Sarawak looks to set up sovereign wealth fund

Sarawak Chief Minister Abang Johari Abang Openg says the state government will set up a sovereign state fund to ensure the future of younger generations.

Speaking at a press conference yesterday, he said the fund would guarantee that the state maintained its financial position.

“The proposal to set up a sovereign fund will be implemented after we appoint experts who will advise us on how to do this and to manage the wealth professionally,” he said.

A sovereign wealth fund was among the pledges in the 34-point manifesto announced by Gabungan Parti Sarawak for the 12th state election.

Abang Johari, who is Parti Pesaka Bumiputera Bersatu (PBB) president, said the party would also set up a new youth wing for those aged 18 to 28.

He said this would facilitate the state’s economic development plan for 2030, specifically for the youth.

“We will amend our constitution at the PBB convention so that we can form a new youth wing,” he said.

“We need young people to help us manage society because we are facing an ageing population.”

He added that the state government would assist Sarawakians in the peninsula affected by the recent floods, urging them to contact Rumah Sarawak.