2015 Budget to be tabled in Parliament on Oct 10, says PM

He said the 2015 Budget was crucial since it was the final budget under the 10th Malaysia Plan (10MP), which would provide allocations for the remaining programmes and projects under the plan.

"It will also help to ensure a smooth transition to the 11th Malaysia Plan which will provide the final push in transforming the country into an advanced and high-income nation by 2020," said Najib, who is also Finance Minister, before chairing the 2015 Budget consultation meeting here today.

The theme for this year's budget consultation is "Accelerating Growth, Ensuring Fiscal Sustainability and Prospering the Rakyat".

"While we are increasing efforts to ensure that the economy continues to grow, we are also committed to see that our agenda for fiscal reforms does not get side-tracked.

"I will continue to be expansionary but not at the expense of our deficit.

"We expect to reduce the fiscal deficit to 3.5 per cent this year and achieve a balanced budget by 2020," said the prime minister.

Najib also said the Fiscal Policy Committee, which would oversees all aspects of fiscal management in the country, had met several time since its inception in June 2013.

"The FPC has extensively deliberated on several fiscal measures, which includes the implementation of the Goods and Services Tax and subsidy rationalisation," he added.

Najib also said the FPC planned to come up with a medium-term fiscal framework which would spell out the strategies to ensure medium and long-term fiscal sustainability.

In addition, Najib said the government was also paying serious attention to the Auditor-General's recommendation on improving government spending.

"In this regard, we are taking a holistic approach in order to ensure prudent financial management.