MALAYSIA STRIVES TO AVOID CREDIT RATING CUT
Malaysia is committed to stave off any potential credit rating downgrade as it strives to keep a lid on public expenditure, the finance minister said Wednesday, underscoring challenges for the new government that is facing a likely revenue squeeze amid falling crude price, Nikkei Asian Review reports. Prime Minister Mahathir Mohamad said recently that the Organization of the Petroleum Exporting Countries (OPEC) hasn’t been effective in stabilizing oil prices. Members are always at loggerheads with each other, making it hard to formulate a decision, he said. Allianz Group forecast the Malaysian economy to grow at a slower pace this year amid a challenging external environment and fiscal consolidation initiatives by the government.