KUALA LUMPUR - In welcoming the RM12.4 billion increased budget for the Borneo states, Deputy Prime Minister Datuk Seri Fadillah Yusof wants to focus on the effective implementation of the funds.
He said the funding would not serve its purpose if the implementation was inefficient and did not reach its goals.
“For the annual grants there are always increases, but more importantly is the focus on its implementation.
“Although allocations are made, if the implementation is inefficient, the funding will not reach its targets.
“This is what our focus should be on now, which is to ensure the funds reach the targeted groups and are effectively used,” he told a press conference after the tabling of Budget 2024 in parliament today.
Prime Minister Datuk Seri Anwar Ibrahim had earlier said that Sabah will be receiving RM6.6 billion while Sarawak RM5.8 billion, bringing the total to RM12.4 billion under Budget 2024.
The two Borneo states received RM11.7 billion in Budget 2023.
Kota Kinabalu MP Datuk Chan Foong Hin hailed the transfer of regulatory power over electricity supply to Sabah and the implementation of the hybrid solar energy generation and construction of the electrical transmission line networks in southern Sabah.
He also welcomed the RM1.1 billion allocation to address among others the water supply problems in Kota Kinabalu as one of the projects earmarked in the allocation.
Senator Datuk Seri Anifah Aman also welcomed the allocation, stating that the Federal Territory of Labuan will benefit in terms of repairs to damaged water pipes and upgrades on other water related infrastructure across the island.
Anifah is the Labuan Corporation Chairman and the Senator for Labuan.
“I would like to thank the Prime Minister for this budget allocation. This shows that he cares for the people of Labuan and wants to solve their woes,” said Anifah.
Anifah also thanked Yang di-Pertuan Agong Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah for His Majesty’s concern towards the problems faced by the people of Labuan and Sabah.
“His Majesty took time to tour the whole of Borneo and listened to the voices of the people. He even read all letters given to him and shared them with the Prime Minister, ensuring that the voices of the people are heard,” he said.
Anifah said that he had always brought issues faced by the people of Labuan to the attention of the Federal Government and that the people of Labuan had suffered for a long time due to the lack of clean water supply.
Anifah also commended the Government’s efforts to support the development of the Labuan International Business and Financial Centre (IBFC) as a fully Shariah-compliant Islamic financial hub.
The Prime Minister announced that a full tax exemption will be given for five years to Labuan entities which conduct financial activities or trade related to Islamic Finance.
Anifah said that this incentive will definitely boost Labuan’s potential to attract financial technology (fintech) investors who specialise in Islamic finance.
“The five-year tax exemption is a good incentive to attract investors into Labuan to conduct financial or trade activities related to Islamic Finance.
“When investors of this sector come into Labuan, it will spur the economy, creating high-value jobs and producing economic spinoffs,” he added.
Among the activities listed in the Budget are Islamic digital banking, Islamic digital exchange, and the issuance of Islamic digital tokens.
On Sabah, Anifah, who is also Special Advisor on International Relations and Foreign Investment to the Chief Minister thanked the Prime Minister for the allocation of RM6.6 billion in development funds for Sabah.
He also lauded the devolution of regulatory power on electricity supply to the State Government which was in line with the Malaysia Agreement 1963.
“With the empowerment to regulate electricity, I hope that Sabah Electricity Sdn Bhd (SESB) will be able to solve electricity supply issues in Sabah and in Labuan,” he added.
Anifah also expressed appreciation for the allocation of RM7.4 billion for Phase 2 of the Sabah Sarawak Link Road (SSLR). - The Vibes, October 13, 2023
