SIBU – Parti Sarawak Bersatu (PSB) president Datuk Seri Wong Soon Koh has questioned the veracity of the RM1 trillion by 2044 projection for the Sarawak sovereign wealth fund.
He also sought confirmation from Premier Tan Sri Abang Johari Openg that the fund would begin next year with an initial appropriation of RM8 billion.
“I would like to seek confirmation from the premier if indeed the sovereign fund will start next year with an initial appropriation of RM8 billion.
“And 20 years later, it would jump to one trillion, as mentioned by (Deputy Premier Datuk Seri) Dr Sim (Kui Hian).”
On Thursday, Dr Sim, who is Sarawak United Peoples’ Party (SUPP) president, had said during former assistant minister Datuk Dr Soon Choon Teck’s 80th birthday celebration that the sovereign fund would start operating next year with an initial RM8 billion.
“Twenty years later, the fund would jump to RM1 trillion,” Dr Sim, who is public health, housing and local government minister, had said.
“Only Sarawak has such a fund. It will make Sarawak wealthy. This is because the people of Sarawak are united.”
The Sarawak Sovereign Wealth Future Fund Board Bill 2022, which seeks to establish a state fund in order to maximise returns from the state’s surplus capital reserves through investments, was passed during the state assembly sitting on November 22, 2022.
Abang Johari had said that the Sarawak sovereign wealth fund would 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.
The premier had also said the fund would 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.
“The initial appropriation to the fund will be at RM8 billion with subsequent annual appropriations of RM300 million annually from year two to year five; RM550 million annually from year six to year 10; and RM650 million annually from year 11 to year 20,” he told the august house then. – Borneo Post Online, March 20, 2023
