Sarawak wealth fund could be ready for tabling by next assembly sitting

Sarawak Premier Tan Sri Abang Johari Tun Openg delivering his winding-up speech at the state legislative assembly on Thursday (May 26). — ZULAZHAR SHEBLEE/The Star

KUCHING: Sarawak's proposed sovereign wealth fund could be ready for tabling in the state legislative assembly's next sitting, says Tan Sri Abang Johari Tun Openg.

The Sarawak Premier said the fund was still a work in progress, with more studies needed to ensure that the best model and international standards were adopted.

"I would like to emphasise that the key principles for our own sovereign fund, moving forward, must be good governance with a well-defined regulatory framework and greater transparency and accountability.

"If things work out, maybe we will present it to this House in November," he told the state legislature in his winding-up speech on Thursday (May 26).

ALSO READ: Sarawak Sovereign Wealth Fund will be established with State Assembly approval, says Abang Johari

Abang Johari said the sovereign wealth fund was meant to build up the state's financial reserves for young Sarawakians.

"Sarawak will be able to strengthen our future financial capacity to compensate for the potential loss of future revenue from depleting oil and gas resources," he said.

ALSO READ: Sarawak seeks to adopt Norway’s sovereign wealth fund model

Previously, Abang Johari said Sarawak would engage with Norway to set up and manage a sovereign wealth fund from oil and gas revenue based on the Nordic country's model.

He had said the state was keen to learn from Norway's experience of managing the world's largest sovereign wealth fund.

Meanwhile, Abang Johari also said the state government would intervene within its power and means to cushion the impact of rising food prices.

In this respect, he said a discount on electricity tariffs would be introduced for food producers and retailers, including coffee shops and restaurants, to reduce their cost of doing business.

"I expect this will mitigate the market price of food," he said.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Next In Nation

Trip to UK was fruitful, delegates saw original MA63 docs, says Ongkili
Tajuddin’s tell-all shows much has been kept from the public, says Dr M
Hamzah to meet up Mohamaddin over move to quit Bersatu
Training available for tourism operators in Kunak to uplift the industry
Ongkili to step down in three years, gives PBS time to prep successor
Cops: Almost 600 drug raids made on KL nightclubs since 2019
Motorcyclist killed in hit-and-run accident near Nilai
Man jailed three years for exposing nephew to drugs
Gang leader’s brother leads police to rifle, ammo hidden in chicken coop
‘Datuk’ sought by cops over cheating cases involving almost RM2mil

Others Also Read