Support for Sarawak’s Financial Transparency: Wilfred Yap Refutes Chong’s Claims

suppadmin | December 7, 2025

Kota Sentosa assemblyman Wilfred Yap has rejected the recent claims by YB Chong Chieng Jen, saying the allegations about contradictory state debt figures are based on outdated information and a misunderstanding of Sarawak’s financial structure.

Yap said Chong had combined the maximum borrowing limits of several state owned companies and presented the total as Sarawak’s debt, which he described as inaccurate. According to him, many of these borrowings are project based and are repaid through the projects themselves, not from the state budget.

He said the Deputy Premier Datuk Amar Douglas Embas had already clarified in the DUN sitting that Sarawak’s actual official debt is around 11 percent of the state’s GDP, which is among the lowest in Malaysia. In comparison, Yap noted that federal government debt stands at about RM1.32 trillion with a debt to GDP ratio of 65.3 percent as of end September 2025.

Yap added that Chong used figures from 2023 to criticise explanations given in 2025, even though loan amounts change over time due to repayments, refinancing or undrawn portions. He also said the sukuk and loan numbers quoted by Chong refer to maximum approved limits rather than the actual amounts borrowed.

He pointed out that MARC Ratings has maintained Sarawak’s sub sovereign credit rating at AAA with a stable outlook. The rating reflects strong fiscal buffers, consistent surpluses, and stable political representation.

The Deputy Premier has also confirmed that Sarawak has once again received a Clean Certificate from the Auditor General for the 2024 Public Accounts, marking the twenty third consecutive year the state has earned this recognition. Yap said this demonstrates transparency and integrity in the state’s financial management.

He stressed that Sarawak has strong revenue and healthy reserves, and that borrowings under the Alternative Funding Model are used for real development including water supply upgrades, rural roads, coastal protection, digital infrastructure and other long term projects. He said it is wrong to suggest the state is hiding debt or spending irresponsibly.

Yap explained that there is no contradiction in the figures presented by the Deputy Premier, and that the confusion arose because Chong mixed up official state debt with the borrowing capacity of project companies or SPVs. He said these entities are regulated, audited and publicly reported.

Yap said Chong should stop using fear, confusion and selective interpretation to score political points. He added that both the Premier and Deputy Premier have already explained the matter clearly in the DUN, and it is irresponsible for Chong to continue misleading the public.