Malaysian Government starts crowdfunding to help reduce the country's staggering debt

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On Monday, Prime Minister Tun Dr Mahathir Mohamad had said the decision to drop plans to build the HSR between Kuala Lumpur and Singapore was final.

Najib, who took to his Facebook page to express his disappointment with the "hasty" decision, called for the government to be more transparent and to discuss before making any decisions as it will affect the economic and job opportunities for Malaysians.

There is no official cost estimate for the project, but Malaysian officials say it would have cost up to 60 billion ringgit.

The move comes after a private fundraising initiative 'Please Help Malaysia!' received more than $3,500 of donations on website GoGetFunding in a campaign to help the Southeast Asian country reduce debt.

"We need to do away with some of the unnecessary projects, for example the high-speed rail, which is going to cost us RM110bil and will not earn us a single cent".

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The ministry provided the name of a local bank and an account number for contributions which it said must be made in cash denominated in the local currency.

Meanwhile, Federation of Malaysian Consumers Association (Fomca) deputy chairman, Mohd Yusof Abdul Rahman, said both projects should continue to ensure that Malaysia's public transportation system remains on the best platform.

"As a long-term honest friend and important partner to Malaysia, China is looking forward to working with the new Malaysian government to advance China-Malaysia pragmatic cooperation in the spirit of equality and mutual trust, and to secure mutual benefits and win-win results".

"We have an agreement with Singapore".

In his latest press conference on May 30, Tun Dr Mahathir Mohamad announced that the government has made a decision to set up "Tabung Harapan Malaysia" (THM) or "Malaysian Fund of Hope" as a way for Malaysians to donate, for those who want to voluntarily ease the nation's burden.

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Datuk Seri Najib Razak has urged the government to be transparent in its decision to cancel the Kuala Lumpur - Singapore High-Speed Rail (HSR) project.

United States investigators said Mr Najib's associates stole and laundered at least $US4.5 billion ($AU5.97 billion) from the fund.

The huge debt is partly due to a massive corruption scandal at the 1MDB state investment fund set up by Najib that led voters to abandon him, and sparked investigations in the US and several other countries.

Mahathir has reopened an investigation into 1MDB following his election victory.

Najib has long denied any wrongdoing. In the interview with The Edge, he claimed that his predecessor and former protegé "didn't care" about the government's debt ceiling when he signed on the project.

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