MORE than RM7 million has been collected by the government’s Tabung Harapan for Malaysians to contribute towards national debt alleviation, Finance Minister Lim Guan Eng said today.

The amount since the fund was announced yesterday stands at RM7,075,508.79.

Lim added that the donations are tax deductible.

For tax deduction purposes, Lim said Malaysians who had donated to the fund must keep their transaction receipts.

“The donation amount will be announced every day at 3pm,” he said at a press conference today.

When asked if the government intended to collect RM1 trillion through the donation drive, Lim said: “Even if we collected RM1 million every day, it would still take 2,740 years (to pay off the government’s debt).” 

“For us, it’s not so much the quantum. It’s the response, the people’s desire to help the government reduce the debt.”

He said the donations would be audited and handled by the Treasury and used to reduce the government debt.

Lim said the government will announce when it decides to close the fund.

“If people want to show their passion for the country, this is a way for them to show their love. Hence, there’s no debate about the size of the donation,” said Lim, when asked if the donation drive would give the wrong impression about the state of the country’s financial situation. 

He said that South Korea held a similar drive in the 1990s. 

Meanwhile, Lim accepted a cheque for RM13,476.57 from activist Shazarina Bhakti, who had initiated a crowdfunding page to help reduce the country’s debt one week before Tabung Harapan was officially launched.

“It is precisely this spirit of hope and unity that will fuel the Pakatan Harapan government in moving forward to fulfill all of its manifesto pledges,” said Lim. – May 31, 2018.