KUCHING: The Sarawak Government will soon introduce its State Ownership Policy, aimed at strengthening the management of State assets through prudent governance and accountability.
Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg said the policy will be detailed during the upcoming State Budget session in November, noting that it marks an important step toward safeguarding and optimising the value of Sarawak’s assets.
“The State Ownership Policy is essentially a constitution of State assets. We unify and evaluate the value of our assets and then safeguard them through prudent management to ensure they grow in value,” he said to reporters after the Memorandum of Agreement (MOA) signing between the World Bank and the Ministry of Finance (MOF) on Result-Based Budgeting and SOES Transformation at Riverside Majestic Hotel today.
He stressed that good governance is central to the policy, noting that many of the State’s assets are managed under government-linked companies and various bodies, making strong oversight crucial to protect them and ensure accountability.
“When weaknesses are highlighted by the Auditor-General, they must be rectified immediately. This is what we mean by good governance,” he said.
On budgeting, Abang Johari revealed that the State has already implemented a Result-Based Budgeting (RBB) system, which departs from conventional practices by tying allocations directly to measurable outcomes.
“Once funds are allocated to an agency or project, there must be a tangible result at the end of the day.
“For example, when we allocate funds to the Kuching Urban Transportation System (KUTS), Sarawak Metro as the implementing agency must ensure the project is delivered according to schedule,” he said.
The Premier highlighted that this approach ensures transparency, prevents delays, and holds controlling officers accountable throughout the implementation process.
“By 2026, the results must be clear. If the project is not delivered, then it is a failure,” he said firmly.
In addition to RBB, the Premier said the government is also adopting accurate budgeting, which differs from conventional methods, though further details will be unveiled during the budget presentation.
“These policies are already being rolled out, but I will explain them in full during the State Legislative Assembly sitting,” he added.
