The Sarawak government is collaborating with the World Bank to undertake a study to review the existing statutory bodies and government-linked companies’ (GLCs) regulatory and monitoring framework.
Deputy Premier Datuk Amar Douglas Uggah Embas said 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, and 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,” he said.
Uggah, who is also Second Finance and New Economy Minister said this in his winding-up speech at the State Legislative Assembly (DUN) sitting yesterday.
Earlier, he said the state government is embarking on the transformation of the State’s Public Financial Management in its effort to enhance governance, accountability and efficiency in our service delivery.
“As part of this financial transformation initiative, the state government is undertaking the transformation of the statutory bodies and government-linked companies 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,” said Uggah.