Guardrails needed on use of GLCs, GLICs for govt spending, say ex-Umno leaders
Khairy Jamaluddin says the practice began under Najib Razak, while Shahril Hamdan calls for clearer rules governing the relationship between GLCs and the government.
Former Umno leaders have called for clear governance rules to prevent future Malaysian prime ministers and finance ministers from using government-linked companies (GLCs) and investment funds to bolster national budgets. Shahril Hamdan, a former Umno information chief, and Khairy Jamaluddin, a former health minister, argue that Malaysia needs regulations to govern the relationship between the government and these organizations.
They stress the need for a balanced governance structure and caution that the temptation for future leaders to tap into these resources could be high. The issue of GLCs and special purpose vehicles being used to meet government spending needs began under former Prime Minister Najib Razak's administration. Prior to Najib, Malaysia's budgeting was more conventional, involving the federal budget alone.
The 2027 budget includes several major investment commitments by GLCs and investment institutions, such as KWAP's RM750 million investment in student housing at six universities and the EPF's RM1.25 billion fund for data centers and industrial logistics assets in Elmina, Selangor.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- Guardrails needed on use of GLCs, GLICs for govt spending, say ex-Umno leaders freemalaysiatoday.com
