It would be grossly unfair to accuse the Government of not tackling the depreciation of Ringgit.
In his SPECIAL ADDRESS ON CURRENT DEVELOPMENTS AND GOVERNMENT’S FINANCIAL POSITION on 20th January 2015, the PM stated that in relation to the Ringgit, "we must closely monitor the following: First, the current account in the balance of payments must remain in surplus. Second, continue with fiscal reforms and consolidation and Third, economic activity must be further diversified to enable us to cope with falling crude oil and commodity prices."
On the balance of payments, rightly the current account would record a trade surplus of RM85.6 billion in 2014 with the country’s expected exports of RM762.8 billion and imports RM677.2 billion. The Government is confident that the current account will remain in surplus this year, although smaller in the range of 2% to 3% of Gross National Income or GNI.
Our fiscal reforms and consolidation is still on track with the revised fiscal deficit target of 3.2% of GDP in 2015. This is still lower than the fiscal deficit of 3.5% of GDP in 2014.
Finally, to further diversify the economic activity, three strategies to strengthen our economic