Malaysia risked transformation to reduce oil dependence, says Najib


Dateline 2017-03-06, The Star:

Deliberate efforts taken by the government under its Economic Transformation Programme (ETP) have reduced reliance on petroleum-related income to 14% today from up to 41% in 2009, says Prime Minister Datuk Seri Najib Tun Razak.

“Had we not made the transformation that we risked, we would have been suffering today from great difficulties because of the sharp and sudden decline in oil prices which would have affected the government’s revenues that depend on it to a large extent,” he said.

Najib, who is also Finance Minister, said this during a recent interview with Al Arabiya News Channel’s General Manager Turki Aldakhil.

He was asked about the recipe for success in achieving Malaysia’s experience as some countries have been describing Malaysia as a successful example of good governance and development.

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