Economy Will Be More Stable With Sovereign Fund Says Abang Johari

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Sarawak premier Abang Johari Openg said experts who have managed such funds, one from Europe and another from the US, will take care of the Sovereign Wealth Future Fund. (Bernama pic)KUCHING: The Sarawak economy is expected to become more stable and have surplus income from investments in the Sovereign Wealth Future Fund.
Sarawak premier Abang Johari Openg said he was confident with a total of RM8 billion deposited in strong financial institutions, the fund will continue to grow undisturbed for 20 years.
He said if the government does not withdraw any money for 20 years, the fund will grow like the prestigious Norwegian Fund.
“That’s why we have international members who have managed such funds, one from Europe and the other from the US,” he said, after holding a meeting with the board of trustees of the fund here today.
Abang Johari said the board of trustees will monitor and manage the fund according to world governance or the Santiago Principles.
“They have experience and integrity in management. I’ll leave the investment method to the experts.
“There are several important committees to assess the risks before they invest. Of course, they will look at the state of the market,” said Abang Johari, adding that the annual report of the results and management will be presented before the state legislative assembly annually.
Currently, he said Sarawak is a member of the London-based International Forum of Sovereign Wealth Funds, which is an important global institution. - FMT

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