In his speech at his ministry’s special monthly congregation, Najib expressed confidence that steps to restructure 1MDB to reduce its ballooning debts can be done, saying this is what Putrajaya is currently focusing on. “We believe that recovery steps can be taken to reduce 1MDB’s debts and this is what’s currently being done by the government. “I am confident that the MOF (Ministry of Finance) can see through a recovery plan, despite us being faced with so many criticism. “Eventually we can prove that the recovery plan can save 1MDB, to show that it (1MDB) can achieve its goals,” Najib said.

Najib said it is only “a matter of time” before answers are provided to the many questioned surrounding the state-owned fund — which he also chairs — especially with 1MDB expected to table its report to Parliament’s Public Accounts Committee (PAC).

“I hope all quarters will wait for the report,” Najib who is also Finance Minister, added.

Yesterday, Najib told former Umno lawmakers during a meeting at the Putra World Trade Centre that auditors would not have closed 1MDB’s accounts if there is money that is unaccounted for, insisting it was not possible for RM42 billion to disappear.

“Auditors will not sign if even RM1 million is missing,” Najib said.

Former prime minister Tun Dr Mahathir Mohamad has been leading a charge demanding that Najib resign over the latter’s alleged poor handling of 1MDB and other issues.

This lead to Najib to order the Auditor-General (A-G) and PAC to investigate 1MDB last March, amid growing demands for explanations over the state investment firm’s allegedly opaque investment decisions and for amassing a RM42 billion debt pile.

The A-G said a preliminary report on its audit of 1MDB will be ready next month, while the PAC starts its investigation into the state investment firm today.

1MDB was incorporated in 2009, after the prime minister announced the decision to turn the Terengganu Investment Authority state fund into a federal agency.

Since then, 1MDB has been dogged by negative publicity over its finances and debt, most recently over cash flow problems that saw it struggle to meet a RM2 billion loan payment to a consortium of local banks.

The fund is also reportedly facing the possibility of having to make an settlement ahead of a September 2015 deadline on a RM3.5 billion loan, which it took up with a consortium of six international banks.