| For years Malaysia has locked horns with international agencies and investors over its economic policies, most notably during the Asian financial crisis in the late 1990s, when the government spurned the advice of the International Monetary Fund and imposed capital controls to defend its currency. But the country's decision to create sovereign wealth funds to harness national savings and promote development has long been seen as a plus for the economy.
Now a reassessment is in order because of the growing controversy surrounding 1Malaysia Development Berhad. Over the past five years, the Kuala Lumpur-based sovereign fund, known as 1MDB, has run up $12 billion in debt amid allegations of financial mismanagement...............................................Full Article: Source
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