Malaysia seeks yen credit to trim debt costs

KUALA LUMPUR: The Malaysian government has proposed to take up a soft loan from the Japanese government to help address the nation’s borrowing costs, said Prime Minister Tun Dr Mahathir Mohamad yesterday.

Speaking at a press conference in Tokyo yesterday that was streamed live via social media, Dr Mahathir said he is considering retiring some of the country’s existing debt by taking up the loan from Japan — dubbed “yen credit” — which would give a much lower interest rate than Malaysia’s present borrowings.