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.