The Dewan Rakyat today approved four motions tabled by the Finance Ministry on government funding and taxation.
Deputy Finance Minister II Mohd Shahar Abdullah, when tabling the motion on the transfer of Malaysian Government Investment Issues, said the government transferred RM25.8 billion in receipts of the Consolidated Loan Account from the MGII current balance of RM12.50 billion for the period to Dec 31, 2019 and RM13.30 billion for the period from January to June 2020.
“Under Section 4 of the Government Funding Act 1983, receipts from MGII can only be transferred to the Development Fund after getting the Dewan Rakyat’s approval, signified by resolution,” he said. These shariah-compliant loan securities were issued by the government under the Government Funding Act 1983, with one of its main aims being to promote the development of the Islamic finance market.