Sarawak’s economy to grow 5 pct next year — Wong
KUCHING: Sarawak’s economy is projected to grow at five per cent in 2019 due mainly to higher injection in public investment attributed to the implementation of major infrastructure projects, says Second Finance Minister Dato Sri Wong Soon Koh.
Wong, in his ministerial winding- up speech yesterday, said such projects included rural transformation initiatives, walkabout projects, road network, water and electricity supplies.
“In addition, there wil l be several other infrastructure projects undertaken by Recoda to be implemented under three development agencies, namely, Highland Development Agency (HDA), Upper Rajang Development Agency ( URDA), and Northern Region Development Agency ( NRDA), as well as the on- going Pan Borneo Highway project.”
He also noted several salient points about the State Budget 2019.
He said, in summary, the State Budget 2019 emphasises the fol lowing strategies: a development- biased and rural focused, in which RM9.073 billion or 76 per cent will be allocated for development purpose while RM2.841 billion or 24 per cent for operating expenditure.
“From the total development expenditure of RM9.073 billion, 67 per cent of RM6.049 billion is al located for projects and programmes in the rural areas,” he said.
This strategy is pivotal in meeting Sarawak’s aspiration in accelerating its development to be at par with that of Peninsular Malaysia, nar rowi ng t he development gaps between urban and rural areas, improving the wel l- being of the people especially the rural community, and achieving the vision of a high- income state by 2030, he added.
“Sarawak is set to achieve this aspiration through intensifying development plan by stepping up the implementation of high impact and people- centric projects. This is to open up more rural areas for productive economic activities and providing greater job opportunities for our youth as well as to enhance the livelihood of our rural community, and to eradicate poverty.
“It is our ultimate goal to ensure the fruits of our development effort are enjoyed by all Sarawakians, and to ensure long-term economic resilience of the state .”
Other measures to be taken in ensuring the achievement of the aspiration will include continuing with socio- economic and rural transformat ion initiatives, continue to drive digital initiatives as one of the key thrusts for Sarawak’s future economy, continue to accelerate economic development through further broadening investment that wi l l create sustainable long-term economic growth.
The government wi l l also continue to facilitate the private sector as the main engine of growth, particularly the Small Medium Entrepreneurs ( SMEs) who are contributors to the economy, as well as continuing efforts in enhancing government service delivery with the implementation of more e-government initiatives and increasing the level of competency of its workforce.
Wong added that the budget would accelerate Sarawak’s economic progress to the next level and further propel its economy to eventually become an advanced state by 2030.
“The ‘ bold and well-thoughtout 2019 State Budget’ tabled and presented by Chief Minister Datuk Patinggi Abang Johari Tun Openg will be able to meet the aspiration of the people of Sarawak, especially the rural community.
“The budget proposal is indeed an extraordinary budget with large development budget and record revenue projection for 2019.
“Sarawak’s revenue for 2019 is projected at RM10.513 billion, an increase of RM3.547 billion compared to the revenue estimates of RM6.966 billion for 2018.
“For 2019, total ordinary expenditure estimates are RM10.391 billion. From this RM2.841 billion is for recurring expenditure while RM7.550 billion is for appropriation to the Statutory Fund.
“Based on the projected revenue and total Ordinary Expenditure, the 2019 Budget is anticipated to register a surplus of RM122 million.”
Wong added that the development expenditure estimates for 2019 is comparatively large – RM9.073 billion.
“This is the largest ever budget in the history of Sarawak and we are confident that such level of development budget will further propel Sarawak’s economic progress particularly in the rural areas with provision of necessary infrastructure facilities and amenities,” he added.