THE narrative on the Government’s usage of the National Trust Fund (KWAN) to help the vaccination rollout in Malaysia has been hijacked by selfish, irresponsible individuals.

In fact, KWAN was actually created for situations like this. As mentioned by then-deputy finance minister Mohamed Farid Ariffin in tabling the bill in 1985: It was a measure to prepare us for future uncertainties.

What bigger uncertainty are we facing right now if not this pandemic? When KWAN started back then, the situation we are facing now is exactly such an instance that was intended to be used for.

No one knows what to expect from the pandemic. Right now, some companies like Pfizer are even suggesting that current vaccine shots are not enough and there will be a need to take yearly booster shots. Mind you, all these will incur additional costs.

The RM3 bil earmarked for the vaccine program under Budget 2021 was just an estimation made at that time. Now that we are learning new things daily about the virus and how best to handle it, we will need to pump more money into our efforts to combat it.

This is the reason why the costs keep increasing. Malaysians must understand that this is not a situation that is set in stone. Our decisions and needs will change, guided by data and science.

Some have also suggested for the Government to borrow to cover the costs of the vaccine purchase. Firstly, borrowing on such a large scale, whether from the domestic market or through foreign instruments will take time, which we cannot afford. We need the money quickly and urgently to purchase the vaccines as the supply might run out.

Not to mention that the Government is almost reaching the national debt ceiling – thanks in no part to the huge amounts of debts amassed during the previous two administrations. We are in a tight fiscal space right now and adding on more debt will not only impact our debt repayments in the years to come but also adversely impact the debt burden of future generations.

Funny how the latter does not get mentioned as much when the detractor’s suggest borrowing. Whereas, when the Government does so, these hypocrites are the first to take the moral high road and chastise the Government as evidenced recently by the “debt ceiling” issue.

It goes to show how there is no winning with those who offer criticism for the sake of criticism with nothing constructive to add. Their intentions are evident – it is not to see the country improve but to clamour for much needed attention to feed their voracious appetite for self-aggrandisation.

And it is not like KWAN has never been used before. In 1998, RM42 mil was used for the Projek Paya lndah Wetlands.

No one knows what the future holds but what we can do – and have done – is to prepare for the worst-case scenario. Right now, we are knee-deep in a situation that sent governments of even the most developed economies scrambling for a solution.

After one year, we are seemingly inching closer to a long-term solution via the vaccine. Therefore, our focus should be on making the vaccine rollout more efficient and ensuring we have an adequate supply of vaccines to inoculate the population.

In doing the latter, the Government would have to spend a fair deal of money. And the money won’t be lost forever, as it is invested in the rakyat. The more Malaysians are vaccinated, the quicker we get back to normalcy and the faster the economy recovers. Then, the money can be returned back to KWAN for when it is needed next.

That is just how a “rainy day” fund works. What amazes me is that there are people out there who can take at a necessary action like this, spin it out of control and politicize it for their own selfish gain. So, let us just stop making this a big deal and focus on getting our lives back on track in the post-pandemic world. – April 29, 2021

CK Chee is an entrepreneur who runs his own architectural firm

https://focusmalaysia.my/opinion/have-people-forgotten-what-kwan-is-actually-for/