Malaysia's Mahathir says he will steady ringgit, get back missing 1MDB funds

Malaysia's Mahathir says he will steady ringgit, get back missing 1MDB funds

KUALA LUMPUR (Reuters) - Malaysian Prime Minister Mahathir Mohamad said on Thursday that he will try to make the ringgit currency as steady as possible, and return billions of dollars lost in a graft scandal at state fund 1Malaysia Development Berhad (1MDB).

"We believe that we can get most of the 1MDB money back ... we have to increase the confidence of investors in the administration," he said at a press conference after being sworn in as the seventh prime minister of Malaysia.

He added that some of Malaysia's debt was "too big" and needed to be renegotiated.

Mahathir said the new government would abolish "oppressive and unfair" laws and study the new anti-Fake News law and the national security council act.

(Reporting by Liz Lee and Rozanna Latiff; Editing by Kevin Liffey)

This story has not been edited by Firstpost staff and is generated by auto-feed.


Updated Date: May 11, 2018 00:10 AM

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