An aerial view of the Sarawak State Legislative Assembly – Photo by Roystein Emmor
KUCHING (Dec 1): The Sarawak government is collaborating with the World Bank to undertake a study to review the existing statutory bodies and government-linked companies’ (GLCs) regulatory and monitoring framework, said Deputy Premier Datuk Amar Douglas Uggah Embas.
He said this study is expected to be completed by the first quarter of 2023.
“As a renowned financial institution, the World Bank has provided various financing, policy advice, and technical assistance mainly to governments of developing countries.
“With their expertise and wide experience, I believe we can get the best out of the World Bank in our financial transformation initiative,” he told the august House at the State Legislative Assembly (DUN) Sitting.
He said from the outcome of this study, the state government will formulate a comprehensive State Statutory Bodies and Government-Linked Companies (GLCs) Transformation Blueprint in the next phase of the study.
The Second Finance and New Economy Minister in his ministerial winding-up speech said in efforts to enhance governance, accountability and efficiency, the Sarawak government is embarking on the transformation of the state’s public financial management.
He said as part of this financial transformation initiative, the state government is undertaking the transformation of the statutory bodies and government-linked companies through strengthening governance and monitoring framework as well as performance management guidelines.
“This initiative will help to enhance their competitiveness whilst performing their respective roles in facilitating the state’s development agenda through increasing their efficiency and financial resilience,” he said.