Budget to be revised soon, GST a saviour: Najib

Kuala Lumpur

MALAYSIA's budget planners must be experiencing a sense of déjà vu and it's mainly to do with oil.

With global oil prices slumping to a 12-year low of about US$33 a barrel amid China's economic slowdown and currency depreciation, Prime Minister Najib Razak confirmed Malaysia would need to revise its 2016 budget given the expected revenue shortfall stemming from its US$48 oil premise in October when the budget was tabled.