Fueled by foreign investment and the petrochemical boom, Malaysia hoped to catapult to the status of a fully developed economy on a par with Singapore, its enviable neighbor. There were tax cuts and reductions in interest rates by the central bank, but the main drivers of the program were the finance ministry and the Khazanah Nasional, Malaysia’s sovereign wealth fund. One of the main vehicles for their lending was 1Malaysia Development Berhad (1MDB), a fund designed to channel gulf petrodollars into Malaysian national development and to act as a counterpart for infrastructure development
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Oooooh dear
