Saturday, April 30, 2011

World Bank is useless: Dr Mahathir

Tun Dr Mahathir Mohamad described the World Bank as “useless”, saying today that it was politically motivated for putting out a report that pro-Bumiputera policies are stunting the country’s economy.

The former prime minister said the World Bank report was politically motivated as it wanted a change of prime minister.

“We have been critical of the World Bank since my time. We said that they were useless. They dislike us and want to have their good friend become prime minister”, seemingly referring to Opposition Leader Datuk Seri Anwar Ibrahim, a former chairman of its development committee.

The World Bank said on Thursday that more than one million Malaysians live abroad as policies favoring the Malays are holding back the economy, causing a brain drain and limiting foreign investment.

World Bank senior economist Philip Schellekens was quoted as saying that foreign investment could be five times the current levels if the country had Singapore’s talent base.

He said Malaysian migration was increasingly becoming a skill migration with one-third of the one million-strong Malaysian diaspora now consisting of the tertiary educated and expected the trend to continue.

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