Latest news with #PublicSectorFinancialTransformationConference2025
The Sun
2 days ago
- Business
- The Sun
Sarawak aims to adopt Nordic financial strategies for economic growth
KUCHING: Sarawak Premier Tan Sri Abang Johari Tun Openg has called for the state to adopt the disciplined financial practices of Nordic countries to secure long-term economic stability. He highlighted Finland, Sweden, and Norway as examples of nations excelling in fiscal management despite smaller populations. 'Norway discovered oil in the North Sea much later than Malaysia did in 1910, yet today it is a wealthy nation,' he said. Abang Johari noted Norway's high standard of living as proof of effective financial governance. 'That is why we must closely examine how we manage our finances,' he added. Speaking at the Public Sector Financial Transformation Conference 2025, he stressed Sarawak's need to wisely manage its revenue. The state government has established the Sarawak Sovereign Wealth Future Fund to ensure sustainable financial planning. 'Whatever money we have, we do not spend it lavishly,' he stated. He emphasised redistributing income, including oil revenue, to benefit the public effectively. – Bernama
New Straits Times
2 days ago
- Business
- New Straits Times
'Sarawak to continue investing in infrastructure, social capital as it's fiscally strong'
KUCHING: Premier Tan Sri Abang Johari Openg today gave his assurances that, despite the global headwinds, Sarawak remains fiscally strong with a healthy cash reserve in place. As such, he said, the state government will continue to invest in long-term infrastructure and social capital. "We will also continue to pursue revenue reengineering through mechanisms like the State Sales Tax, carbon trading framework and public-private partnerships (PPP)," he said in his address at the Public Sector Financial Transformation Conference 2025 here. Abang Johari said the strength of the state government's financial management determines its ability to deliver services, invest in infrastructure, address inequality, and ensure intergenerational equity. "We cannot talk about financial transformation without reforming the way we govern and deliver value," he said, explaining the reasons the state government is investing in digitalisation of procurement, budgeting, and payment systems. Abang Johari, who is also the state finance and new economy minister, said the Sarawak government is also investing in data-driven decision-making through Sarawak ID and digital government platforms. He said the state government is promoting transparency through audit reforms and open data initiatives. He added that financial transformation is not just an accounting exercise but about building trust, credibility and citizen confidence in public institutions. Abang Johari said, for Sarawak, financial transformation is not a choice, but a necessity. "It underpins our journey toward becoming a high income, low-carbon state by 2030," he said. He added that effective public finance is key to mobilising resources, improving governance, and aligning the state's policies with the demands of environment, social and governance (ESG), digitalisation, and citizen expectations. He urged all state ministries, departments, agencies, statutory bodies and government-linked companies to embed performance and outcomes into every budget and embrace digital tools to enhance transparency and efficiency. Abang Johari also asked them to invest in talent development and capacity-building and champion accountability as a shared responsibility.
