Malaysian Prime Minister Mahathir Mohamad on Monday said that he will drop the Kuala Lumpur-Singapore High Speed Rail (KL-SG HSR) project, as part of his efforts to restore the financial health of the country.
Mahathir made the remarks at a press conference, saying it was "a final decision" to cancel the project, but Malaysia still had to talk to Singapore over a penalty concerning the withdrawal, Xinhua news agency reported.
Mahathir said the penalty was around 500 million ringgit ($126 million). In an interview with the Financial Times earlier, he called KL-SG HSR as one of the "unnecessary projects".
To control public spending, he also introduced a 10 per cent pay cut for his Cabinet ministers, abolished some organisations and vowed to terminate the contracts of some 17,000 public employees.
--IANS
soni/bg
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app