Malaysia PM unveils reforms to boost economy

KUALA LUMPUR, March 30 (Reuters) - Malaysian Prime Minister Najib Razak on Tuesday unveiled economic reforms that he said would make his country a developed nation by 2020 but provided few clues as to how he would get there.

"I pledge that we will work to develop and implement economic reforms needed for the country to grow further," Najib told an investment conference in the Malaysian capital.

Najib said the "New Economic Model" will see more divestments of government holdings in listed companies and the government is still in consultation on the reform of its subsidy policy.

However, there was no timeframe for the new taxes and for cuts in a subsidy regime that sees Malaysians pay one of the lowest prices for petrol in Asia and that cost the country 24.5 billion Malaysian ringgit ($7.50 billion) in 2009 out of 160.2 billion in federal government operating spending.

($1=3.265 Malaysian Ringgit)

(Reporting by Razak Ahmad and Soo Ai Peng; Writing by David Chance; Editing by Julie Goh)