FORMER Prime Minister Datuk Seri Najib Tun Razak urged the Government to replenish the funds under the National Trust Fund (KWAN) soon as it was meant for the future generation’s needs.
“I hope the Government would intensify efforts to replenish the funds taken from KWAN after the economy recovers and never use it for trivial reasons as it belongs to our future generation,” he said in a Facebook post.
In July, Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz announced that RM5.5 bil has been taken out from KWAN to finance several measures to contain COVID-19 spread.
He mentioned that the funds were used to improve facilities at the public health sector and finance the National COVID-19 Immunisation Programme (PICK).
Yesterday, the Dewan Rakyat passed an amendment to the KWAN Act unanimously.
Tengku Zafrul stated that as of now, 63% of the KWAN’s funds has been used to purchase vaccines and finance COVID-19 mitigation programmes.
Never use KWAN funds whimsically
As of now, KWAN holds RM20.9 bil, where national oil company Petronas has contributed RM10 bil since 1988.
Touching on the matter, Najib said that KWAN grew since its inception in the 1980s, with its fund totalling RM17 bil as of end 2017.
He added that KWAN provided good returns to public coffers, at 7% or RM1.2 bil annually at that point of time as the Government did not make any withdrawals from it.
“But now we have used about RM5 bil to finance PICK and its related programmes.
“In my view, we should have issued sukuk bonds, offering 3% rates, instead of using KWAN funds which generates 7% in returns annually.
“But no point talking about it now as the withdrawal was made in April, when the Emergency was in force, and the funds had already been spent.
“Hence, the need to pass the amendment yesterday,” the Pekan MP remarked. – Oct 12, 2021.
