Photo credit: World Economic Forum / Foter / CC BY-NC-SA

Yesterday, Prime Minister Datuk Seri Najib Tun Razak presented a revision to the 2015 Budget, to sustain development and economic growth in Malaysia.

Here are the highlights from his speech yesterday.

• Malaysia’s National Service Training Programme will not take place this year to save RM400 million.
• There will not be an increase in electricity tariff this year.
• There will be free visa for tourists to boost Malaysia’s tourism industry.
• Competitive airfares will be offered to intensify domestic tourism.
• The levy on foreign workers will be reviewed.
• For project tenders, priority will be given to local contractors who are registered with the Construction Development Board – Class G1 (Class F), G2 (Class E) and G3 (Class D) contractors.
• Task of carrying out repair works on flood-hit areas will be given to local contractors.
• Frequency and duration of mega sales in Malaysia will be increased.
• Gas price hike for the industrial sector will be postponed.
• No change in plans for projects such as MRT Line 2, LRT3, Kuala Lumpur-Singapore High-Speed Rail.
• The deficit which was set at 3% of Gross Domestic Product (GDP) in Budget 2015 would now be revised to 3.2%, which would still be lower than the 3.5% recorded in 2014.

Read the full speech here.

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