Sovereign wealth fund to start when all systems ready

Fazzrudin speaks to reporters. – Photo by Chimon Upon

KUCHING (Nov 23): Sarawak’s Sovereign Wealth Fund will get off the ground when the relevant agencies or committee entrusted to execute the formation of the fund is ready, said Fazzrudin Abdul Rahman.

According to the Tupong assemblyman, the passing of the Sarawak Sovereign Wealth Future Fund Board Bill 2022 during the State Legislative Assembly (DUN) sitting yesterday shows that the Gabungan Parti Sarawak (GPS) is fulfilling what is promised in its manifesto in the recent state election.

“The creation of the fund is also a visionary step by the Sarawak Premier to make sure that the state continues to have a sustainable income for the future generation we have promised the people of Sarawak before the previous state election,” he told reporters at the DUN Complex yesterday.

The Sarawak Sovereign Wealth Future Fund Board Bill 2022 seeks to establish a state fund in order to maximise returns from the state’s surplus capital reserves through investments.

Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg, when tabling the bill, said that the Sarawak Sovereign Wealth Fund will be placed under the management and custodianship of a body corporate established under this Bill to be called the Sarawak Sovereign Wealth Future Fund Board.

He said the fund will be managed in a professional and transparent manner by members of the Board of Guardians comprising experts and professionals in the field of finance and investment.

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