Proposal for setting up of Oil Fund

KUCHING: The State Government should consider in setting up a Sarawak Sovereign Fund or Oil Fund as a backup just in case the oil and gas resources are all vanished.

This was said by Piasau Assemblyman Datuk Sebastian Ting in his debate speech on the Oil Mining (Amendment) Ordinance Bill, 2018 during the State Legislative Assembly (DUN) Sitting, here yesterday.

Ting said such fund was to provide a financial security for Sarawak in case there is an unforeseen economic challenge.

“The fund is also to ensure that the future generations continue to benefit from the oil and gas revenue,” he said.

He further said the Oil Fund will be used to invest in stocks, bonds, and real estate abroad and locally for higher return of investment.

“I believe that our Development Bank of Sarawak (DBOS) should be the right government arm to handle such investment,” he stressed.