Malaysia plans to reduce its reliance on oil and gas revenues, forecasting a near 25pc fall to 37.8bn ringgit ($9.2bn) next year as the Covid-19 pandemic continues to batter crude prices. The drop, from petroleum revenues of 50bn ringgit this year, will largely be driven by an estimated fall in dividends from state-owned Petronas to 18bn ring- git next year, from 34bn ringgit in 2020 and 54bn ringgit in 2019, according to a fscal outlook that accompanied the government’s 2021 budget this month.
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