Putrajaya will announce a list of revisions to Budget 2016, following a continued drop in the global price of oil, and the poor performance of the Malaysian Ringgit.
Treasury secretary-general Mohd Irwan Siregar gave assurances today, however, that the Najib administration’s cutbacks on Budget 2016 allocations would not affect the salaries of the country’s two million civil servants.
“The Prime Minister will announce the revised budget on January 28… let’s wait for his announcement to see what the details are,” Mohd Irwan said, as quoted by The Malaysian Insider‘sYasmin Ramlan.
Last Friday, Reuters reported that PM Najib would anounce a series of tweaks to the national budget, to accommodate worsening oil oprices and the weakening ringgit, although no concrete date was given.
The PM said the amendments would make Budget 2016 “more realistic” and in line with Malaysia’s current economic outlook.
When Budget 2016 was tabled last October, the Federal Government pinned its calculations on global oil trading at USD55 per barrel, despite it being priced at USD48 per barrel at the time. Crude oil is now being traded at USD33 per barrel – or less.
