KOTA KINABALU, Nov 17 — Gabungan Rakyat Sabah (GRS) has mooted a Sabah Sovereign Wealth Fund as part of its “Sabah Forward” thrust in its election manifesto.
The fund, to be set up by a state enactment, is for long-term financial sustainability aimed at securing future income streams for the state’s next generations, GRS deputy secretary-general Datuk Armizan Mohd Ali said today.
“The fund’s initial capital would come from a portion of Sabah’s state reserves, which is at RM8.6 billion as of September 2024, and to be seeded yearly by a portion of Sabah’s 40 per cent special grant from Putrajaya which we are confident of resolving soon.
“The fund is to ensure the sustainability of Sabah’s finances for future generations, through strategic investment of current income, assets, and non-renewable resources into long-term financial returns,” he said.
The wealth fund will be managed by a board combining government representatives and independent experts from finance, investment, and legal sectors, ensuring professional oversight.
“We are not leaving decisions solely to the state government. Experts will advise on best practices to maximise impact,” Armizan said.
He highlighted GRS’ track record of financial management as part of its manifesto and said the coalition plans to continue till it hits the targeted RM10 billion revenue by 2030.
“We have already seen a jump in revenue from RM3.25 billion between 2020 and 2024 – a 90.5 per cent increase – which gives us the confidence to set higher targets,” Armizan said.
Between 2020 and 2024, Sabah’s revenue rose from RM5.4 billion to RM8.6 billion, almost double that of past administrations.
Armizan stressed the importance of practical implementation over rhetoric.
“Parties may promise initiatives in their manifestos, but without fiscal capacity, these promises cannot be delivered. GRS has proven it can generate sustainable revenue while investing for the long-term future of Sabah.”
Through the SMJ framework, GRS aims to continue building momentum to stabilise and strengthen the state’s socio-economic position, ensuring financial security and opportunities for the next generation of Sabahans.
The GRS manifesto also emphasises economic growth and socio-economic development under four key pillars: Sabah First, Sabah Forward, Sabah Prosper, and SMJ.
Each with four strategies designed to advance the state’s economy while improving the welfare of its people.
Areas of focus include the blue economy, tourism, decent income, affordable housing, and infrastructure.
