KUALA LUMPUR: Dewan Rakyat today passed a proposal for Malaysia to contribute US$27 million (RM118.8 million) to the 18th fund replenishment programme of the International Development Association (IDA) for 2018 to 2026.
The proposal was passed by a majority voice vote after it was tabled by Deputy Finance Minister Datuk Othman Aziz.
Othman when tabling the proposal under Section 5 of the International Development Association Act 1960 (Act 431) said the contribution would be made in instalments of over nine years with US$3 million for each year to minimise cash outflow abroad.
“The contribution is aimed at retaining the country’s membership and voting power percentage in IDA. The percentage of voting powers of Malaysia in IDA till 2016 was 0.36 per cent,” he said.
In 2014 Malaysia became an IDA donor country in the 17th IDA fund replenishment exercise for US$27 (RM118.8 million) from July 2014 to June 2017. Before this, Malaysia’s contribution as a founder member began in 1971 to 2014 with a total accumulated contribution of US$16.7 million (RM73.48 million).
He said the decision for Malaysia to continue as an IDA donor country was in line with the status of the country as a middle income nation.
Dewan will sit again tomorrow (April 5). --Bernama