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.
