Prime Minister Datuk Seri Najib Tun Razak will announce the recalibrated Budget 2016, today.
The recalibration is necessary due to the current global economic reality impacted by the slump in oil prices and slower growth of economic power blocks – the United States and China.
Najib who is also Finance Minister, in a posting in his official Facebook account said, in doing so, the Government was looking at optimising development and operational expenditures.
“At a time when the economic outlook is set to be more challenging, this recalibration is necessary to enable us to ensure that our economic growth remains on track,” he said.
The Government will introduce precautionary and proactive measures in managing its revenue and expenditure, without compromising the well-being of the people. This is expected to have an overall effect on the country’s growth ambitions.
All the proactive measures are framed to ensure that economic growth remains on track and to preserve the wellbeing of the rakyat.