KUALA LUMPUR (Jan 19): Malaysia's Budget 2016 revision will focus on mitigating rising cost of living, stimulating consumer spending, invigorating investment and strengthening the country's balance of payments, according to the Finance Ministry.

In a statement today, the Finance Ministry's Treasury Secretary-General Tan Sri Dr Mohd Irwan Serigar Abdullah said Prime Minister Datuk Seri Najib Tun Razak would announce the budget revision this Jan 28.

"The government is committed to fiscal consolidation through increased efficiency in tax collection and steps to optimise and reprioritise spending.

"At the same time, the government will ensure that the fiscal consolidation effort will not affect the delivery of public services while continuing to support economic growth and ensuring the people's welfare are preserved by prioritising projects and programmes that revolve around the people's wellbeing," Mohd Irwan said.

The Finance Ministry's statement followed the fiscal policy committee's meeting yesterday to determine the nation's fiscal and economic position.

Today, Mohd Irwan said the committee took into account the challenging global economic environment and the continued decline of crude oil prices.

Based on current economic indicators, he said the government is confident that Malaysia's economy would continue to grow this year.

Mohd Irwan said this is consistent with forecast by the World Bank and International Monetary Fund.