Mustapa: Malaysia's financial position meant original HSR no longer viable

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The current state of the economy that was severely hurt by the Covid-19 pandemic meant Malaysia could no longer proceed with the Kuala Lumpur-Singapore High Speed Rail (HSR) as originally envisioned in 2016, said Minister in the Prime Minister's Department Mustapa Mohamed.Mustapa, who is in charge of the Economic Planning Unit, said this in explaining the decision to terminate the HSR bilateral agreement with Singapore."The Covid-19 pandemic has severely impacted our country’s economy."The terms of the bilateral agreement signed in 2016 are no longer viable for Malaysia, given the current economic situation which has adversely affected Malaysia’s fiscal position," he said. Malaysia's deficit for this year is set to skyrocket to six percent, up from the initial target of 3.2 percent.Earlier today, Malaysia Prime Minister Muhyiddin Yassin and Singapore Prim…