The move follows the efforts of Malaysians, especially young people such as law enforcement, Nik Shazarina Bakti who have managed to raise funds of RM13,476.57 through the Please Help Malaysia campaign on the GoGetFunding platform.
In its efforts to ensure systematic donations and donations are systematically funded, the Trust Fund Malaysia is created and managed by the Ministry of Finance itself with the amount of collection updated daily on the ministry's website.
The existence of the Malaysian Trust Fund was reviving the events that took place at the Meng Seng Hall, Bendahara Street, Melaka on 18 April 1954, where people donated jewelry, money and other items to finance the fare of Tunku Abdul Rahman and his entourage to London to persuade The British free Malaya.
The patriotic spirit of the people in helping to build a country in financial turmoil has also occurred in South Korea.
In 1907, the Korean Empire owed Japan with 13 million won or about a year's national budget. To help, men quit smoking while women sell their beloved jewelry.
In 1998, nearly a quarter of the population, 3.5 million Koreans collected 226 tons of gold valued at US $ 2.2 billion within two months. The gold is poured into gold bars and sent to the International Monetary Fund (IMF) to pay the country's debt. Interestingly, the effort has helped the state repay US $ 58 billion loan by August 2001.
Though regarded as a noble effort involving the people, there are also those who argue that the People's Funds Fund is not the best way to reduce national debt.
According to Senior Lecturer of Faculty of Economics and Management, Universiti Putra Malaysia, Mohd. Yusof Saari, government debt is not a threat to the economy as long as it is used and managed for productive use.
"For example, if debt is used to finance infrastructure development projects such as highways and public transport lines, it is considered a productive investment that benefits the nation.
"What is most important is the country's ability to pay the debt, and Malaysia does not have any problems paying for the national debt," he said.
He stressed that debts are paid in installments or stages in the long term.
"I think that there is no need to create the People's Hope Fund because according to national standards, the national debt is only 50.8 per cent of Gross Domestic Product (GDP) or equivalent to RM686.8 billion.
"The ratio of debt to GDP ratio is much lower compared to Japan and Singapore which are 253 per cent and 110 per cent respectively," he said.
Mohd. Yusof added, Malaysia's Hope Fund is only ad-hoc and short-term, but it depends solely on donors and no sustainability.
"What is more important is that the government rejuvenates the economy so that tax revenue increases," he said, adding that the fund's efforts could continue and voluntarily.
He said the involvement in the People's Trust Fund should be directed at corporate and individual companies with excessive wealth.- KOSMO 09 June 2018