SARAWAK has maintained an impressive record of 20 consecutive years with clean financial statements, a testament to its commitment to good governance practices and solid financial standing.
Datuk Amar Douglas Uggah Embas proudly announced that the state has once again received an unqualified report for its financial accounts for the year ended Dec 31, 2021, from the Auditor-General of Malaysia.
This achievement was reinforced by the international and domestic rating agencies, which had reaffirmed Sarawak’s commendable investment-grade credit ratings. Moody’s and Standard & Poor’s affirmed the state’s ratings at A3 and A- with a stable outlook, respectively.
“Other than that, Rating Agency Malaysia (RAM) assigned Sarawak a credit rating of AAA. These ratings reflect the state’s sound financial performance and prudent budgetary practices in managing its finances.”
The Second Minister for New Economy and Finance expressed his gratitude to the state’s civil servants for their continuous commitment to upholding good financial management and governance practices.
“I would like to assure the House that my ministry will continue to ensure prudent financial management by adopting international best practices, leveraging digital technologies, and enhancing the professionalism and competency of our officers.”
In another significant development, he mentioned that Sarawak had embarked on the development of the Sarawak Accounting System (SAS) from 2020 to the present.
SAS, which was implemented on Jan 3 this year, replaces the existing State Integrated Financial, Budgeting, and Accounting System (SIFBAS).
“The new system consists of 20 modules and serves as an integrated financial administration system, including budgetary, financial management, and accounting components.
“It interfaces with various other systems, such as asset management, project management, revenue collection, banking, and administrative systems.
“SAS not only facilitates efficient public financial management but also prepares the groundwork for the implementation of accrual accounting basis in line with Malaysian Public Sector Accounting Standards,” said the Deputy Premier in his ministerial winding-up speech on the final day of the DUN session on today (May 24).
“The system generates robust reports on the state’s financial performance, enabling quick decision-making, improving accountability and transparency, and providing comprehensive information for measuring government machinery efficiency and promoting good governance in resource utilisation.”
