Mahathir denies quitting

Mahathir denies quitting

KUALA LUMPUR (AFP): Malaysian Prime Minister Mahathir Mohamad ruled out yesterday stepping down and accused western media of trying to "get rid" of him.

"There is definitely attempts by certain parts of the western media and fund managers to get rid of me. As far as I am concerned, it is a futile attempt," Mahathir told a news conference at Kuala Lumpur airport, as he returned from a South American tour.

He had over the weekend staked his reputation on the country's financial crisis, hinting he may step down if he fails to resolve it.

Mahathir voiced confidence that Malaysia could overcome the crisis in its currency and stock market "given time and discipline" but admitted that recovery would not be easy.

"We will do something about it. Other countries have gone through worse, we should not panic," he said.

"I am sure we can overcome this on our own since our fundamentals are still very strong but recovery is not going to be easy," he added.

The government has come under pressure to put its economy in order after the ringgit eroded more than 30 percent against the greenback while the stock market lost over one-third in capitalization since a regional turmoil set off by the Thai baht's devaluation on July 2.

Foreign investors have largely deserted the Malaysian bourse and an economic slowdown is projected after growth of above eight percent a year since 1987.