THE East Coast Rail Link (ECRL) project will continue if Malaysia and China can agree on the right price for it, said Prime Minister Dr Mahathir Mohamad.

He said the government hopes to spend less money on the project but both parties have yet to agree on the price.

“If the price is right then we will continue. But at the moment, we have not agreed on the price,” he told a press conference in Klang today.

The prime minister said the government would need 30 years to repay the loan and interest for the project which will amount to RM140 billion. 

He said Putrajaya has a lot of debts besides ECRL, which were incurred by the previous government. 

“Other than ECRL, we have debts owned by 1MDB. This was incurred by the previous government, and now of course they are telling us how to run the country. 

“But when they were running the country, they didn’t do such a good job. They incurred so much debt that the country has to spend all the income to pay the debt, or else we might be sued for bankruptcy,” he said.

On Thursday, Council of Eminent Persons chairman Daim Zainuddin said the Chinese government negotiators are expected to visit Malaysia to discuss on ECRL. 

“Let’s put it this way – we are still negotiating. Actually, they will come to Malaysia this month. They invited me to China last time, but I could not make it. That’s why I’m inviting them to come to Malaysia,” he said in an interview with Nanyang Siang Pau. 

Dr Mahathir added that the government had to postpone the project as they lack the finances for its development. 

“We have to postpone the implementation of that project not because we don’t want to build it but it’s a bit early for us because we don’t have the money. 

“Now is the time for us to ensure money is well spent because we have a lot of debts other than ECRL,” he said. – February 25, 2019.