Kena ada ‘penghadang’ guna dana GLC, GLIC, kerajaan diberitahu

Malaysia requires clear governance regulations to prevent future prime ministers and finance ministers from using government-linked companies (GLCs) and government-linked investment companies (GLICs) to fund the national budget, according to former Umno leaders. Shahril Hamdan, former chairman of Umno's public affairs, stated that any management taking advantage of this ambiguity involves Putrajaya and GLCs, though the methods differ.

The question is about the proper balance and structure of GLC and GLIC governance. Former Health Minister Khairy Jamaluddin agrees that GLCs and GLICs should play a role in development, but they need a clear governance framework and protection, lest future prime ministers and finance ministers have an overly tempting second book.

This reference is made to Wawasan 2030 President's Deputy Omar Mustapha Ong's statement that the government has two books, including the national budget and GLC and GLIC entities like Petronas, Khazanah Nasional Berhad, Tabung Haji, and KWSP. Khairy noted that the pre-Najib era's reliance on GLCs and Special Purpose Vehicles (SPVs) for government expenditure began under former Prime Minister Najib Razak's administration, which often collaborated with former Perbadanan Bilik Bandaraya chairman Irwan Serigar Abdullah.

He said that the pre-Najib approach, under former Prime Ministers Abdullah Ahmad Badawi and Dr Mahathir Mohamad, relied more on conventional national budget expenditures. The GLC transformation occurred during the Abdullah era, but no attempt was made towards the development agenda, and it didn't reach the stage where the finance minister who is also prime minister has two books.