(Bloomberg) — Indonesia Finance Minister Sri Mulyani Indrawati, a former World Bank managing director, said she was asked by President-elect Prabowo Subianto to stay in her current role in his administration.
Most Read from Bloomberg
Indrawati confirmed the offer as dozens of potential cabinet candidates emerged from a marathon meeting with the incoming Indonesian leader on Monday. Asked by reporters whether she has accepted, the country’s rockstar economist who once served as executive director of the International Monetary Fund, smiled and said: “We will help as much as possible.”
Prabowo said all attendees expressed willingness to join his team. The finance minister will likely consult with her family, said Sufmi Dasco Ahmad from Prabowo’s team, who added that until the incoming president’s oathtaking on Oct. 20, “everything is still dynamic.”
“Everyone understands that we have to work well, work hard, work as a team in a current world atmosphere full of uncertainty,” Prabowo told reporters after the meeting that lasted for more than six hours.
Gaining Indrawati’s support is a win for Prabowo as it could soothe investors worried over policy uncertainty and fiscal slippage that may arise from the new leader’s spending plans to turbocharge growth in Southeast Asia’s largest economy. The former IMF and World Bank official was seen as a steady hand, especially in ensuring the country’s fiscal health, for much of Joko Widodo’s decade-long rule.
If Indrawati accepts the offer, this will be her third stint as Indonesia finance minister. She first took on the role during the presidency of Susilo Bambang Yudhoyono and reprised it in 2016 under Jokowi. Her openness to join Prabowo’s cabinet is a seeming reversal from earlier this year when she considered quitting Jokowi’s cabinet because of his support for the former military general.
Apart from Indrawati, others from the current cabinet that are seen in the meeting include Health Minister Budi Gunadi Sadikin, who was earlier said to be among those being considered as finance minister, and Coordinating Minister for Economic Affairs Airlangga Hartarto.
Energy and Mineral Resources Minister Bahlil Lahadalia, Trade Minister Zulkifli Hasan and Minister of Agrarian Affairs Agus Harimurti Yudhoyono joined more than three dozen attendees, many of them clad in Indonesian traditional batik attire.
Prabowo said last week that he would reappoint “many” of the ministers serving in Jokowi’s cabinet as long as they were performing well. Reuters reported earlier Monday that Indrawati was offered to stay as finance chief or be the coordinating minister for economic affairs.
Indonesian assets were among the region’s best performers on Monday. The rupiah gained 0.1% to close at 15,560 per dollar, its strongest in more than a week. The benchmark stock index was up 0.5% to 7,559.
New Ministries
Tito Karnavian, the current minister of home affairs, said that Prabowo asked him to help with the next government, including ensuring that inflation control efforts in the regions are sustained. Social Affairs Minister Saifullah Yusuf said he discussed how to better consolidate national data for social aid.
One key difference in Prabowo’s cabinet though will be its size, with the next president planning to create more ministries. The move is aimed at supporting his new programs, though critics have said it’s also meant to distribute more seats among his fat coalition.
Former Secretary of State Yusril Ihza Mahendra, who was at Prabowo’s residence on Monday, said that the Coordinating Ministry for Political, Legal and Security Affairs will be split into two. He said he was asked to lead the Coordinating Ministry for Law and Human Rights.
Abdul Mu’ti, secretary general of Islamic organization Muhammadiyah, also confirmed that he will be appointed as the new minister for primary and secondary education.
Others who attended the meeting were current Deputy Agrarian Affairs Minister Raja Juli Antoni, former vice-presidential candidate Muhaimin Iskandar, human rights activist Natalius Pigai and Nusron Wahid, who was a part of Prabowo’s presidential campaign team.
According to some people who met Prabowo on Monday, ministerial candidates were previously asked to sign a letter of intent and integrity pact stating that they’re ready to be part of the cabinet and support the administration.
–With assistance from Prima Wirayani.
(Recasts with Sri Mulyani Indrawati and Prabowo’s comments.)
Most Read from Bloomberg Businessweek
©2024 Bloomberg L.P.
