KUALA LUMPUR, Malaysia – Embattled Malaysian Prime Minister Najib Razak has unveiled a 2016 national budget aimed at trimming the fiscal deficit and boosting the country's slowing economy.
Najib, who is fighting for public support amid a financial scandal, announced increases in various subsidies and handouts for low income families, while raising tax rates several percent for the rich.
He said Malaysia's economy is expected to grow 4-5 percent next year, compared to 4.5-5.5 percent in the current year.
Najib has come under pressure after documents leaked in July showed some $700 million was deposited in his private bank accounts from entities linked to indebted state investment fund 1MDB. Najib said the money was a donation from the Middle East.
The proposed budget must be approved by Parliament.