KUALA LUMPUR: The revised 2015 Budget is not required to be tabled again as a number of proactive measures announced recently did not involve any additional or supplementary expenditure, said the Finance Ministry.

The ministry said the measures were made known at the Special Address by Prime Minister Datuk Seri Najib Tun Razak on Tuesday and did not exceed the ceiling approved by Parliament.

"As a responsible government, the ministry will continue to closely monitor external developments and the impact on the domestic economy.

"The Finance Ministry welcomes any queries or clarifications on the Special Address at pro@treasury.gov.my," the ministry said in a statement here today.

It also elaborated on Najib's special address recently, stating that the 2015 Budget was formulated based on Tapis crude oil price at US$105 per barrel (US$1.00=RM3.60).

It said Tapis crude oil typically commands a premium of about US$5 per barrel over Dated Brent, the global benchmark.

"Given the need to monitor prices closely, amid continued falling crude oil prices, reference was made to Dated Brent at US$100 per barrel in the Prime Minister's Special Address.

"The government has since revised the price assumption for Dated Brent to an average of US$55 per barrel for 2015," the statement noted.

In another development, the ministry said the RM2 billion for contingency reserve did not come into the calculation of the fiscal deficit.

"The contingency reserve is meant for urgent and unforeseen expenditure for which there is no existing allocation.

"It is only recognised as expenditure when it is used," it said.

As announced in the 2015 Budget, the development expenditure of RM50.5 billion, comprises RM48.5 billion in development expenditure and RM2 billion for contingency reserve.

The budget deficit for 2015 was initially estimated at RM35.7 billion or 3.0 per cent of gross domestic product (GDP).

However, with lower revenue and a revised GDP growth forecast for 2015 of 4.5-5.5 per cent, the budget deficit is now estimated at 3.2 per cent of GDP or RM37 billion. - Bernama