PNB: 2018 a good start for us

KUALA LUMPUR: Permodalan Nasional Bhd (PNB) chairman Tan Sri Abdul Wahid Omar said its financial performance has been well for the first month of 2018 and the growth momentum is expected to persist.
"2017 was a good year for Malaysia. The impact has been felt in the stock market. KLCI improved by 9% last year. For our companies, the market capitalisation has doubled. Moving into 2018, the momentum is expected to continue," he told reporters on the sidelines of Invest Malaysia 2018 .
Speaking of the event, Wahid said the Prime Minister Datuk Seri Najib Abdul Razak has delivered a very important message in terms of the progress achieved for Malaysia since 2009. 
"What we've done not just for broader market, but also coming out with policies and how to make the economy more inclusive, equitable and sustainable.When talking about sustainability, it is about how the government manages the finances."
He said while reducing dependency on natural resources and diversifying the income base are tough measures, these are necessary for the country.
At the current good ratings, he said Malaysian corporations are able to borrow at a reasonable cost.
"If our ratings were to be downgraded, then our cost of borrowing will go up."
Meanwhile, Wahid expects the ringgit to remain strong this year with improved business confidence and foreign investment.
He reiterated that pegging the ringgit to US dollar is not an option for the government.