Malaysian Prime Minister Mahathir Mohamad at a press conference in Putrajaya, near Kuala Lumpur, on April 15, 2019.
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Malaysia’s Prime Minister Mahathir Mohamad has submitted his resignation to the king, according to the prime minister’s office.
The resignation was submitted to the king at 1 p.m. local time on Monday, the statement by the prime minister’s office said. It’s unclear whether the Malaysian king will accept Mahathir’s resignation.
The political party that Mahathir belongs to, Parti Pribumi Bersatu Malaysia, also announced that it will withdraw from the Pakatan Harapan coalition that formed the ruling government, according to a statement by the party’s president, Muhyiddin Yassin.
Malaysia’s Minister of Economic Affairs Azmin Ali subsequently announced that he and 10 other members of parliament will leave Parti Keadilan Rakyat — the largest political party under Pakatan Harapan — and form an independent bloc in the house.
Following the news, the FTSE Bursa Malaysia KLCI Index extended its losses to nearly 3% in afternoon trade, while the U.S. dollar strengthened around 0.8% against the Malaysian ringgit.
The 94-year-old leader’s decision to resign followed a weekend filled with speculation that the ruling coalition he was leading, Pakatan Harapan, could lose power. Multiple local media, mostly citing unnamed sources, reported that Mahathir would shift allegiance by tying up with the opposition parties to form and lead a new government.
Mahathir was Malaysia’s prime minister from 1981 to 2003. He became prime minister again after winning the 2018 general elections against the coalition he once led, Barisan Nasional.
Since taking power again in 2018, Mahathir has faced pressure from allies of Anwar Ibrahim — who is supposed to succeed Mahathir as prime minister — to step down.
Anwar was Mahathir’s deputy in 1993 to 1998 before he was sacked, but the event launched Anwar’s career as an opposition political leader. The two men patched up and formed an alliance again to take down former Prime Minister Najib Razak in the 2018 elections.
Over the weekend, local media reported that Anwar said that he had been betrayed by Mahathir’s party and a faction within his own party, Parti Keadilan Rakyat.
