Guan Eng: Repatriated 1MDB assets will be used to repay debts

Finance Minister Lim Guan Eng says the government's fiscal consolidation is on track as it targets to reduce the deficit from 3.7% of GDP in 2018 to below 3% by 2021.

PETALING JAYA: The government will use the repatriated US$322mil (RM1.34bil) in 1MDB assets from the United States and SG$50mil (RM152.4mil) from Singapore to repay 1MDB debts of RM51bil, says Finance Minister Lim Guan Eng.

"The Finance Ministry (MoF) warmly welcomes the Attorney General's Chambers' announcement that US$322mil from 1MDB assets is to be returned to Malaysia, following the United States Department of Justice's (DoJ) Kleptocracy Asset Recovery Initiative.