Describing 2016 to be a more challenging year, Najib
said Putrajaya expect revenues from petroleum to shrink
further.
"Oil prices are expected to remain low in 2016. The
decline in terms of government revenues, are estimated
at more than RM30 billion.
"But if it (oil price) remained at US$32.35 or US$36 per
barrel, the depreciation will be over the RM30 billion
mark," he said.
Najib also said that if the GST was not introduced,
Malaysia's budget deficit would go up to 4.8% in 2016.
"Fortunately, we have the GST, if not, the deficit will
increase to 4.8% instead of 3.1% in 2016," he said.
Najib added that GST has also helped the government to
continue with people-centric development and those in
need through Malaysia People's Aid (BRIM).
"How can the government implement development projects
such as building of roads, hospitals, schools, and
provide assistance to the people if we did not have
enough revenue," he said.
GST was introduced in April last year and has been
criticised as a cause of the increase in the prices of
goods and higher cost of living. – January 8, 2016.
Source::: The Malaysian Insider, dated
08/01/2016.