The prime minister said that Khazanah was not a private entity, in defending the government’s decision to allocate funds derived from GLICs in the national budget.
“Khazanah was set up to look after the interests of the people,” he said, adding that the sovereign wealth fund must strike a balance between profit and strategic national needs.
Anwar, who is also the finance minister, was speaking at the ministry’s monthly assembly here.
He said if Khazanah was a private entity, it could disregard national policies and be free to invest in China, India or the US.
“But that would not be right and would not make sense,” he added.
Anwar’s comments follow concerns raised by former economy minister Rafizi Ramli over the government’s decision to allocate funds derived from GLICs and government-linked companies in the 2026 budget.
“So we say, invest some here (in Malaysia) and make strategic investments,” he said, citing the solar and hybrid sectors as examples.
Last Friday, Anwar tabled a budget of RM419.2 billion, a RM2 billion decrease from the RM421 billion allocated for 2025.
He said GLICs would contribute RM30 billion in investments, along with RM10 billion in public-private investments and RM10.8 billion from federal statutory bodies and MoF Inc.
Anwar also dismissed claims that the use of RM600 million to restore Carcosa Seri Negara and several nearby heritage buildings in Kuala Lumpur, including blocks within the Sultan Abdul Samad complex, was a waste of funds.
The government previously said that the project aimed to preserve historical landmarks and promote urban renewal under the Warisan KL programme.
“We want Kuala Lumpur to be known as a modern city that still retains its culture,” Anwar said.
He urged critics, including from the opposition, to understand the context of the government’s investment in the heritage sector, calling it a strategic development to ensure balance between the economy, culture and national identity.
“The RM600 million isn’t welfare assistance. It’s an investment to preserve historical interest. They should understand that only the likes of Khazanah and Petroleum would be able to manage such a project.”