Dewan Rakyat Passes KWAN 2026, Statistics 2026 Bills To Strengthen Governance, Modernise Legal Framework
KUALA LUMPUR, July 21 (Bernama) -- The Dewan Rakyat sitting, which was adjourned on July 16, 2026, saw the passage of the National Trust Fund (KWAN) Bill 2026 and the Statistics Bill 2026, aimed at strengthening more disciplined withdrawals and clearer governance, as well as establishing a more modern and comprehensive legal framework.
The Second Meeting of the Fifth Session of the 15th Parliament sat for 16 days, beginning on June 22.
The National Trust Fund (KWAN) Bill 2026, passed on July 16, is intended to strengthen the fund's legal foundation to ensure more consistent inflows, more disciplined withdrawals, clearer governance and accountability, while establishing a long-term financial reserve for future generations of Malaysians.
The bill was tabled by Deputy Finance Minister Liew Chin Tong.
He said that after nearly four decades, KWAN's assets stood at RM22.43 billion at the end of 2024, with Petronas remaining the fund's only voluntary contributor, having contributed RM13.5 billion.
The contribution rate stipulated at 0.1 per cent is the minimum rate, and the obligation to contribute to intergenerational savings must remain firm across fiscal cycles and successive governments.
He explained that the rate can only be amended by parliament through an amendment Act, and any government seeking to change it must return to the Dewan Rakyat for approval.
Withdrawals from KWAN may only be made for unforeseen needs involving the three purposes provided for under the Act, namely education, healthcare, and climate change mitigation and adaptation, he added.
Meanwhile, the Statistics Bill 2026, which was also passed on July 16, is intended, among other things, to replace the Statistics Act 1965 (Act 415), which has been in force for 61 years.
Economy Minister Akmal Nasrullah Mohd Nasir, who tabled the bill, said the updated legislation would enable the production of data and statistics that more accurately reflect the country's current social, economic and environmental conditions.
A National Statistics Council will be established as the principal advisory body to provide guidance and direction on statistical matters, assess and endorse statistical standards and procedures in Malaysia, and carry out other functions under the Act.
He said the bill was also drafted based on recommendations, guidelines and international best practices issued by the United Nations (UN), the United Nations Statistical Commission (UNSC) and the United Nations Economic Commission for Europe (UNECE).
It also strengthens data confidentiality protections in line with the United Nations Fundamental Principles of Official Statistics, which recognise confidentiality as one of the core principles of official statistics.
Earlier, the Dewan Rakyat also approved a motion on July 15 to transfer RM14.5 billion in remaining proceeds from the Malaysian Government Investment Issues (MGII) issuance for the January-May 2026 period into the Development Fund (KWP).
Deputy Finance Minister Liew Chin Tong said the Development Fund's financing sources comprise transfers from the Consolidated Revenue Account, the Consolidated Loan Account, loan repayments, and various receipts for development purposes.
In general, transfers from the Consolidated Loan Account to the Development Fund consist of proceeds from the issuance of Malaysian Government Securities (MGS), Malaysian Government Investment Issues (MGII), Treasury Bills and external borrowings.
Among the issues discussed during the sitting were investments by the Retirement Fund (Incorporated) (KWAP), particularly in eFishery, which fell victim to an organised fraud following the manipulation of financial reports by the management of the Indonesian startup.
Also raised were the government's liabilities related to 1Malaysia Development Bhd (1MDB), with the government having settled RM42.5 billion in 1MDB's debts and commitments, while RM20.1 billion remains outstanding if there are no further recoveries in the future.
The Dewan Rakyat sitting was adjourned until a date to be determined.
-- BERNAMA