Wednesday, May 30, 2018

Gov't sets up 'Hope Fund' for M'sians to help with nation's debt


The government will set up a fund for Malaysians wishing to contribute towards settling the nation's staggering debt.
At a press conference in Putrajaya this afternoon, Prime Minister Dr Mahathir Mohamad said the fund would be called Tabung Harapan Malaysia (Hope Fund).
"There are many who want to donate to the government after finding out that the country is in a bad position. We welcome their patriotism and thank them for it.
"We will ensure the donations reach the responsible quarters in the government, which will be passed on through the Finance Ministry," he added.
Mahathir was speaking to reporters after chairing the weekly cabinet meeting at the Prime Minister's Office.
He added that the account number to which contributions can be transferred will be announced soon.
The new government had claimed that the country's debt level is significantly higher than the previous government had let on.
Finance Minister Lim Guan Eng revealed that apart from the RM686.8 billion official debt figure, Putrajaya also had to foot an additional RM199.1 billion in government guarantees for entities that could no longer service their loans, as well as another RM201.4 billion for public-private partnership (PPP) lease payments.
This brought the total debt commitment to more than RM1 trillion.
Following the revelations, several Malaysians have attempted to help contribute towards the debt payments, which includes initiating online crowdfunding efforts.
In a statement released later, Lim said the Hope Fund, which will be managed by the Finance Ministry, was set up to provide a systematic and transparent platform for the contributions.
“The nature of donations and contributions are restricted to cash denominated in our local currency (ringgit) only.
“All contributions should be deposited into Malayan Banking Bhd, account number 566010626452,” Lim added in the statement. -Mkini

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