Top marks from AG proof of state’s transparent, responsible financial management
International Trade and E-Commerce Minister Dato Sri Wong Soon Koh browsing through his winding-up speech held by Transportation Assistant Minister Datuk Dr Jerip Susil at the State Legislative Assembly Complex yesterday. Joining them are (from left) Opar assemblyman Datuk Ranum Mina, Engkilili assemblyman Dr Johnichal Rayong and Dudong assemblyman Datuk Tiong Thai King.
KUCHING: Sarawak is once again accorded a ‘Clean Certificate’ for its Public Accounts by the Auditor General for 2016, says Second Finance Minister Dato Sri Wong Soon Koh.
He told the august House yesterday that this marked the 15th consecutive year of the state achieving a clean record which was a testimony of the state’s good governance practices.
It reflected that the management of the state’s financial affairs was conducted in a transparent, responsible and accountable manner, he said in his winding-up speech.
Wong said international rating houses namely Moody’s and Standard & Poor’s had maintained the state commendable investment-grade credit ratings of A3 and A-, respectively.
“These assigned ratings reflect a sustained record of sound financial management and performance, underpinned by strong reserves and prudent budgetary practices.
“The achievements as highlighted are the result of continuous good governance practices and a disciplined culture inculcated in the state financial management over the years,” he added.
He pledged that the state government would continue to adopt sound economic and financial policies as well as maintaining a healthy level of reserves to enable Sarawak to exercise fiscal and budgetary flexibility in managing its financial affairs.
To ensure sustainability of the healthy financial position of Sarawak, he said the state government would maintain its budgetary policy guidelines of development-biased budget with 70 per cent of allocation for development purposes.
Wong said the state government would also embark on digital economy as the key thrust of Sarawak’s future economy.
“This is to maximise the potential of digital technology to leapfrog the state’s economy and in the long run creating more opportunities and higher value to sustain the state’s healthy financial position.
“The state government will also continue to inculcate a culture of prudent financial management and strong financial discipline in managing our financial resources particularly on expenditure for operating purposes. At the same time instilling transparency, accountability and integrity in our work culture,” he added.
He pointed out that the state government would also utilise the Development Bank of Sarawak (DBOS) as an alternative mode of financing strategic projects and investment.
The minister also called for collective efforts of all government agencies and machinery to sustain the state’s financial credibility.
He also urged all statutory bodies and governmentlinked companies (GLCs) to take on the chief minister’s call with a stronger commercial approach as if they are in the business sector.
“This is of paramount importance for you to become financially self-sustaining and shall not be dependent on state’s financial support. Only in this way will you remain relevant and continue contributing to state development agenda,” said Wong.