(MENAFN) Malaysia's ringgit currency declined to a six-year low as the government cut its economic growth forecast, reduced its budget and widened its fiscal deficit target for 2015, to reflect lower oil and gas revenues due to plunging world prices, Emirates 24/7 reported.
The Southeast Asian country has been hard hit by the collapse in global crude prices as it is the world's second largest exporter of liquefied natural gas and is also a net oil exporter.
The government has relied on money from energy sales to spur economic growth and control its mounting debt.
Announcing revisions to a 2015 budget that was presented in October before the oil market's drop steepened into a nosedive, Prime Minister said Malaysia had to adjust to the loss of income, while dismissing fears of an economic meltdown.
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