Agus Martowardojo, a career banker with a track record of taking on vested interests, was named as Indonesia's finance minister on Wednesday, signalling Southeast Asia's biggest economy will stick with its reform agenda.
Martowardojo succeeds outgoing Finance Minister Sri Mulyani Indrawati, a leading reformer, who takes up a new post at the World Bank on June 1. Indrawati quit after a prolonged and bitter battle with old guard politicians from the Suharto-era Golkar Party headed by tycoon Aburizal Bakrie.
The appointment of a reformer is considered critical to attract much-needed foreign direct investment, spur economic growth and create jobs, as Indonesia, a G-20 member, seeks a higher profile on the international stage and an investment grade credit rating. Martowardojo is currently president director of Bank Mandiri, Indonesia's biggest state lender.
Anny Ratnawati, the finance ministry's director general of budgeting, was appointed deputy finance minister. President Susilo Bambang Yudhoyono had been expected to pick Ratnawati or another female economist, Armida Alisjahbana, as finance minister, with those two names emerging as the front-runners in recent days.
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