Malaysian Prime Minister Mahathir Mohamad confirmed during a visit to Beijing today that three China-backed projects totalling USD 22 billion will be cancelled until his country can find a way to pay its debts.
The projects include a railway connecting Malaysia's east coast to southern Thailand and Kuala Lumpur, and two gas pipelines.
"I explained to (the Chinese leaders) why we can't have the ECRL (East Coast Rail Link)," Mahathir told Malaysian reporters at the end of his five-day visit.
"It's about borrowing too much money, which we cannot afford, we cannot repay, and also because we don't need those projects for Malaysia at this moment... our problem now is how to solve our financial deficit."
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