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Government to review some major projects

KUALA LUMPUR, 15 Oct 2008: Due to the uncertainty in the global economic environment, the government will be reviewing several major projects that have been identified, Prime Minister Datuk Seri Abdullah Ahmad Badawi said today.

As for projects on which work have yet to start, it might even consider postponing the projects. But it will all be within reason and involve particularly projects that are large and require high cost, the prime minister said.

Projects that are viable meanwhile would continue.

All the projects in the country involve the economic corridors, he said.

“Where we can implement, we will. Where we need to pull back a bit, we will pull back. We will postpone.”

He also said the country had continued to receive investments from specific areas due to its vision for targeted investment and from areas with sufficient or excess funds for investment.

Abdullah also reiterated that Malaysia’s economy would be able to withstand pressures from the downtrend in the global economy.

“Our economy has resilience. Our ringgit is stable and our reserves strong, and up to this point, our exports can be maintained and we also have a favourable trade balance,” he said.

“The important thing is the government has not forgotten to come up with the measures to be taken so that whatever the effects that befall us, we hope it will not be continuous.”

He added that while Malaysia in the past depended on the US market, it has now diversified into other areas such as Asean and China. This, will hopefully help shield the country, he said.

Abdullah said he also hoped that Malaysians would be ready to invest and spend as domestic consumption would drive the country’s economy. — Bernama


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