Najib revises growth and fiscal deficit targets amid oil price fall
Govt's operating expenditure to be cut by RM5.5b; plans for more import substitution in goods & services announced
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Kuala Lumpur
PRIME Minister Najib Razak has revised growth and fiscal deficit targets "to align" Malaysia with changes in the global environment stemming from the sharp decline in oil prices.
In a special "live" address from Putrajaya on Tuesday to address concerns over economic developments and the government's financial position, he acknowledged that many targets based on an oil price of US$100 per barrel and a stable ringgit of 3.2 to the US dollar were now elusive after oil prices tumbled by more than half to about US$45 per barrel.
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