Malaysia tries to convince Fitch that economy is resilient
But 1MDB issue inspires little confidence ahead of a sovereign rating decision
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Kuala Lumpur
MALAYSIA sought to stave off a possible downgrade of its sovereign ratings by Fitch Ratings this month by assuring the international ratings agency its growth and fiscal consolidation plans remain on track, even as rumours circulated that key ministers were stepping down from the cabinet over the handling of the debt-laden 1MDB.
With only a few weeks to the end of June when Fitch is expected to decide if it will downgrade the sovereign to BBB from A-, the finance ministry met a group of Fitch executives on Tuesday to convince them of Malaysia's economic resilience. Pump prices were also raised by 10 sen a litre in June to demonstrate its commitment to a managed float system (prices have been unchanged for the past two months even though global oil prices have inched up).
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