Budget 2019 is based on US$70 oil

  • Economy
  • Thursday, 18 Oct 2018

KUALA LUMPUR: The government is estimating the 2019 Budget allocation based on average crude oil price of US$70 per barrel, although the benchmark Brent crude oil was nearing US$80 per barrel currently, said Prime Minister Tun Dr Mahathir Mohamad.

Elaborating further, he said allocation for the country's development would be reduced, as it was unavoidable, but the operation budget would be maintained.

“For the 2019 Budget, we have to use our revenue, to that extent, to pay debts. We (however) cannot reduce the operation budget, it has to go on.

"But, to what extent the budget would be reduced, you have to ask the Minister of Finance,” he told reporters at the Parliament lobby after presenting the 11th Malaysia Plan Mid-Term Review Report (2016-2020) at the Dewan Rakyat here today. - Bernama



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