The continuous increase in revenues for Sarawak is a clear sign of a thriving economy, according to Datuk Dr Madeline Berma, an economist.
She noted that the State Budget for the current year is expected to yield a surplus of RM238mil, with a total allocation of RM10.797bil for 2023.
“Sarawak’s income has surpassed RM5bil, and the projected revenue for this year is expected to exceed RM11bil,” she stated when contacted by New Sarawak Tribune on today (Aug 10).
With this surplus, Madeline explained that the Sarawak government gains fiscal flexibility to address the needs of its citizens.
“This surplus allows the government room and capacity to address what is essential for the state and its people.
“Higher revenue empowers the state to counter inflation and the rising cost of living, generate more employment and economic prospects, and construct high-quality, world-class infrastructure.
“These include institutions of higher learning, hospitals, roads, bridges, housing, and poverty alleviation efforts,” she elaborated.
Madeline expressed her hope that a significant portion of the increased revenue would be utilised to alleviate poverty in the state.
“While Sarawak has seen a decrease in its poverty rate from 47.8 per cent in 1975 to nine per cent in 2022, it remains vital for the state to address poverty and narrow the wealth disparity between urban and rural populations, as well as between Sarawak and Peninsular Malaysia.”
Highlighting the impact on businesses, she highlighted that increased revenue can foster stronger economic growth, leading to more investment spending, enhanced productivity, innovation, and job creation.
She commended Sarawak’s economic performance, citing credit rating agencies Moody’s and Standard & Poor’s (S&P), which assigned the state ratings of A3 and A- with stable outlooks, respectively.
“These ratings reflect the state’s sound financial performance and prudent budgetary practices. They also affirm Sarawak’s commitment to maintaining growth momentum.”
Furthermore, Madeline mentioned Sarawak’s Post Covid-19 Development Strategy 2030 (PCDS 2030), which aims to propel the state toward becoming a digitally advanced nation by 2030.
