By Shikin Louis
KUCHING, April 20: The Sarawak Sovereign Wealth Future Fund (SSWFF) has grown to RM8.6 billion from its initial RM8 billion seed capital, marking steady progress in the State’s long-term financial strategy aimed at securing intergenerational wealth.
Premier of Sarawak Datuk Patinggi Tan Sri Abang Johari Tun Openg said the fund is designed as a disciplined, long-term investment vehicle that will remain untouched for 20 years, allowing it to grow through compounding returns.
“Our sovereign fund has yielded results. As mentioned just now, we are now at RM8.6 billion, with a seed capital of only RM8 billion. And we are not going to touch that money for 20 years.
“So that money will be saved, and then it will multiply. And that will become a guarantee for the future generation in Sarawak,” he said during a press conference held in conjunction with the GPS Convention 2026 at the Borneo Convention Centre Kuching (BCCK) yesterday (April 19).
He also stressed that while development remains a priority, Sarawak must maintain high fiscal discipline and avoid unnecessary or excessive expenditure.
“The only thing is, if we have increased revenue, we do the saving. While we have to develop, we spend prudently. Our fiscal policy must be of high discipline.
“And we just don’t spend lavishly, but we concentrate on the strategic sector of Sarawak in the future,” he added.
The SSWFF was established following the passing of the Sarawak Sovereign Wealth Future Fund Board Bill 2022 in the Sarawak Legislative Assembly in November 2022, which enabled the State to inject an initial RM8 billion from the State Consolidated Fund as seed capital.
Under its funding structure, the fund will receive subsequent annual appropriations of RM300 million per year from Year 2 to Year 5, RM550 million per year from Year 6 to Year 10, and RM650 million per year from Year 11 to Year 20.
— DayakDaily
