Dewan Rakyat passes two bills related to COVID-19 funding

KUALA LUMPUR: Two Bills related to funding for the COVID-19 pandemic and infectious disease outbreaks were passed in the Dewan Rakyat today.

The Bills are the Temporary Measures for Government Financing [Coronavirus Disease 2019 (COVID-19)] (Amendment) Bill 2021 and the National Trust Fund (Amendment) 2021.

Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz tabled both the bills for second reading today.

Earlier, 19 Members of Parliament (MP) took part in the debate session on the Temporary Measures for Government Financing [Coronavirus Disease 2019 (Covid-19)] (Amendment) Bill 2021 aimed to fund four aid and stimulus packages announced by the government since the beginning of the year.

When tabling the bill, Tengku Zafrul said the aid and stimulus packages included PERMAI, PEMERKASA, PEMERKASA Plus and PEMULIH which required an additional allocation of RM27 billion.

He said the amendment to the bill was to obtain approval to increase the ceiling cap for COVID-19 Fund (KWC-19) from RM65 billion to RM110 billion as well as increase the statutory debt limit from 60 per cent to 65 per cent of the Gross Domestic Product (GDP).

Meanwhile the National Trust Fund (Amendment) Bill 2021, which seeks to maintain the use of Kumpulan Wang Amanah Negara or KWAN for the procurement of vaccines and any expenditure on vaccines for an outbreak of any infectious disease was debated by eight MPs.

Tengku Zafrul said as the KWAN fund was not included in the Consolidated Fund, the use of the fund would assist the government in controlling the country's fiscal position which would thus have a positive impact on the country's overall financial position.

In terms of the fund's long-term sustainability, he said the government would work to increase the size of the KWAN fund when the economy is stable again.

"This includes increasing the number of contributors by encouraging contributions from other companies or authorities, including companies involved in the exploitation of petroleum or other depleted resources pursuant to Section 5, Act 339 (KWAN Act 1988)," he said.

The Dewan Rakyat sitting continues tomorrow.

-- BERNAMA