KUCHING: The Sovereign Wealth Fund (SWF) is set to begin with an initial capital of RM8 billion, indicating the state’s solid financial standing.
According to Parti Rakyat Sarawak (PRS) Youth chief Datuk Snowdan Lawan, this achievement is the result of continuous financial improvements and new sources of income. One such source is the revenue generated from sales tax.
“For years, people have talked about the possibility of this fund. It’s been a long time coming, but now it’s real. We should fully support it,” Snowdan told New Sarawak Tribune yesterday.
The fund will officially start its operations in January 2024. This will put Sarawak back on the global financial stage, especially among members of the International Forum of Sovereign Wealth Fund (IFSWF).
“This move will showcase Sarawak’s financial strength in the worldwide financial market and demonstrate its capability in financial management,” he said.
He also expressed confidence in the newly nominated members of the Board of Guardians.
“We believe that their expertise will help the fund grow over time. Their management skills will drive our investments forward,” Snowdan said.
Importantly, the main purpose of this fund is to benefit future generations.
