The finance ministry set up Tabung Harapan, or the Hope Fund, for citizens who were eager to contribute after the government said Malaysia's debt was higher than previously disclosed by the previous administration.
"We will renegotiate the agreement", he said.
Prime Minister Mahathir Mohamad has made it a priority to cut Malaysia's debts and liabilities - estimated at 1 trillion ringgit ($250.8 billion) or 80 percent of GDP - since he mounted a surprise win over scandal-plagued Najib Razak in a May 9 general election.
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Mahathir, who won a surprise election victory this month against Najib Razak's long-ruling coalition, is seeking to fix the country's finances, which he says deteriorated dramatically after the former government became embroiled in a huge financial scandal. We will make no money at all from the operation. It was to have seven dedicated stations in Malaysia and one in Singapore. Malaysia's unilateral decision not to proceed with construction means it may now have to compensate Singapore. "Decisions clouded by emotions will only hurt the people", Najib said.
Mahathir had recently indicated that the government would scrap the HSR project as it would not benefit Malaysia.
While Malaysia is working out how much it is should compensate her neighbour for pulling out, observers say the loss of the rail connection will have far-reaching consequences for Singapore.
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He said dropping the project to reduce costs was imperative to address the current state of the country's debt and finances.
Meanwhile, the re-opened corruption probe into 1MDB took a dramatic turn as well last week when police revealed they had discovered cash totalling $28.6m, plus jewellery and hundreds of luxury handbags in homes they had searched, which included Najib's home and those of his son and daughter. But of course, why we cancelled the project is because of affordability.
"In reality, infrastructure projects such as HSR bring benefits and returns in the form of increase in property values, local economic growth, technology transfer, high-income employment opportunities, more experts into the country from Singapore and tourism, among others".
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The 350-km HSR project with the Singapore portion covering 15 km - was scheduled to be completed by 2026. Minister of Finance, Lim Guan Eng ends the statement by expressing their honest appreciation and gratitude to all Malaysians for all their support and concern.