KL may refinance loans

Mon, 15 Nov 1999 | Source: DJ

KUALA LUMPUR (Dow Jones): The government may refinance its expensive loans with cheaper ones, First Finance Minister Daim Zainnuddin said Saturday.

"For every loan, if it is expensive and there are cheaper loans, we take the cheaper one ... (and) pay the expensive one (off)," he was quoted as saying by Bernama news agency.

Malaysia recently refinanced a five-year syndicated loan of US$1.35 billion.

Daim said the government hasn't decided who will represent Malaysia at the upcoming informal summit meeting of leaders of the Association of Southeast Asian Nations Nov. 24-28 in Manila. Finance ministers of the member countries will also meet.

Malaysia is holding general elections Nov. 29.

Daim said Second Finance Minister Mustapa Mohamed and Bank Negara Governor Ali Abul Hassan Sulaiman usually attend international meetings.

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