Malaysia's handling of '97 financial crisis paved way for 1MDB - Anwar

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PKR leader Anwar Ibrahim has claimed that Malaysia’s handling of the 1997 Asian financial crisis paved the way for the system which ultimately allowed the 1MDB scandal to occur. In a lengthy Facebook posting last night, the former finance minister said he did not outrightly accept the International Monetary Fund's (IMF) recommendations and that reforms he proposed were never adopted. Anwar (above) further alleged that as a senior minister at the time, he “did the best he could” in balancing expectation to support the then-prime minister’s position while saying “things which were right, even if they were unpopular”. The crisis affected many East and Southeast Asian economies from 1997 to 1998, starting with the devaluing of the Thai baht. At the time of the crisis, Anwar was serving as deputy prime minister and finance minister during Dr Mahathir Mohamad’s first tenure as premi…