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Contingency plan only if oil drops below US$20 per barrel, says PM

March 8, 2016
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Contingency plan only if oil drops below US$20 per barrel, says PM

KUALA LUMPUR: The government will only activate its contingency plan if the price of oil drops consistently below US$20 per barrel, said Prime Minister Datuk Seri Najib Razak.

However, he said he was heartened to see the price of oil beginning to stabilise in the range of US$40 per barrel, with the ringgit also getting stronger.

“In addition, have made adjustments to the 2016 Budget based on oil prices ranging from US$30 to US$35 per barrel.

“Of late, we are seeing the oil prices stabilising in the range of US$40 and the ringgit strengthening at nearly RM4 (in comparison to the US dollar),” said Najib, who is also Finance Minister.

Najib was responding to a question by Datuk Wan Mohammad Khair-il Anuar Wan Ahmad (BN-Kuala Kangsar) in the Dewan Rakyat today.

The prime minister also said the government would proceed with implementing approved projects and programmes. He also also stressed that no approved projects had been cancelled or reduced.

“It is more about adjusting the cash flow and re-allocating the budget for development projects or programmes.

“The priority will be on people-centric and high multiplier impact projects to the economy,” he said.-nst

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