BY NOOR SYAHHIRA HADY & SARAH HAFIZAH CHANDRA
THE Sarawak Sovereign Wealth Future Fund Bill will be tabled in the third session of the first term of the 19th Sarawak Legislative Assembly (DUN).
“Whilst we are continuously managing and dealing with the current development issues, we are also thinking about tomorrow, about the long-term interests and welfare of all Sarawakians.
“We must ensure that we have a steady stream of income from our reserves so that our future generations will not lose out, instead they will also prosper like their forefathers.
“This is in fact a prerequisite for improving intergenerational wellbeing of our people,” said Minister for Finance and New Economy, Datuk Patinggi Tan Sri Abang Johari Tun Openg.
He said this when tabling the Supply (2023) Bill, 2022 at the DUN sitting on yesterday (Nov 21).
Explaining further, he said that the fund would not only enable Sarawak to maximise its capital but also prepare it in mitigating the impact of its depletable natural resources, especially oil and gas.
In light of this, he shared that in the revenue reengineering of dividend policy, his administration would continue to undertake revenue reengineering to increase its coffers to meet ever-increasing development needs.
“One of the latest initiatives is the introduction of a standard dividend policy which requires State Government Linked Companies (GLCs) to declare an annual dividend of at least 10 per cent of its Profit After Tax (PAT).
“The implementation of this dividend policy would also inculcate financial discipline, promote performance-driven culture, and create a greater sense of accountability among all GLCs.”
On carbon trading, Abang Johari pointed out that the role of forests in climate change mitigation and carbon sequestration had provided opportunities to explore the potential of new sources of income through carbon trading and Payment for Ecosystem Services (PES).
“Through forest carbon activities, the state is expected to tap into a new source of revenues. Presently, the state government is in the process of preparing mechanisms and regulations related to carbon trading in Sarawak.”
