KUALA LUMPUR: The debt-ridden 1Malaysia Development Bhd (1MDB) has not created a confidence crisis but it needs closure quickly and be placed behind Malaysians.
International Trade and Industry Minister Datuk Seri Mustapa Mohamed described it is a short term challenge but investors continue to be attracted to the political stability in Malaysia.
"Our private investments grew by double digit in past two and half years and there is already RM20 billion in the pipeline in the next few months," he said, speaking during a half-day Malaysia's Economic Update 2015 in Sasana Kijang, here.
Senator Datuk Seri Abdul Wahid Omar, Minister in the Prime Minister's Department said government linked corporations (GLCs) have been undergoing transformation over the past 11 years, with many developing wings to become regional and global players.
1MDB, he said, is a unique GLC and should not be labelled with same brush as others.
Pemandu chief executive officer Datuk Seri Idris Jala said the 1MDB and RM2.6 billion issues have not affected the confidence of investors.
"Since 2010, we have recommended that (under the Government Transformation Programme) that there must be transparency in all political donations."
Bank Negara Malaysia governor Tan Sri Zeti Akhtar Aziz said the international community has come together to combat money laundering and the financing of terrorism via the establishment of the Financial Action Task Force (FATF).
The inter-governmental policymaking body, she said, has been assessing numerous countries over the years including Malaysia, which has seen the country do "quite well" in the assessment.
"FATF has come to every country to see if they have enforced the standards, and for Malaysia, we came out quite well but further enforcements must be made.
"There is no place in the world that (terrorist financing) culprits could hide. For 1MDB, Bank Negara continues to have ongoing discussions with the Auditor General," she added.