ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print
COVID vaccines

Malaysia defends tapping oil-backed fund to buy COVID vaccines

Finance minister says there is 'no choice' as Najib and others blast move

A woman receives a COVID-19 vaccine in Subang Jaya, Malaysia, on April 26.   © Reuters

KUALA LUMPUR -- Malaysia's government says its "tight" finances require special measures to fund expenditures, after coming under fire for tapping a reserve trust fund backed by state energy company Petroliam Nasional (Petronas) to pay for COVID-19 vaccines.

Finance Minister Tengku Zafrul Abdul Aziz on Monday told reporters there is nothing inappropriate about the move to draw roughly 5 billion ringgit ($1.22 billion) from the National Trust Fund, a dedicated reserve for future development created in 1998.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more