Malaysiakini News

No need further budget recalibration, says PM

Jamaluddin Muhammad, Bernama  |  Published:  |  Modified:

There is no need for further recalibration of the 2016 Budget at the moment as crude oil prices are likely to stabilise in the region of US$30-US$40 per barrel, said Najib Abdul Razak.

The prime minister said the government may consider recalibrating the budget if crude oil prices dip below US$30 a barrel.

"It looks like oil prices are likely to stabilise at between US$30 and US$40 for a while," he told Malaysian journalists in San Francisco yesterday.

The 2016 Budget was prepared when the oil prices were at US$48 per barrel, but the government recalibrated the budget last month when oil prices hit US$32 a barrel.

The January budget recalibration was done to ensure that the people's welfare and the country's economic growth remain on a sound footing despite the strong global economic headwinds following the decline in global commodity prices including crude oil.

The recalibration included shelving non-priority development projects that resulted in savings of up to RM9 billion.

Najib said he might go to London in May to meet fund managers and investors in a move to further engage with capital market players.

During his week-long working visit to the United States which ended yesterday, Najib met fund managers who manage total funds of US$7 trillion as well as investors in this city on the last day of his working visit.

- Bernama

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