By Shikin Louis
KUCHING, Nov 21: The Sarawak Legislative Assembly (DUN) has today passed the ministerial motion seeking approval to authorise the withdrawal of funds from the Sarawak Consolidated Fund for appropriation to the Sarawak Sovereign Wealth Future Fund.
The motion was presented by Deputy Premier Datuk Amar Douglas Uggah Embas who is also Second Minister for Finance and New Economy and Minister for Infrastructure and Ports Development.
He stated that Article 33(1)(c) of the State Constitution provides that no monies shall be withdrawn from the Consolidated Fund unless they are authorised to be issued by a resolution passed by the DUN for the purpose of investment.
Article 33(1)(c) of the State Constitution mandates DUN approval for withdrawing funds from the Consolidated Fund, specifically for investment purposes.
Section 6 of the Sarawak Sovereign Wealth Future Fund Board Ordinance 2022 outlines the DUN’s authority to authorise withdrawals from the Consolidated Fund for a fixed period of up to 30 years.
“In view of the operationalisation of the Sarawak Sovereign Wealth Future Fund Board that shall commence on 1st January 2024, it is appropriate that the authority be given for the withdrawal of funds from the State Consolidated Fund for appropriation to the Sarawak Sovereign Wealth Future Fund for a period of 20 years in the manner (as follows); up to RM8 billion for year 2024, up to RM300 million annually from year 2025 to 2028, up to RM550 million annually from year 2029 to year 2033, and up to RM650 million annually from year 2034 to year 2043,” he said when tabling the motion during the DUN sitting here today.
The motion was seconded by Deputy Minister in the Premier’s Department (Law, MA63 and State-Federal Relations) Datuk Sharifah Hasidah Sayeed Aman Ghazali. — DayakDaily