Sarawak assembly approves using state revenue for sovereign wealth fund

KUCHING, Nov 21 — The Sarawak state assembly this evening approved a motion to authorise the withdrawal of funds from the State Consolidated Fund over a 20-year period for the purpose of appropriation to Sarawak Sovereign Wealth Future Fund Board.

Deputy Premier Datuk Amar Douglas Uggah Embas, in tabling the motion, said since the operation of wealth future fund board will commence on January 1, 2024 it is appropriate that the authority be given for the withdrawal of funds.

“Up to RM8 billion will be appropriated from the consolidated fund for the year 2024,” Uggah, who is also the second minister of finance, said.

He said up to RM300 million to be appropriated annually from 2025 to 2028 and RM550 million annually from 2029 to 2033 and RM650 million annually from 2034 to 2043.

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He said pursuant to Article 33(1)(c) of Sarawak and Section 6 of the Sarawak Sovereign Wealth Future Fund Board Ordinance, 2022, the state assembly has to authorise the withdrawal of funds from the consolidated fund.

He said Article 33(1)(c) of the State Constitution provides that no moneys shall be withdrawn from the Consolidated Fund unless they are authorised to be issued by a resolution passed by the State Assembly for the purpose of investment.

He added Section 6 of the board ordinance provides that the state assembly may by a single resolution authorise the withdrawal of such amount from the consolidated fund as it thinks fit, for each year within a fixed period not exceeding 30 years.

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