Najib wants close monitoring on implementation of Budget 2016

Najib, who is also Finance Minister, said there must be proper follow up and follow through to ensure the budget themed "Prospering the People" truly benefited the people.

"The implementation (of the budget) is very important. The Finance Ministry's work does not end with the tabling of the budget. There must be proper follow up and interventions made if there are any obstacles or bottlenecks in the implementation (of Budget 2016)," he said.

Najib said this at the Finance Ministry's Budget 2016 cum Farewell Dinner for retiring Treasury staff here tonight.

Najib had tabled Budget 2016 in Parliament on Oct 23. Its spells out five pillars namely economic sustainability; increasing productivity, innovation and green technology; human capital building, empowering the bumiputera agenda and alleviating the cost of living.

Also present were Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah; Deputy Finance Minister I Datuk Johari Abdul Ghani, Deputy Finance Minister II Datuk Chua Tee Yong and Treasury secretary-general Tan Sri Dr Mohd Irwan Serigar Abdullah.

At the event, Najib also expressed his appreciation to Finance Ministry staff who had contributed to the preparation of Budget 2016 and Economic Report 2015.

He said the budget this time was one of the most difficult budgets to be drafted due to, among others, the significant drop in world oil prices which was beyond the control of the government.

"As a result, revenue plummeted and we have to accept a reduction in revenue of more than RM30 billion, compared to the previous year," he said.

"However, we are grateful that the government was able accommodate the drastic fall as we had introduced the Goods and Services Tax (GST) which had made it possible for us to earn an additional revenue of RM21 billion," he said, adding that this made up for the drastic drop in oil prices.

As such, Najib said the government was still able to continue with the various programmes which had been implemented earlier, such as the 1Malaysia Poeple's Assistance (BR1M) and Schooling Aid and at the same time implement more new programmes such as the special assistance for rubber tappers and farmers.

He said everyone should be thankful that the steps taken by the government had shown that the country was on track with respect to its financial and fiscal management.