In a landmark initiative to future-proof its economy, Sarawak has signed a strategic agreement with the World Bank and Malaysia’s Federal Government, marking the start of major reforms in State-Owned Enterprise (SOE) governance and public financial management. “With stronger governance and modern financial management aligned with international best practices, we are laying the foundation for sustainable prosperity. By strengthening financial management and safeguarding revenues, the State is ensuring that today’s prosperity supports sustainable growth and creates opportunities for future generations, including higher-quality jobs. Zafer Mustafaoğlu, World Bank Division Director for the Philippines, Malaysia, and Brunei, said, “Sarawak is demonstrating bold leadership in reforming SOEs and enhancing public financial management. The World Bank is proud to provide Sarawak with global expertise and proven best practices.”This agreement builds on Sarawak’s ongoing collaboration with the World Bank, which began in 2022 with analytical studies on SOEs and the implementation of results-based budgeting.