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Budget 2023 allocates US$3 bil for 1MDB bond redemption in March

Troubled firm’s total outstanding debt drops to RM18.2 bil as at end-2022 from RM32.1 bil the year before

Updated 3 years ago · Published on 24 Feb 2023 4:22PM

Budget 2023 allocates US$3 bil for 1MDB bond redemption in March
The Finance Ministry says the redemption of the final debt principal of RM5 billion will be due in May 2039. – AFP pic, February 24, 2023

KUALA LUMPUR – The redemption of the 1MDB Global Investment Ltd bond in March 2023 amounting to US$3 billion (RM13.3 billion) is allocated in Budget 2023.

The redemption of the final debt principal of RM5 billion will be due in May 2039, the Finance Ministry said in its Updates on Economic & Fiscal Outlook and Revenue Estimates 2023 report.

Meanwhile, 1Malaysia Development Bhd’s (1MDB) total outstanding debt dropped to RM18.2 billion as at end-2022 (2021: RM32.1 billion) following the debt redemption for both 1MDB Energy Ltd in May 2022 and 1MDB Energy (Langat) Ltd in October 2022 utilising funds from the Assets Recovery Trust Account.

As such, the trust account balance as at end-2022 is estimated at RM1.9 billion, which will be utilised to cover projected interests for the remaining debt principals, the report said. – Bernama, February 24, 2023

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