Sarawak State Assembly passes budget for 2023

01/12/2022 05:23 PM

KUCHING, Dec 1 (Bernama) -- The Sarawak State Legislative assembly today approved the 2023 state budget amounting to RM10.797 billion after it was debated and winded up.

Speaker Tan Sri Mohamad Asfia Awang Nassar said the proposed Supply Bill (2023) was approved with a majority vote.

On Nov 21, Sarawak Premier Tan Sri Abang Johari Tun Openg tabled the budget which is expected to generate a surplus of RM238 million with a projected revenue of RM11.035 billion and a total ordinary expenditure of RM10.797 billion.

The proposed budget, themed “Sarawak First: Towards an Inclusive, Prosperous and Harmonious Society,” is anchored on five principles, which include developing a more robust, competitive, and equitable economy.

Meanwhile, Abang Johari in his winding-up speech on the budget today said the first regulated forest carbon project will commence in Sarawak in the first quarter next year. 

He said this initiative will be driven by the private sector entities with the technological know-how and financial resources to ensure the success and sustainability of these projects.

“Sarawak, because of its stable geological formations, has the biggest carbon storage capacity in offshore areas. It is estimated that Sarawak has 30 trillion cubic meters of carbon storage capacity in the seabed of its continental shelf. 

“Rules will soon be drafted by the State Cabinet to regulate forest carbon activities and the storage of carbon dioxide in both the offshore and onshore areas of Sarawak. These activities will yield tradable carbon credits and provide a new source of revenue for Sarawak,” he said.

-- BERNAMA