Malaysian Finance Minister Lim Guan Eng announced that Malaysia's Hope Fund, known as Tabung Harapan Malaysia (or THM), will be officially closed on Dec. 31, 2018.

Public-spirited Malaysians, who still wish to contribute their own money to help pay off the government's public debt, must do so before then.

Malaysians have so far donated RM199,140,218.80 (S$65.3 million) to the fund as of Dec. 23, 9am, according to The Star Online.

National debt stands at RM1 trillion

The national debt in Malaysia stands at RM1 trillion (RM1,000,000,000,000).

RM200 million is 0.02 percent of RM1 trillion.

"The government appreciates every cent donated. This shows the people are concerned and united in helping the Government settle the national debt issue," said Lim in a statement on Dec. 24.

Lim added that the donations were tax-deductible.

The fund was set up shortly after the Pakatan Harapan coalition was voted into power in May 2018.

In the same month, Lim revealed that Malaysia's national debt exceeded RM1 trillion (S$344.5 billion).

Lim also said: "Although the RM1 trillion debt surpasses the THM proceeds, the government appreciates the Rakyat's solidarity in addressing the national debt issue. The government hopes for this spirit not to fade and can be maintained forever."

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Top image from Lim Guan Eng's Facebook page