Tabung Harapan funds not used yet, says finance ministry

KUALA LUMPUR: The finance ministry says the government has yet to use the money from the Tabungan Harapan Malaysia fund which stood at RM172 million as of Aug 6.

In a written parliamentary reply today, it said a payment mechanism to settle the national debt was being drawn up by a Tabung Harapan committee, with the process of payment to be made public once a decision is reached.

“It will be done according to the rules and laws that are being looked into,” it said in a reply to Alexander Nanta Linggi (PBB-Kapit), who asked the government to explain how funds from Tabung Harapan would be used to settle the national debt.

The ministry added that the National Audit Department would audit the fund’s accounts to ensure integrity, with an audit firm appointed to release a detailed report on the fund as well.

Funds established to settle the country’s debts were overseen by the Treasury secretary-general and members from other ministry departments, it added.

“Tabung Harapan will not be able to settle the national debt that the present government inherited from the 1MDB scandal,” it said.

“The setting up of the fund was part of a patriotic act by Malaysians.”

After taking over Putrajaya on May 9, the Pakatan Harapan government had announced that the national debt stood at RM1 trillion.