Malaysia seeks $700m loan

Mon, 22 Jun 1998 | Source: DJ

KUALA LUMPUR (Dow Jones): Malaysian Prime Minister Mahathir Mohamad has said the country is seeking a further $700 million in funding from the World Bank, local newspapers reported yesterday.

"We need a lot of money to kickstart the economy... $700 million, maybe $1 billion. If we can get more, we will ask for more," the New Straits Times quoted him as saying.

Malaysia has recently been granted $300 million from the World Bank to finance rural development projects.

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