Malaysia's Mahathir set to bow out

MAHATHIR Mohamad - one of Asia's great constants, the scourge of currency speculators and master of sharp-tongued political polemic - is preparing to quit the stage as Malaysia's Prime Minister after 22 years in power.

The controversial figure, now 77, is to hand the reins to his deputy Abdullah Badawi, at the end of the month in a long-planned transfer.

Before he does so, however, the combative premier will savour a final appearance on the world stage. Mahathir will meet President George Bush at next week's Apec (Asia-Pacific Economic Cooperation) summit in Thailand, and tomorrow hosts the biggest gathering of Islamic heads of state since the 9/11 atrocities.

Mahathir has helped to transform his multi-racial country of 22m from an also-ran into one with genuine aspirations to developed-country status - but overseas he will be remembered as a man unafraid to make enemies of the world's most powerful figures.

He famously rounded on financier George Soros during the Asian crisis, blaming him for the mayhem that felled foreign exchange regimes in the region.

Yet it was on Mahathir's watch that the Malaysian central bank lost billions in the early 1990s, betting wrongly that the pound would remain in the exchange rate mechanism before it succumbed to speculative attacks - led by Soros.

His relationship with Malaysia's former colonial power, and particularly Britain's Conservative governments, was often thorny.

'I think Mahathir will be remembered as a very controversial figure who was not afraid to break new ground, to speak his thoughts very openly, very bluntly,' sayidManu Bhaskaran, head of economic research at the Centennial Group consultancy.

Mahathir leaves his post with Malaysian growth this year set to exceed 5.5% - the third-fastest rate in Asia with recovery fostered by a lowly pegging of the local currency- - the ringgit - to the dollar, and aggressive pump-priming.

Critics point to the controversial jailing of Mahathir's former deputy, Anwar Ibrahim, in 1998, the country's tamed media and its record on corruption as blemishes on the Prime Minister's record.

He is not tempted to cling to power. 'My mother taught me long ago, when I'm eating and I feel the food is very nice - that's about the time I should stop,' he said in one exchange. 'You don't want to leave after people kick you out.'