BY ALEXANDRA LORNA & JAMES WONG
KUCHING: The state’s financial framework needs to be restructured to guarantee Sarawak’s long-term prosperity and financial stability.
Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg articulated a vision for a consolidated state asset and a sovereign fund modelled on international exemplars.
“We must prudently and professionally manage our assets. I urge people to delve into this initiative.
“Our goal is to establish a unified state asset that can collaborate with the private sector, yet the state must retain autonomy in managing its assets,” he expressed during his speech at the closing ceremony of the 26th Sarawak United People’s Party (SUPP) Triennial Delegates Conference (TDC) at Dewan Sa’ati, SUPP Headquarters here on Sunday.
Drawing parallels to Singapore’s Temasek Holdings (Private) Limited and GIC Private Limited, Abang Johari elucidated that Sarawak’s sovereign fund would adopt a distinctive structure inspired by Norway’s model.
He underscored that the fund will be shielded against misuse, with stringent policies ensuring its enduring nature.
“Subsequent governments will be unable to access it. They cannot withdraw from it. We have to allocate between RM400 million and RM600 million annually to our sovereign fund.
“And our sovereign fund will be answerable solely to the State Legislative Assembly (DUN), not to me, but to the DUN.
“Transparency in reporting. This way, the public will be informed about how we are managing our funds for the future,” he further elaborated.
Abang Johari emphasized that the fund would lay the financial groundwork for future generations, embodying the state’s dedication to sustainable development.
“In essence, we have structured our economy not just for the present but also for the future, including the younger generation. Your sole responsibility is to uphold our stability,” he concluded.
