More stable economy from Sarawak sovereign fund - Abang Johari

The Sarawak economy is expected to become more stable and have surplus income from investments by its sovereign wealth fund.

Sarawak Premier Abang Johari Openg said he is confident with a total of RM8 billion deposited in strong financial institutions, the fund will continue to grow undisturbed within 20 years.

“Unless we face a war and a crisis that requires funds, but based on normal circumstances, we don’t touch the fund for 20 years, which means this fund will grow like the Norwegian (sovereign wealth) fund.

“That’s why we have international members who have managed such funds, one from Europe and the other from the United States,” he said, after holding a meeting with the board of trustees of the fund in Kuching today.

Abang Johari said members of the board of trustees will monitor and manage the fund according to world governance standards, including the Santiago Principles that promote good governance, accountability, and transparency.

“They have experience and integrity in management, I leave the investment method to the experts. There are several important committees to assess the risk before they invest.

“Of course, they will look at the state of the market,” said Abang Johari, adding that the annual report of the results and management will be presented before the State Legislative Assembly annually.

Currently, he said Sarawak is a member of the London-based International Forum of Sovereign Wealth Funds (IFSWF).

- Bernama

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