PETALING JAYA: Finance Minister Lim Guan Eng says former prime minister Datuk Seri Najib Tun Razak must explain several 1MDB transactions involving over RM33bil (US$8.35bil).

He said this should take priority instead of debating whether payments made by the Finance Ministry constituted a bailout.

"There could be no other description for the RM6.98bil worth of payments by the Ministry of Finance on behalf of 1MDB to date, other than to describe it as the single largest bailout in history carried out by the Government of Malaysia," Lim said in a statement Sunday (May 27).

It was reported on Tuesday that on top of paying RM6.98bil to bail out 1Malaysia Development Bhd (1MDB), the Government is now facing the prospect of forking out an additional RM953mil to service the company's debts by November.

Lim listed the US$1.83bil (RM7.3bil) invested with Petrosaudi International Limited between 2009 and 2011; the US$3.5bil (RM13.9bil) raised in 2012 for acquiring power plants in Malaysia; and the US$3bil (RM11.9bil) raised in 2013 for investing in TRX.

Lim said that the RM6.98bil paid by the Ministry on behalf of 1MDB were in relation to borrowings, completely unrelated to the real estate projects sold by the investment fund to Government-linked entities.

"The MoF will work hand-in-glove with the 1MDB Special Committee set up by the Prime Minister Tun Dr Mahathir Mohamad to uncover the complete truth behind the 1MDB," he said.