OCTOBER 9 — Prime Minister Najib Razak has stressed the importance of continuing the Government’s deficit reduction measures and ensuring the country achieves a balanced budget by 2020.
Speaking the day before Budget 2015, the Prime Minister said that the Government was on track to meet its fiscal deficit targets, which include reducing the deficit to 3.5% by the end of this year and 3% by the end of 2015.
The Prime Minister said:
“It is wrong to pass the burden of debt to the next generation. We must pass on a stronger economy with less debt. We must do what is right for Malaysia’s economy, not what is popular. By doing so, we will ensure long term prosperity for the people.”
The Prime Minister underscored his commitment to subsidy rationalisation, noting that fuel subsidies have increased from 1.6 billion ringgit per year in 2002, to 2 billion ringgit per month in 2014. The Prime Minister said the current levels of subsidies are “unsustainable.”
The Prime Minister added that Budget 2015 would be “pro-rakyat”, and include measures to ease concerns over the cost of living. He said the budget would help to enhance job opportunities, improve education and create more affordable housing.
The Prime Minister underlined the importance of the BR1M programme:
“BR1M will continue as it is part of our manifesto. It is part of our subsidy rationalisation. By switching from blanket subsidies to more targeted support, we are getting better value for money.”
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