DEWAN RAKYAT APPROVES RM14.63 BLN TRANSFER TO DEVELOPMENT FUND

KUALA LUMPUR, Dec 4 (Bernama) -- The Dewan Rakyat today approved the Finance Ministry’s motion to transfer RM14.631 billion of the remaining Malaysian Government Investment Issues (MGII) proceeds for the August-December 2025 period to the Development Fund.

Deputy Finance Minister Lim Hui Ying tabled the motion in accordance with subsection 4(b) of the Government Funding Act 1983 (Act 275), which requires Dewan Rakyat’s approval before any MGII proceeds can be transferred to the Development Fund.

According to Lim, the transfer is intended to finance part of the country’s development expenditure needs, in line with the Development Fund’s function as a government trust fund established under the Development Funds Act 1966.

She explained that funding for the Development Fund usually comes from transfers from the consolidated revenue account, the consolidated loan account, loan repayments, and various development-related receipts.

“In general, transfers from the consolidated loan account to the Development Fund comprise proceeds from the issuance of Malaysian Government Securities, MGII, Treasury Bills, and foreign loans.

“These shariah-compliant debt securities were issued by the government under Act 275, with one of their main objectives being to develop and expand the country’s Islamic financial market,” she said.

Dewan Rakyat Speaker Tan Sri Dr Johari Abdul said earlier that the motion was passed after receiving more supporting votes from the members of the house.

-- BERNAMA