Wednesday, December 17, 2003

"Postponement of Double Tracking Project"

Oleh/By : DATO' SERI ABDULLAH BIN HAJI AHMAD BADAWI
PERDANA MENTERI MALAYSIA
Tempat/Venue : PUTRAJAYA

Tarikh/Date : 17/12/2003
Tajuk/Title : STATEMENT ON DOUBLE TRACKING ELECTRIFICATION RAIL PROJECT

After due consideration, the Cabinet has decided today to postpone the implementation of the double tracking electrification rail project ("DTP") because of the need to prioritise Malaysia's many development projects.

The Cabinet recognises the letter of award to the consortium comprising Malaysia Mining Corporation Berhad and Gamuda Berhad ("MMC - Gamuda"), which was issued to initiate negotiations on the terms and conditions of an agreement between the Government of Malaysia and MMC - Gamuda.

Today's Cabinet meeting also recognised the benefit of upgrading and developing Malaysia's rail system to meet future logistical needs.

However, the Cabinet took cognizance of the need to carry out its development plans with prudence, towards achieving national economic objectives, including sustained economic development and a balanced budget.

The Government has committed to spend RM160 billion under the 8th Malaysia Plan and will continue to implement development projects, prioritising those with significant direct impact on the people's quality of life.

In view of this, and although Malaysia's reserves as at 28 November 2003 stand at an all-time high of USD44 billion, the Cabinet has decided to postpone the DTP.