Moody's, Standard and Poor reaffirm Sarawak's A3 and A- rating, says Deputy Premier

Deputy Premier Datuk Amar Douglas Uggah with his winding-up speech at the Sarawak Legislative Assembly on Wednesday (Nov 29). - ZULAZHAR SHEBLEE/The Star

KUCHING: Sarawak has been accorded a clean certificate for its public accounts for the 2022 financial year, says Deputy Premier Datuk Amar Douglas Uggah.

He said this marked the 21st consecutive year of clean records for the state, demonstrating its good governance and prudent financial management.

"This achievement is not just any milestone but a consistent narrative of sustained commitment to financial excellence by the Gabungan Parti Sarawak (GPS) government," he told the Sarawak Legislative Assembly when winding up matters related to the Finance and New Economy Ministry on Wednesday (Nov 29).

Uggah also said international rating houses Moody's and Standard and Poor's had reaffirmed Sarawak's ratings at A3 and A- respectively, while Rating Agency Malaysia maintained its Triple A rating for the state.

He said Sarawak's ability to maintain high investment-grade credit ratings was testimony of its sound financial performance, underpinned by strong reserves and good budgetary practices.

"I would like to take this opportunity to thank all the state civil servants for steadfastly practising good financial management and governance, while also urging them to continue maintaining professional ethics and the highest level of integrity.

"At the same time, my ministry will continue to ensure excellent financial management of the state by adopting international best practices, managing risks and performance and robust internal control," he said.

Uggah also said the Sarawak Sovereign Wealth Future Fund (SWF) was scheduled to commence operations early next year.

He said SWF served to support the state's economic resilience moving forward and sustain its fiscal position through revenue diversification and creation of ample reserves to replace oil and gas revenues in future years.

"With prudent management, the state can establish natural hedging against the disruptive effects of fluctuating commodity prices and future eventualities.

"This will also strengthen Sarawak's financial sustainability and ultimately create an endowment and security for our future generations," he said.