Malaysia has agreed with Singapore to postpone the development of a high-speed rail service by two years, Malaysian media reported, as Southeast Asia's third-largest economy looks to review mega-projects to cut its massive debt.
Malaysian business weekly The Edge on Saturday cited sources confirming both countries agreed to postpone the project to May 31, 2020, at no penalty to either, to allow Malaysia time to review its finances.
A senior Malaysian minister on Monday confirmed the sides have agreed to postpone the project at no penalty, and that details would be made clear when a new agreement is signed soon.