Najib to announce economic modifications, interventions tomorrow

Prime Minister Datuk Seri Najib Tun Razak will tomorrow announce economic modifications and interventions amid the changing global economic landscape.

Najib, who is also Finance Minister, said the recent 60 per cent fall in oil prices affects the global economy, and Malaysia is no exception.

"An accurate and wise approach is necessary to mitigate the effects of the oil price slump on economic growth, national revenue and the value of the ringgit.

"Amid this new scenario, we will act more proactively to ensure a sustainable growth rate and protect the people's rights so that their well-being is not adversely affected," he said at the Prime Minister's Department's first monthly assembly for the year here today.

Najib said the implementation of the Goods and Services Tax (GST) on April 1 will not burden the people, pointing out that all aspects have been taken into consideration to ensure prices of goods do not go up and are under control.

On the 11th Malaysia Plan to be announced in May and which aims to make the country's goal of becoming a developed nation by 2020 a reality, he said the five-year plan is important as it is the last mile before 2020.