PUTRAJAYA, May 30 — The government today announced the formation of a public crowdfunding effort for Malaysians to donate and help the country’s economy.

Prime Minister Tun Dr Mahathir Mohamad said the crowdfund, dubbed Malaysia’s Hope Fund (Tabung Harapan Malaysia), was formed following concern from fellow Malaysians over the economic mismanagement by the former Barisan Nasional government.

"There were many citizens, after knowing how bad is the economic state of the country, who were willing to donate to the government.

"We welcome this patriotic move by the people and we thank them,” he told the media after chairing the Cabinet meeting here.

In order to ensure the donations reach the responsible party in the government, Dr Mahathir said all funds would be channelled to and managed by the Finance Ministry.

Meanwhile, its minister Lim Guan Eng in a statement said all funds would be systematically and transparently managed through said trust fund.

He said only donations in ringgit will be accepted, which can be transferred to Maybank Banking Berhad account number, 566010626452, under the account name Tabung Harapan Malaysia.