The Singapore Business Times goes on to say that "Another major area in which Malaysia may need to
revamp its policies is privatization, particularly of infrastructure projects.

Expenditure on such projects, in which the private sector is expected to play a major role, has been and will
continue to be the single largest component of the country's capital expenditure plans. For instance, under
the Seventh Malaysia Plan, which runs from 1996 to 2000, over RM260 billion is expected to be spent by
the public and private sectors to build and upgrade the country's infrastructure.

However, the heavily indebted private sector will now be hard-pressed to carry out such projects. The
government will therefore have to find a way to maintain the pace of development of infrastructure despite
this constraint.

One possibility is a two-pronged approach, whereby the government deprivatises some projects and
repackages the terms and concessions of others to make them more viable."

With due respect, the latter proposal would seem like giving the pirates a second chance to loot and pillage.
Even if more equitable terms can be obtained (which is doubtful since the present circumstances will require
them to request for greater concessions thereby adding to the public’s burden), can Malaysians depend on
these economic buccaneers to be equitable? Deprivatisation sounds like a better idea, if the government can
get its act together and ensure that the system is not abused or further abused - which remains highly
questionable. Again Reformasi begins to sound better and better.

People seldom heed the lessons of history thus leading to history repeating itself. In the case of Malaysia it
would appear to have repeated itself with a vengeance and at great cost. In particular Malaysians had
forgotten the lessons of the last recession in the middle to end of the 1980’s.
 
 
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