By Shikin Louis
KUCHING, Dec 8: Sarawak will advance its economic restructuring efforts by allocating RM400 million to RM600 million annually to the Sarawak Sovereign and Future Wealth Fund (SSWF), says Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg.
He emphasised the importance of managing Sarawak’s assets prudently and professionally, which is why the State government has announced plans to establish a consolidated State asset management system and a sovereign fund inspired by Norway’s model.
“Singapore has Temasek Holdings (Private) Limited and GIC Private Limited, but we will have our own version of consolidated State assets.
“Our sovereign fund will be similar to Norway and it cannot be touched by any government after that for 20 years—they cannot withdraw the money.
“And we have to contribute between RM400 million to RM600 million per year to our sovereign fund,” he said when speaking at Sarawak United Peoples’ Party’s (SUPP) 26th Triennial Delegate Conference at Saati Hall, SUPP headquarters here today.
A recording of Abang Johari’s speech was made available to the press after the event.
He also mentioned that the sovereign fund will be reporting directly to the Sarawak Legislative Assembly (DUN) rather than the executive branch, to reflect transparency in managing the funds for the future.
“In other words, we have structured our economy not only for now but also for the future, including the young generations. Your (present generation) only duty for us is to maintain our stability,” he added. — DayakDaily
