By Ashley Sim
KUCHING, Dec 1: Sarawak has been awarded a ‘Clean Certificate’ for its Public Accounts for 2021, marking the 20th consecutive year of clean records.
Second Minister for Finance and New Economy Datuk Amar Douglas Uggah Embas, emphasised that the State’s clean records are a clear testament to its good governance practices and prudent financial management in managing its financial affairs.
“These assigned ratings by the rating agencies and clean certificate by the Auditor General of Malaysia reflect a sustained record of the State’s sound financial performance, underpinned by strong reserves and prudent budgetary practices.
“The achievements as highlighted are also the result of the highly disciplined culture inculcated in managing our financial resources over the years,” Uggah said in his ministerial winding-up speech at the State Legislative Assembly (DUN) sitting here today.
Uggah, who is also the Deputy Premier of Sarawak, noted that the State has always been upholding and maintaining good governance practices to achieve and sustain its sound financial position.
“Moody’s and Standard & Poor’s have reaffirmed the State’s ratings at A3 and A-, respectively.
“Moreover, Rating Agency Malaysia has also maintained Sarawak’s credit rating of AAA with a stable outlook.
“This is in spite of the fact that we have been facing unprecedented economic challenges in the past two years due to Covid-19 pandemic,” he stated.
Furthermore, Uggah, who is also the Bukit Saban assemblyman, noted that the State government is embarking on the transformation of the State’s Public Financial Management.
“As part of this financial transformation initiative, the State government is undertaking the transformation of the Statutory Bodies and Government-Linked Companies (GLCs) through strengthening governance and monitoring framework, as well as performance management guidelines.
“This initiative will help to enhance their competitiveness whilst performing their respective roles in facilitating the State’s development agenda through increasing their efficiency and financial resilience,” he added.
He went on to say that currently, the State government is collaborating with the World Bank to undertake a study to review the existing Statutory Bodies’ and GLCs regulatory and monitoring framework.
“As a renowned financial institution, the World Bank has provided various financing, policy advice, and technical assistance mainly to governments of developing countries.
“With their expertise and wide experience, I believe we can get the best out of the World Bank in our financial transformation initiative. This study is expected to be completed by the first quarter of 2023.
“From the outcome of this study, the State government will formulate a comprehensive State Statutory Bodies and GLCs Transformation Blueprint in the next phase of the study,” Uggah added. — DayakDaily
