It said in the event of a necessity to join the NDB, Malaysia would need to be ready to contribute to it, which would add to the country’s financial commitments.

“The country needs to take into account the government’s policy to limit the national debt to 65% of the gross domestic product and only rely on local financial agencies, given that Malaysia has achieved the status of a graduate country among other multilateral development banks,” it said in a written reply on the Dewan Negara website.

It was responding to a question from senator Ros Suryati Alang about whether Malaysia would apply to become a member of the China-based NDB following the announcement of it becoming a partner country of BRICS.

The prospect of Malaysia joining the NDB was discussed by the economy minister with NDB president Dilma Rousseff during a meeting on the sidelines of the Heads of State and Government in the BRICS Outreach/BRICS Plus Conference in Kazan, Russia.

Miti said NDB membership was open to all United Nations members regardless of their standing as a BRICS member country or otherwise.

It said a comprehensive cost and benefit analysis was needed to determine whether Malaysia would enjoy the benefits of NDB membership.

“This analysis will consider the membership requirements, financial commitment, and voting power of Malaysia in the NDB,” it said.

Miti also said the government would need to hold engagement sessions with the relevant stakeholders, including economic and development agencies, to obtain feedback to ensure that NDB membership was in line with the country’s development priorities.

“As an initial preparation, Malaysia can apply to be an observer in NDB board meetings.

“This step will give Malaysia the opportunity to get a clear picture of NDB’s operations and governance before officially joining it,” it said.