Malaysian PM set to announce last budget ahead of general election

Source: Xinhua| 2017-10-24 17:08:02|Editor: Song Lifang
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KUALA LUMPUR, Oct. 24 (Xinhua) -- Malaysia's Prime Minister Najib Razak said Tuesday that the upcoming 2018 budget, the last one ahead of a general election due next year, will benefit all Malaysians.

Najib, who is also the finance minister, will announce the budget on Friday.

"In a few days, I will be presenting Budget 2018 where new initiatives and several major announcements will be revealed to benefit all Malaysians," he said in a statement.

He added that the budget will continue to be guided by his goal to correct the problems of the past and to make Malaysia stronger, more competitive at home and abroad.

As Malaysia's economy continues to perform well, Najib expects the Malaysian currency ringgit to regain its strength and an appropriate market rate.

"It is true that the ringgit weakened amidst the global turmoil and uncertainties since 2014, but there have been positive aspects to that, as our exports and tourism boomed," he said, adding that the currency actually performed better than the currencies of many other large commodity exporter countries.

The budget is being watched closely as it would be the last one ahead of a general election due next year.

In the statement, Najib highlighted that in 2017, 14 Memorandums of Understandings (MoUs) between Malaysia and China have been signed.

These agreements, together with other foreign investment, will bring thousands of new jobs, transfers of skills, and improved standards of living for Malaysia.

He also reiterated that the East Coast Rail Link, to be built by China Communications Construction Company, will soon be yet another game-changer for the country's east coast states.