Today, Prime Minister Najib Razak announced budget revisions for 2015. Responding to the world’s falling oil prices and the drop in the value of the ringgit, the original budget for 2015 has been revised in order to cut costs and reduce the fiscal defecit. Here are six of the highlights:
National Service has been suspended for 2015
This move is estimated to save RM400 million, and the Prime Minister also added that the year’s break will give the chance to review National Service for the future. National Service was first launched in 2004.
No increase in electricity tariff for this year
There was due to be a hike in the electricity tariff this year, as well as increased prices for gas in the industrial sector. Both hikes have been postponed.
Free visas for more tourists
In order to boost the tourism sector, visa fees will be waived for tourists from various countries, including China. Tourists from China currently pay RM30 for visa entry to Malaysia. There will also be competitive prices for travel on domestic airlines.
More mega sales
In order to stimulate the economy, there will be more mega sales and the duration will be longer. There will also be efforts to promote Malaysian-made goods so that Malaysia’s dependence on imports is reduced. Shop not for yourself, but for your country.
More incentives for local businesses
Various incentives, including deferred loan re-payments and local quotas on government procurement contracts, are designed to benefit more Malaysian businesses and encourage more private investment within the country.
Read the full text of the PM’s speech
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