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Najib unveils measures to claw back RM9b of lost oil revenue through a 'recalibration' of Budget 2016

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Prime Minister Najib Razak unveiled measures to claw back an expected RM9 billion (S$3.05 billion) of lost oil revenue in a "recalibration" of Budget 2016 after the commodity's seemingly bottomless dive in recent weeks, while also giving consumers more flexibility in a bid to boost the domestic economy in the face of the current global downturn.

[PUTRAJAYA] Prime Minister Najib Razak unveiled measures to claw back an expected RM9 billion (S$3.05 billion) of lost oil revenue in a "recalibration" of Budget 2016 after the commodity's seemingly bottomless dive in recent weeks, while also giving consumers more flexibility in a bid to boost the domestic economy in the face of the current global downturn.

Among savings measures was an order to reschedule "non-physical projects" to save commitments of RM5 billion, although affordable homes, schools, transport and security would be prioritised."The government will continue to spend prudently by prioritising projects and programmes with high impact centred on the philosophy of the people economy," he said in a speech televised live nationally.

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