The DUN has approved the motion to authorise the withdrawal of funds from the State Consolidated Fund for the purpose of appropriation to the Sarawak Sovereign Wealth Future Fund. — Bernama photo
KUCHING (Nov 21): The State Legislative Assembly (DUN) has approved the motion to authorise the withdrawal of funds from the State Consolidated Fund for the purpose of appropriation to Sarawak Sovereign Wealth Future Fund.
Deputy Premier Datuk Amar Douglas Uggah Embas, who moved the motion, said Article 33(1)(c) of The Constitution of The State of Sarawak provides that no money shall be withdrawn from the Consolidated Fund unless they are authorised to be issued by a resolution passed by the DUN for the purpose of investment.
The Second Minister for Finance and New Economy Sarawak also said Section 6 of the Sarawak Sovereign Wealth Future Fund Board Ordinance 2022 provides that the DUN may, by a single resolution, authorise the withdrawal of such amount from the State Consolidated Fund as the DUN thinks fit, for each year within a fixed period not exceeding 30 years from the date of coming into force of the Ordinance.
According to him, such resolution for the purpose of making the initial appropriation or any annual appropriation shall stipulate the manner, the amount and the timing for the transfer of the funds authorised to be appropriated to the Fund.
“In view of the operationalisation of the Sarawak Sovereign Wealth Future Fund Board that shall commence on Jan 1, 2024, it is appropriate that the authority be given for the withdrawal of funds from the State Consolidated Fund for appropriation to the Sarawak Sovereign Wealth Future Fund for a period of 20 years in the manner stated below:
i. Up to RM8 billion for Year 2024;
ii. Up to RM300 million annually from 2025 to 2028;
iii. Up to RM550 million annually from 2029 to year 2033, and;
iv. Up to RM650 million annually from 2034 to year 2043,” he said.
The motion was seconded by Deputy Minister in Sarawak Premier’s Department (Law, Malaysia Agreement 1963 and State-Federal Relations) Datuk Sharifah Hasidah Sayeed Aman Ghazali.
It was unanimously passed after it was put to vote by Speaker Tan Sri Datuk Amar Mohd Asfia Awang Nassar.