KUALA LUMPUR, Oct 29 — The Cabinet has agreed to cease collections for the Tabung Harapan Malaysia on December 31, nearly seven months after it was first set up.

Finance Minister Lim Guan Eng revealed that as of 3pm today, some RM196.3 million have been collected from various individuals, organisations and bodies. These include the interest from fixed deposit investments administered by the National Audit Department.

"An external auditing firm has also been appointed to audit the Tabung Harapan account, in line with Section 7 of the Audit Act 1957, to ensure it has been managed with integrity and in order," he said in a statement.

Lim also praised and thanked the Yang di-Pertuan Agong Sultan Muhammad V for contributing to the fund, in reference to the King's decision to cancel celebrations for his official birthday on September 9 and return the funds to the government via Tabung Harapan.

"Although the amount donated by the rakyat cannot compare to the RM1 trillion debt inherited by the Pakatan Harapan government from scandals including 1MDB and Tabung Haji, the fund remains a symbol of their loyalty and patriotism to resolve the national debt.

"Since its inception, all layers of society have contributed through various means, realising the rakyat's solidarity with the government in ensuring the country's fiscal standing improves," he said.