DPM: Finance ministry to decide on trust fund for kids

Deputy Prime Minister Dr Wan Azizah Wan Ismail says further discussion is needed on ADAM50’s implementation.

KANGAR: The Finance Ministry will have to decide if it wants to proceed or abolish the Anak Malaysia Trust Fund (ADAM50), said Deputy Prime Minister Dr Wan Azizah Wan Ismail.

She said the initiative would involve a large amount of state funds and it is common knowledge that the country now has a swollen deficit.

“I will discuss with the Finance Minister first… we have to look at its implementation because this was a pledge from the previous government,” she said after the national-level Parents’ Day celebration at Dewan 2020, here, today.

Permodalan Nasional Bhd (PNB) had earlier said that ADAM50 will continue as originally planned.

Group chairman Abdul Wahid Omar had reportedly said that the five-year initiative would be implemented as planned for babies born between Jan 1, 2018 and Dec 31, 2022.

ADAM50 was introduced by the government in collaboration with PNB for all Malaysian babies. It was to promote the culture of saving and investment by Malaysians through the granting of free incentive units credited to Amanah Saham Bumiputera (ASB) accounts, as an initial investment capital.

Wan Azizah, who is also the women, family and community development minister, said she was also concerned with the number of baby dumping cases, although the majority of them involved foreign women and girls.

“The cases of babies being abandoned need public sympathy and support should be given to safeguard the welfare of women and children,” she said.