No need for further budget recalibration, says Najib

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 (RM125 - RM166) per barrel, said Datuk Seri Najib 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 UD$30 to US$40 for a while," he told journalists yesterday. Budget 2016 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, February 19, 2016.]]>