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Najib: No Need For Further Budget Recalibration

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SAN FRANCISCO: There is no need for further recalibration of Budget 2016 at the moment as crude oil prices are likely to stabilise in the region of US$30-US$40 per barrel, said Datuk Seri Najib Tun Razak (pic).

The Prime Minister said the government may consider recalibrating the budget if crude oil prices dipped below US$30 a barrel.

It looks like oil prices are likely to stabilise at between UD$30 to US$40 for a while, he told Malaysian journalists here on Wednesday (Thursday in Malaysia).

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 rakyat’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 on Wednesday (Thursday in Malaysia), 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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