World Bank to Lend US$100M For Y2K Remedy

Malaysia is seeking World Bank funding to remedy its year 2000 (Y2K) problem, but experts fear it may already be too late.

World Bank spokesman Graham Barrett confirmed the government was now applying for a loan specifically to address the Y2K problem which will only likely be approved in early 1999.

The allocation is believed to be in excess of US$100 million.

The application followed the government’s admission recently that it may have underestimated the complexity of the date rollover problem.
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Banks Seek to Comply with Y2K Amid Financial Upheaval

By Julian Matthews

November 6, 1998 (KUALA LUMPUR) — Malaysia is confident that its finance, banking and insurance companies will be Year 2000-compliant by Dec. 31, 1998, a full year before the Y2K computer software problem must be resolved.

But even as financial institutions strive to meet the government-imposed deadline, experts are concerned that it may be too late for their corporate customers.

A Securities Commission report indicated that only 93 companies or 12.7 percent of 734 companies listed on the Kuala Lumpur Stock Exchange were Y2K compliant as of Sept. 24. The official national registry of Y2K-compliant companies, which was set up in May on the Internet at www.y2k.gov.my, has yet to register a single company.

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