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1MDB pays back RM2b loan owed to Malaysian banks

Repayment expected to ease pressure on ringgit and country's credit outlook

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PAYING THE PRICE: 1MDB's debt woes were bad timing for Petronas, which is planning its first dollar bond in 5 years to raise as much as US$7b.

Kuala Lumpur

MALAYSIAN state fund 1Malaysia Development Bhd (1MDB) has settled in full a RM2 billion (S$753 million) loan that it owed local banks, its executive director Arul Kanda said on Friday.

"The loan was settled in advance of the due date, per the terms of the loan facility