Global investors regarded Sri Mulyani, who served three separate terms as one of Indonesia’s longest-serving finance ministers, as crucial to their investment decisions in Southeast Asia’s largest economy, with her previous departures having triggered market declines.
Hasnain Malik, emerging markets equity and geopolitics strategist at Tellimer, noted that Mulyani represented the safeguard of prudent fiscal policy, with her departure raising fears of widening deficits under an administration facing pressure following widespread protests.
President Prabowo faces his most significant presidential challenge alongside struggles implementing his flagship free meals programme targeting over 80 million Indonesians in its inaugural year.
Sri Mulyani earned widespread praise for reforming Indonesia’s taxation system and was considered the cornerstone behind improved fiscal performance and investor confidence.
Purbaya told reporters that the president’s 8% economic growth target remained achievable, promising to accelerate economic expansion through greater private sector and government involvement.
Indonesia’s foreign exchange reserves stood at $150.7 billion at August’s end, down from $152 billion the previous month, according to central bank data released on Monday.
Market participants will seek certainty about policy direction and steady fiscal management under the new leadership. – Reuters
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