Malaysia is by no means the most prolific or highest-profile Asian sovereign borrower. That honour goes to the Republic of the Philippines. But the Philippines gets deals away in spite of itself. There’s hardly a transaction from the country that isn’t surrounded by controversy and negative publicity. Such accusations cannot be aimed at Malaysia. As one head of debt says: “It’s very different to the Philippines. While the Philippines has very much an emerging-market mindset and is still seemingly unsure about what it has to do, Malaysia is first class with a top-notch team led by a very efficient central bank governor, Dr Zeti.
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