Sarawak Premier Tan Sri Abang Johari Openg (second right) launching the Public Sector Financial Transformation Conference in Kuching on Wednesday (Aug 6). - ZULAZHAR SHEBLEE/The Star
KUCHING: Sarawak remains fiscally robust despite global challenges, with a strong cash reserve and strategic investments, according to Tan Sri Abang Johari Openg.
The Premier noted that the state government continues to invest in long-term infrastructure and social capital while pursuing revenue reengineering through mechanisms such as the state sales tax, carbon trading framework, and public-private partnerships.
Revenue reengineering involves reviewing funding sources and integrating alternative sources to finance people-centric projects.
"We have invested significantly in building basic infrastructure like bridges, roads, water supply, and power. These are essential amenities needed to spur economic activities that will increase stakeholders' income," he said at the Public Sector Financial Transformation Conference on Wednesday (Aug 6).
Abang Johari highlighted Sarawak’s adoption of a development-centric fiscal policy, guided by fiscal prudence and discipline.
The policy's principles include result-based budgeting, diversification of revenue streams, and investment in catalytic sectors and the green economy.
He emphasised that Sarawak's public finance system must integrate sustainability considerations into planning, budgeting, and reporting.
"We need to adopt green budgeting, sustainable procurement, and measure ESG (environmental, social, and governance) impact. A sustainable future cannot be built on unsustainable finances. We must ensure that every ringgit spent delivers long-term impact," he said.
Abang Johari urged ministries and government agencies to incorporate performance and outcomes into their budgets and use digital tools to enhance transparency and efficiency.
He also called for investment in talent development and promoting accountability as a shared responsibility.
"Let us work together to ensure that Sarawak's public finance system is modern, resilient, and future-ready. The future of Sarawak's economy depends on how well we manage our public finances today," he added.
