IPOH, Jan 11 – Prime Minister Datuk Seri Najib Tun Razak will chair a Fiscal Policy Committee meeting this month to discuss adjustments to the Budget 2016 due to the current economic scenario. Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah said the recalibration of the budget needs to be done due to the slump in oil prices globally.
“The adjustments will be tabled soon. Basically, we are looking at two areas, and the first is how to maximise revenue. We are also looking at government resources and assets. We (government) have our own companies. So, we need to look into their prospects,” he told reporters after opening the Quest International University Perak (QIUP) Business Symposium 2016 here Sunday.
Ahmad Husni noted that other than the Prime Minister, the special meeting would be attended by Bank Negara Governor Tan Sri Dr Zeti Akhtar Aziz and other related ministers. He said the Finance Ministry was currently conducting a simulation based on the oil price at US$35 per barrel to determine its impact on government revenue this year.
He also added that they have to be prepared. Elaborating further, Ahmad Husni said the Finance Ministry would work with the Inland Revenue Board and the Royal Malaysian Customs Department to determine the best strategies to maximise government income. On Friday, Najib, who is the Finance Minister said the adjustments would take into consideration several factors for the recalibration.
He said the adjustments to Budget 2016 would involve, among others, measures to optimise expenditure, taking into account the role of government-linked companies (GLCs) and having the government continue to champion the well-being of the people. Commenting on the 1Malaysia People’s Aid (BR1M), Ahmad Husni said the government would continue the programme despite the global economic slowdown as it not only helped unprivileged people, but at the same time, could boost domestic economics.
