Najib stubbornly refuses to amend budget - (ref. malaysiakini)

I'm sure you have read in Malaysiakini about the many calls by the opposition MPs to amend the budget. Najib responds:

KUALA LUMPUR, Oct 14 - The government will not table a new budget as requested by the opposition although revisions are possible.

"It is not a suitable suggestion to be considered in addressing the global financial crisis," said Finance Minister Datuk Seri Najib Razak.

"Some of the figures may have to be revised but it does not necessitate a retabling of a new budget," he added.

When asked when the budget would be revised, he answered that the government was monitoring the situation which was changing on a daily basis.

"As and when we think it is appropriate, we will look at revised figures for next year."

Speaking to reporters in Parliament today, he said it was important that government expenditure on programmes to aid the lower-income group as outlined in the 2009 Budget continue without disruption.

"This is to widen our social safety network which will benefit 150,000 lower-income citizens," he said.

The government will also announce measures to strengthen the economy on Monday in the form of a "stabilisation plan."

"We discussed this yesterday at the exco meeting of the Economic Council," he said.

However, the deputy prime minister said the projected gross domestic product growth would be about 5%. In earlier statements, the government had insisted that the growth rate would be between 5.5 and 5.7%.

"But for next year, the projection would need to be revised," he admitted but stressed that there was no need to panic as the impact of the global meltdown on Malaysia's economy is not as bad as other countries.

He added that he would leave interest rates to Bank Negara.

On guarantees for deposits, Najib said it was not necessary as there is enough liquidity in the banking system.