KUALA LUMPUR: The Dewan Rakyat today approved the National Trust Fund (KWAN) Bill 2026 which will strengthen the legal basis of the fund by ensuring more consistent inflows, more disciplined disbursements and clearer governance and accountability.
The bill, which is based on a clear intention to create long-term financial reserves for future generations of Malaysians, was tabled by Deputy Finance Minister Liew Chin Tong, and passed with a majority of votes in favor after being debated by 15 Members of Parliament.
Liew said after almost four decades, KWAN group assets amounted to RM22.43 billion at the end of 2024, with PETRONAS remaining the only voluntary contributor, amounting to RM13.5 billion.
“During the same period, the experience of administering the Fund, including the RM5 billion withdrawal episode in 2021 that received public attention, showed that the existing framework needed to be improved, with contributions being entirely discretionary, with no withdrawal limits, and with a general purpose of use.”
“This bill was drafted to strengthen the framework through statutory contributions, production discipline and modern governance,” he said when wrapping up the debate on the KWAN 2026 Bill in the Dewan Rakyat today.
He said the contribution rate set at 0.1 percent was a minimum rate and the obligation to contribute to intergenerational savings needed to remain robust across fiscal cycles and successive governments.
Therefore, the rate can only be changed by Parliament itself through an amendment Act, and any government that wants to change it must return to the Dewan Rakyat, he said.
— BERNAMA
