GLOBAL oil prices are still falling, impacting Government coffers. Malaysia’s reserves are falling and so is the ringgit. The Government has snipped a little off its operating expenditure, something that has not convinced the investment community that enough is being done to rectify public finances.
The economic growth for 2015 has been revised slightly lower to a maximum of 5.5% compared to 6% when Budget 2015 was unveiled in October. This is based on the assumption that Brent crude would average at US$55 per barrel for this year and the ringgit would trade at 3.55 against the US dollar.
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