Sovereign investment fund being studied

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THE state government is still studying the idea of establishing its own sovereign investment fund, said Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg.

He said more studies had to be carried out to ensure the best model and adoption of robust international standards.

“By establishing the sovereign investment fund, we will build up our financial reserves for young Sarawakians,” he said in his winding up speech at the DUN sitting today.

He added that Sarawak would be able to strengthen its future financial capacity to compensate for the potential loss of future revenue from the depleting oil and gas resources.

“I would like to emphasise that the key principles for our very own sovereign fund is that it must be of good governance with well-defined regulatory framework, greater transparency and accountability,” he said.

Meanwhile, as of today, Sarawak, the Premier added, had witnessed significant progress in the negotiations on the Malaysia Agreement (MA63). The state had achieved several accomplishments, particularly, on the amendment to Article 1(2) of the Federal Constitution which had restored the status of Sarawak and Sabah as before the amendment to the Federal Constitution in 1976.

“Despite the accomplishments, we should not rest on our laurels. We must continue to fight to preserve our interests and rights from Putrajaya to develop our beloved Sarawak to be on par with the rest of Malaysia in terms of development,” he stressed.

Abang Johari earlier said,” The negotiation on the MA63 is always close to our heart in the GPS government.

“We have been actively negotiating with the federal government to restore Sarawak’s rights as stipulated in the Malaysia Agreement 1963 (MA63),” he added.

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