Don’t be a fake economist, Uggah tells Chong

KUCHING (Dec 3): Sarawak’s financial fundamentals remain strong and sound, validated by the international credit rating agencies Moody’s and S&P, as well as by domestic credit rating agency RAM, said Datuk Amar Douglas Uggah Embas.

The Deputy Premier said the state has received 23 consecutive years of Clean Auditor-General Certification up to Financial Year 2024, and has established the Sarawak Sovereign Wealth Future Fund to secure long-term fiscal
resilience.

“If there truly were ‘hidden debts’ as alleged by Ahli Yang Berhormat for Padungan, these independent agencies would have reflected such concerns through downgrades.

“They did not because no such hidden debts exist. It is all being made up and imagined by Ahli Yang Berhormat for Padungan,” he said when winding up his ministerial speech.

Uggah, who is Second Minister of Finance and New Economy, urged Chong Chieng Jen (DAP-Padungan) to refrain from portraying himself as an economist or an accountant when making statements that mislead the public.

“He is a lawyer by profession, and I hope he will not risk further undermining the credibility of his own fraternity. Don’t be a fake economist.

“If Ahli Yang Berhormat for Padungan wishes to speak on economics, perhaps he should question why the national Public Debt to GDP ratio stands at around 65 per cent instead of constantly attacking Sarawak, where our ratio is only 11.5 per cent.

“Why does he continue to selectively put Sarawak down? Is he not proud of Sarawak?”

Uggah also chided Chong for repeatedly questioning the state’s development borrowings, accusing him of twisting figures and creating confusion over Sarawak’s budgeting framework.

“He has deliberately mixed up operating expenditure, development expenditure, and alternative funding projects, resulting in a confused and inaccurate conclusion because he did not bother to read the Command Paper that we have tabled, which shows clearly how we got the surplus of RM144 million.

“He goes further to imply that borrowing for development is somehow improper. This is completely misguided.”

Uggah explained that borrowing for development is common practice, strategic and responsible, practised by advanced economies such as Japan, South Korea, Singapore and China, and that delaying infrastructure only increases long-term cost.

“Why is Ahli Yang Berhormat for Padungan so consistently allergic to development? Is he anti-development? Every time Sarawak builds roads, water systems, digital infrastructure, ART (Autonomous Rapid Transit), and hydrogen facilities, Ahli Yang Berhormat for Padungan cries, “bankrupt”!

“If we had listened to him five years ago, there would be no Pan Borneo, no digital economy expansion, no hydrogen industry, no ART project, no rural transformation initiatives, and no major bridges linking our communities,” he said.

“Sarawak would be so far behind and our people will not be able to enjoy the fruits of development.”

The exchange prompted a sharp response from Chong, who stood to reject what he described as personal attacks, insisting he had never opposed development.

He said his original question was simple — to clarify the total borrowings undertaken by state-owned companies, the interest charges, and annual repayments — and accused Uggah of avoiding the issue.

The Deputy Premier dismissed the claims, saying Chong’s argument stemmed from a misunderstanding of how the state manages its development funding and accounting processes.

“I never said the state government has no debt. Alternative funding is part of the debt. That is why just now I informed you that our debt ratio to GDP is 11.5 per cent compared to the federal’s 65 per cent.

“The rest of the information you need is already in the Command Paper,” he said.

Brushing aside Chong’s continued interjections, Uggah remarked: “More is your imagination. Maybe after losing Sabah, you have so many imaginations.”

He emphasised that under the stewardship of the Premier, Sarawak’s finances remain strong, internationally recognised, and on a sustainable path.

“We will not allow fear-driven narratives to hold us back. We will build. We will grow. And we will secure a prosperous, future-ready Sarawak for the next generation,” he said.