By Amanda L
KUCHING, Nov 17: Sarawak will uphold stringent financial discipline to prevent the kind of debt now weighing on the federal government, said Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg.
He highlighted Malaysia’s national debt of RM1.3 trillion as a cautionary example of the risks posed by overspending and borrowing without proper safeguards.
According to Abang Johari, Sarawak’s long-term strategy centres on prudent management of resources through savings, investment, and consumption.
“The key to financial stability lies in the prudent management of all assets, both liquid and tangible. This requires a careful balance between saving, controlling expenditure, and making strategic investments, which together form the foundation of sustainable revenue management,” he said at the Development Bank of Sarawak’s (DBOS) Integrity Day at a hotel in Kuching, today.
The Premier explained that major development projects, including upgrades to rural and urban infrastructure, are planned according to the State’s actual financial capacity, ensuring Sarawak avoids the fiscal challenges faced at the national level.
He also noted that Sarawak has strengthened its revenue base through energy transition programmes, downstream processing, and carbon-related investments. These initiatives enable the State to remain financially independent while improving connectivity, utilities, and social services for communities across Sarawak.
Abang Johari added that institutions such as DBOS play a critical role in managing public funds prudently and channelling them into projects that deliver long-term economic benefits.
Transparent governance and fiscal discipline, he said, are essential to prevent liabilities that could compromise future development.
He emphasised that global uncertainties, rising construction costs, and volatile markets make careful financial planning even more vital. By keeping debt at manageable levels, Sarawak retains the flexibility to withstand external economic pressures.
“The way we protect our future is by spending within our means and investing where the benefits are clear. Strong institutions will keep Sarawak on a stable footing,” he said. —DayakDaily
