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Malaysian PM says China-financed projects canceled

/ 03:55 PM August 21, 2018

Malaysian Prime Minister Mahathir Mohamad (center) speaks to Chinese President Xi Jinping (not in photo) during their meeting at Diaoyutai State Guesthouse in Beijing on Aug. 20, 2018. AP

BEIJING — Malaysia’s state news agency has cited Prime Minister Mahathir Mohammad as saying that multibillion-dollar China-financed projects have been canceled.

Bernama says Mahathir told Malaysian reporters during the final day of a visit to Beijing on Tuesday that both Chinese President Xi Jinping and Premier Li Keqiang understood the reasons behind the cancellations and “accepted them.”

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The projects comprise a $20 billion East Coast Rail Link and two energy pipelines worth $2.3 billion.

The projects had been suspended pending renegotiation.

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Malaysia’s new government has called for drastic cuts to the projects’ ballooning cost, which it estimates at more than $22 billion. Some of that money has already been paid and could be difficult to recoup. /ee

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TAGS: China-financed projects in Malaysia, International news, Malaysia, Malaysian Prime Minister Mahathir Mohamad
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