UPDATE: RM48.5bil Budget For Development Remains: Najib

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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.

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