Selangor Journal
General view of the Malaysian Parliament — Picture via UNSPLASH

Dewan Rakyat approves RM21 billion MGII receipts’ transfer to Development Fund

KUALA LUMPUR, Nov 30 — The Dewan Rakyat has passed the resolution for the government to transfer the RM21 billion balance of the Malaysian Government Investment Issues (MGII) receipts for the June-November 2023 period to the Development Fund.

The resolution, read by Deputy Finance Minister I Datuk Seri Ahmad Maslan and approved via a majority voice vote, is according to the provision of the Government Funding Act 1983 (Act 275) in Paragraph 4(b).

Ahmad said the monies transferred will be used for the development expenditure requirements for 2023.

“The Development Fund is a government trust fund established under the Development Funds Act 1966 to fund development projects,” he said.

The Dewan Rakyat also approved the closure of the Covid-19 Fund under Subsection 10(4)(a) of the Financial Procedure Act 1957 (Act 61).

The closure of the special fund is appropriate as the country is in the transition phase to endemicity, and the payments for all expenditures under the fund have been fully settled.

“A Cabinet meeting on August 9 agreed for the Covid-19 Fund to be closed and the Act 61 second schedule be amended to withdraw the fund,” Ahmad added.

The closure will not give rise to any financial complications as it only involves the transfer of the balance from the Covid-19 Fund to the Development Fund.

— Bernama

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