Home / Politics / MALAYSIA: GOVT DROPS HSR, MRT LINE 3 PROJECTS

MALAYSIA: GOVT DROPS HSR, MRT LINE 3 PROJECTS

PUTRAJAYA, Malaysia The government is committed to reducing the country’s borrowings by shelving mega projects costing billions of ringgit such as the Kuala Lumpur-Singapore High-Speed Rail (HSR) and the MRT Line 3 projects.

Prime Minister Dr Mahathir Mohamad said the projects would cost too much money if they were to proceed as the country’s borrowings were already high.

“If the country is to avoid bankruptcy, we must learn how to manage our big debts and one of the ways is to do away with projects that are not beneficial to us,” he told a press conference after chairing a Cabinet meeting here today.

Dr Mahathir said the Cabinet decided to cancel the HSR project, considering its high financial implications, subject to discussion with the Singapore government.

Asked if the government would reconsider its decision if Singapore could prove that the project would benefit Malaysia, he said: “We will listen to them. They are our good partner.”

The Prime Minister said a briefing session on measures to be taken by the Ministry of Finance to control costs of the country’s administration would be held tomorrow.

Source: NAM News Network

Check Also

Baku to host OPEC+ discussions on impact of oil output cuts on markets

OPEC+ will measure the impact of the reduction of production on the oil markets to ensure a balance between supply and demand during a meeting to be held in Baku, Azerbaijan in February, Trend reports citing Suhail bin Mohammed Faraj Faris Al Mazrouei,...