SHAH ALAM, Dec 2 — Selangor State Executive Councillor for Industry and Trade Datuk Teng Chang Kim today said that the state's reserve funds stands at RM3.354 billion and it would be used for state economic development, covering administration costs, and disaster management efforts.
He explained that the RM3.354 reserve funds come from Consolidated Fund (RM1.234 billion) and Consolidated Trust Account (RM2.12 billion).
He said this in response to Seri Kembangan assemblyman Ean Yong Hian Wah’s question about the status of Selangor’s reserve funds status in today’s state legislative assembly.
When asked about how would the funds be used for the benefit of society, Teng said that the money would be allocated for state affairs.
“State reserve funds are used for purposes such as building the economy, covering state administration costs, funding programmes that empower people such as Iltizam Selangor Penyayang, and assisting our effort in disaster management.
“The management and planning of the state reserve funds are always based on the good for the people in Selangor,” said Teng in the state assembly this morning.
