KUALA LUMPUR, Jan 20 – Following are excerpts from Prime Minister Datuk Seri Najib Razak’s special address on the nation’s current economic situation:
– Proposal to increase electrical tariff this year to be put on hold.
– Foreign workers levy rates to be reviewed and tourist visa fee to be waved, among them tourist from China
– SME-Go to be introduced via SME Bank, an export program initiative for SME’s
– Bank Negara to offer RM500m Special Relief Facility to finance SME loans at lower rates
– The RM48.5 billion will continue to be invested in ‘people friendly economic projects’ such as rail and highways.
– All railway projects including High speed railway KL-Singapore will continue as planned.
– The RM48.5 billion allocated for development under Budget 2015 will remain.
– RM800 million allocated for the rebuilding and repair of basic infrastructure and homes in flood affected states.
– Additional RM5million aid for flood victims. RM500 aid will be given to them starting today.
– Companies urged to register for Goods and Services Tax which will be implement in April.
– The National Service programme to be postponed this year to save RM400 mil
– Economic activities need to be varied for the nation to cope with the decrease in oil prices and commodities.
– The function of the capital market is still continuing in an orderly manner despite the ringgit depreciation.
– The perception that Malaysia is a net oil exporter is not true; we are in fact a net oil importer, although we remain a net exporter of liquefied natural gas.
– Government needs to revise to reduce the projection of average oil price to US$50 per barrel for 2015
– The new target is still low, compared to the 3.5 percent recorded last year.
– The government’s fiscal deficit has been revised to 3.2pc from 3pc.
– Economist estimate the average crude oil for 2015 will be between US$40 and US$70 a barrel.
– The decrease of crude oil prices will result in a decrease in the nation’s revenue.
– It must be understood that the government is not in control of the global oil prices.
– As a responsible government, the strategies announced will take into account the wellbeing of the people.
– Nation is not in economic crisis but needs to take pro-active measures to align Malaysia with the current global economic climate.
– Specific proactive measures to align ourselves with current global economic climate.