KOTA KINABALU: State Finance Minister Datuk Seri Masidi Manjun (pic) has clarified that the repayment of RM1 billion in state bonds in 2019 was not solely the result of actions by the then Warisan government.
He said the bonds, issued in December 2014 during the Barisan Nasional administration, came with a Bank Negara Malaysia requirement for a dedicated Sinking Fund to ensure repayment on maturity.
Under the terms, RM200 million was to be deposited annually into the fund over five years, allowing the state to accumulate the necessary amount before 2019.
window.googletag = window.googletag || {cmd: []};googletag.cmd.push(function() {googletag.defineSlot('/22826383987/dailyexpress_inline', [1, 1], 'gpt-passback').addService(googletag.pubads());googletag.enableServices();googletag.display('gpt-passback');});By the time the Warisan administration assumed office in 2018, most of the funds had already been secured for the repayment.
Masidi said the RM1 billion in the Sinking Fund in 2019 enabled a one-off payment to settle the bond debt in full.
He stressed that the repayment reflected prudent planning by the previous administration rather than any special initiative by its successor.
Masidi added that the current government remains committed to providing accurate information on state finances and countering any misleading claims.
