Kuala Lumpur, Dec 10 — A resolution to transfer the remaining proceeds from the Malaysian Government Investment Issue (MGII) amounting to RM24.127 billion for the period of March to December 2024 to the Development Fund was passed in today's Dewan Rakyat sitting.
When proposing the resolution, Deputy Finance Minister Lim Hui Ying said the transfer of the remaining MGII money was in accordance with the provisions of paragraph 4(b) of the Government Funding Act 1983.
She said the transfer was implemented to finance part of the development expenditure needs.
The Development Fund is a government trust fund established under the Development Fund Act 1966 for the purpose of financing development expenditure.
"Development Fund resources are obtained through amendments from consolidated revenue accounts, consolidated loan accounts, loan repayments and miscellaneous receipts for development.
"In general, amendments from the consolidated loan account to the Development Fund consist of receipts from Malaysian Government Securities (MGS)," Lim said.
The resolution was approved by a majority voice vote.
Meanwhile, the Dewan Rakyat also passed four bills related to the development of Labuan, which include the Labuan Companies (Amendment) Bill 2024, the Labuan Trust (Amendment) Bill 2024, the Labuan Foundation (Amendment) Bill 2024, and the Labuan Limited Partnership and Limited Liability Partnership (Amendment) Bill 2024.
All of the bills were passed with more voice votes in favour after the third reading presented by the Deputy Finance Minister.
Earlier during the winding up of the debate on the Labuan Companies (Amendment) Bill 2024, she said the amendment is an important effort to improve the legal framework to ensure the integrity of the financial and economic system in the Territory can be further strengthened.
Since Labuan was declared an international business and financial centre over 30 years ago, the Labuan Financial Services Authority (Labuan FSA) is managing one of the top three international financial centres in Asia after Singapore and Hong Kong.
"The Labuan International Business and Finance Centre (Labuan IBFC) under the Labuan FSA is showing encouraging growth performance and the centre's strategy for a period of five years from 2022 is mainly focused on making it an Islamic and shariah financial centre based on digital assets at the global level," Lim said.
Commenting on the amendments to the four bills passed, she said the main purpose was to include new provisions regarding the reporting framework and disclosure of beneficial ownership information.
The Dewan Rakyat sitting continues tomorrow.
— Bernama
