Malaysia to crowdfund debt
THE COUNTRY’S national debt amounts to around 80 per cent of its GDP. WITHIN 24 hours, Malaysia Hope Fund raised $2 million.
Kuala Lumpur: Malaysian Prime Minister Mahathir Mohamad who pledged to do his best to find money that went missing in a scandal under his predecessor Najib Razak is putting as his top priority getting the country’s $250 billion worth of debt under control. This week, he announced the government had found a way to at least get started: crowdfunding. Within 24 hours, the ‘Malaysia Hope Fund’ raised almost $2 million. “The rakyat (people) voluntarily want to share their earnings with the government to help ease the burden," the finance ministry said.
Kuala Lumpur, June 3: Malaysian Prime Minister Mahathir Mohamad who pledged to do his best to find money that went missing in a massive corruption scandal under his predecessor former prime minister Najib Razak is putting as his top priority getting the country’s $250 billion worth of debt under control.
This week, he announced the government had found a way to at least get started: crowdfunding.
Within 24 hours, the "Malaysia Hope Fund" raised almost $2 million, the BBC reported.
“The rakyat (people) voluntarily want to share their earnings with the government to help ease the burden,” the finance ministry said in a statement, announcing that it would be accepting donations to a special fund set up to help relieve the country’s debt.
The ministry asked all willing citizens to donate to the cause. The government hopes it can ride on the wave of patriotism Malaysians are feeling after the peaceful transition of power in May.
“There are many Malaysians who were willing to donate to the government when they found out how bad our country’s financial situation is,” the PM said. “We welcome their patriotic stand.”
The country’s national debt amounts to around 80 per cent of its GDP.
The crowdfunding idea started with a 27-year-old named Nik Shazarina Bakti, who recently launched a private crowdfunding initiative to help relieve Malaysia’s debt. She raised around $3,500. In a sense, the effort is a version of what she said Malaysians did for independence from Britain.
— Agencies