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 Finance Ministry (MoF) will monitor the situation closely,
“But so far based on the statement given by Maybank, it has no impact on our liquidity and I think Bank Negara Malaysia (BNM) and MoF will take measures 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 expect to achieve a 5.8% growth.
“This is in line with MoF and BNM’s projection of between 5.5% and 6.5% growth for 2022, which is certainly a better performance compared to 3.3% in 2021,” 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 looking at the findings of the report.
“I will table the findings of the report to the cabinet, hopefully, in late February to get the mandate from the cabinet and we will certainly make the findings of CBA for CPTPP public.
“We expect to continue discussions with stakeholders on this matter to ensure that all parties understand the obligations by the private and public sectors when it comes to CPTPP, and what the benefits are. We expect to finalise this process by the third quarter of this year,” he said. – Bernama, January 27, 2022
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