Pkr Moots Sovereign Fund To Manage Sabah S Resources

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The party's Sabah chief, Mustapha Sakmud, says the proposal will be included in Pakatan Harapan’s manifesto for the coming Sabah polls.
Sabah PKR chief Mustapha Sakmud said the fund will be similar to a Sarawak fund set up to safeguard and invest the state’s funds for future generations. (Wikipedia pic)PETALING JAYA: Sabah PKR has proposed the setting up of a sovereign fund to “systematically and transparently” manage the state’s resources, including its entitlement to a 40% share of net federal revenue collected from the state
Sabah PKR chief Mustapha Sakmud said the proposal will be included in Pakatan Harapan’s manifesto for the Sabah elections, which proves the coalition’s commitment to fulfil the demands stipulated by the Malaysia Agreement 1963.
He said such an approach has been implemented in many countries, and had also been adopted by Sarawak, with the Sarawak Sovereign Wealth Future Fund, which was set up to safeguard and invest the state’s funds for the future generations.

“This fund which we propose will be the next step forward once we have agreed on a revenue-sharing formula. And it is an idea that needs to be debated in the state assembly.”
“We want the assemblymen to look into this plan and how it would be used,” he told FMT in an exclusive interview.
Mustapha said a thorough vetting and review was needed to ensure the funds are spent prudently instead of it merely benefiting certain quarters.
He said despite Sabah receiving funds from the federal government in the past, the state continues to be plagued by water woes, blackouts and poorly maintained roads.
Last month, the Kota Kinabalu High Court reaffirmed Sabah’s constitutional right to 40% of new federal revenue derived from the state.
The issue over Sabah’s entitlement prompted Upko to withdraw from Pakatan Harapan and its president, Ewon Benedick, to resign from the Cabinet because of the stance of the Attorney-General’s Chambers.
On Tuesday the Attorney-General’s Chambers said it intended to appeal against “defects” in the court’s grounds of judgment.
Ewon said the AGC ignored the historical basis of Malaysia’s formation. He also said that “an appeal is an appeal” and it justified his decision to resign from Cabinet.
However, Mustapha said the AGC’s review of the judgment was being done to protect the federal government and prevent future complications. - FMT

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