Budget 2016 recalibration to focus on market, people, says Najib

Prime Minister Datuk Seri Najib Razak says the Budget 2016 recalibration will include issues on the cost of living, unemployment rate, private sector boost and commodities, especially oil prices. – The Malaysian Insider file pic, January 15, 2016.The recalibration of the Budget 2016 will focus what are considered positive by the market and the people, said Prime Minister Datuk Seri Najib Razak.

Najib, who is also finance minister, said the recalibration would include issues on the cost of living, unemployment rate, private sector boost and commodities, especially oil prices.

"These considerations will improve the welfare of the people and deal with what is deemed important by the people.

"We took early steps... government is being very proactive and we do not want the situation to overtake us. We should be able to take appropriate measures to reduce any negative impact it might have on the economy and welfare of rakyat," he told a media briefing today.

Earlier, Najib chaired three meetings with analysts, economists, captains of industry and Special Economic Committee to seek their views on the proposed recalibration of the Budget 2016.

Also present was Minister in the Prime Minister Department Datuk Seri Abdul Wahid Omar.

He said the meetings were held to ensure a comprehensive engagement and consultation process to gather the views and suggestions from various parties related to the recalibrated Budget 2016.

"This will serve as the basis and consideration in efforts to present a Budget 2016 recalibration," he said.

Najib said he would also meet consumer representatives and relevant bodies including government-linked companies soon.

Najib is scheduled to present the recalibrated Budget 2016 on January 28.

On the response from meetings with industry leaders, Najib said, the group was positive about the government's plans to recalibrate Budget 2016.

"As in previous years, we take proactive measures whereby we do not want a specific situation to exert pressure on the nation's economy and make it difficult for the people," he said.

Meanwhile, Najib said the recalibration of Budget 2016 should not be seen in isolation but should be considered as a total policy package by the government.

"We will have to consider whatever measures we are going to do considering their impact on growth, employment and inflation," he said. – Bernama, January 15, 2016.