KUALA LUMPUR: The government has no intention to make Tabung Harapan Malaysia (THM) a yearly tradition, says Lim Guan Eng.
The Finance Minister said in Parliament that THM would be a one-off effort and was established due to the 1Malaysia Development Berhad (1MDB) scandal.
"No, we do not expect to do it every year. The fund was only created after looking at the reaction of the public, as people wanted to show their disgust at 1MDB," he said in reply to a supplementary question from Awang Hashim (PAS-Pendang) during Minister's Question Time on Tuesday (March 12).
Awang had asked the Finance Ministry if THM would be an annual tradition if the government does not have enough money.
Lim said that THM was a trust deed and should not be deemed to be part of the government's procurement (perolehan), which was bound by law.
"It cannot be used simply," said Lim, adding that the management of THM will be subjected to the trust deeds, which provides in detail the objective of the fund and its function under the Account Committee.
He said the committee will decide on usage of the fund in accordance with procedures listed in the THM Trust Deed.
Lim added that the committee will meet twice a year at least at a meeting chaired by the Treasury secretary-general and that resources which are credited under the account are to settle the debt of the federal government, and any decisions will be bound by the approval from the account's committee.