The Cabinet tomorrow should do what it should have done at its last Cabinet meeting for 2014 on Dec. 17 – to convene a Special meeting of Parliament this month to present a revised Budget 2015.
When the Budget 2015 was drawn up, it was based on the oil price assumption of US$100 (RM357) per barrel.
Since the Prime Minister, Datuk Seri Najib Razak presented Budget 2015 on Oct. 25, Brent crude prices had fallen from US$100 to a six year-low of US$47.36.
Oil and gas-related income is a backbone of the Malaysian economy as it currently accounts for 30% of the government’s total revenue.
With the plunge in crude oil prices, the Government is duty-bound to revise the 2015 Budget and seek parliamentary approval for revision of the 2015 Budget.
The Cabinet should decide on convening a Special Parliament before the end of January now that Prime Minister who is also Finance Minsiter has finally conceded today on the need to restructure the 2015 Budget. Continue reading “Call on Cabinet tomorrow to convene a special Parliamentary meeting end of this month to present a revised 2015 Budget”