KUALA LUMPUR, April 21 — The federal government has incorporated lower global oil price into its expected deficit this year but will “reprioritise” its planned spending if the commodity declines further in value, said Datuk Seri Tengku Zafrul Tengku Abdul Aziz.
Oil price fell sharply on the international market after Saudi Arabia and Russia triggered a price war that came just ahead of the world-stopping coronavirus disease (Covid-19) pandemic.
The finance minister acknowledged the matter in his statement today, but sought to assure Malaysians that the government was prepared to adapt.
“The general preoccupation with oil is understandable, given that it is closely linked to global geopolitical influences. However, what is more important is to recognise how Malaysia has a