Malaysia’s Economic Affairs Minister Mohamed Azmin Ali says the country has reached an agreement with Singapore to postpone a High-Speed Rail project until 2020 without any compensation or fines. Speaking to reporters Azmin said the Malaysian government would defer the project, "for a period where we are confident that the Malaysian economy would improve by then." The project had ballooned in costs from US$17.7 billion to over $27 billion. Azmin signaled in July that the project had become too costly as the country faced a national debt of US$246 billion.
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