on an estimated foreign exchange (forex) rate of US$1 to RM4.50.

From April 2017 to May this year, the government had paid RM10.85 billion via the Ministry of Finance (MoF) and MoF Inc for 1MDB’s debt commitments.

1MDB’s debt interest is also being paid using 1MDB’s asset recovery funds kept in a trust account under the MoF, known as the Asset Recovery Trust Account, he said.

As at June 30, 2022, 1MDB’s total funds recovered amounted to RM19.28 billion in various foreign currencies, including the US dollar, Singapore dollar and Australian dollar.

“These funds have been and will be used for the purpose of paying off 1MDB’s debt. As of June 30, 2022, RM10.84 billion had been used to repay 1MDB’s debt.

“This fund still has a balance of RM8.83 billion currently (including hibah and forex gains or losses),” the minister said.

The recovery process of 1MDB funds remains ongoing with close cooperation between several local and foreign agencies. — TMR / pic TMR File