KUALA LUMPUR — Malaysia’s government on Wednesday enacted a new emergency law allowing it to use funds derived from oil and gas contributions to pay for vaccine procurement, as it looks to ramp up its COVID-19 vaccination program.
The ordinance will allow the government access to use the 17.4 billion ringgit ($4.23 billion) parked under the national trust fund to secure vaccines “for an epidemic of any infectious disease,” according to the law published in the federal gazette.
The trust fund, which takes contributions from state energy company Petronas and others involved in petroleum exploitation, was set up to support infrastructure and other development and provide federal…
Keep on reading: Malaysia taps oil-backed trust fund to pay for vaccines