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Ali Wardhana gets lifetime achievement award
Thank you sir!: Former finance minister in the New Order era Ali Wardhana (second right), University of Indonesiaâs School of Economics dean Ari Kuncoro (right) and Muliaman Darmansyah (third left), head of the University of Indonesia Alumni Associationâs (ILUNI) School of Economics, greet Indonesian Employers Association (Apindo) chairman Sofjan Wanandi (second left) when they arrive at the Wirakarya Adhitama award event held at the Financial Club in Jakarta on Friday
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Thank you sir!: Former finance minister in the New Order era Ali Wardhana (second right), University of Indonesiaâs School of Economics dean Ari Kuncoro (right) and Muliaman Darmansyah (third left), head of the University of Indonesia Alumni Associationâs (ILUNI) School of Economics, greet Indonesian Employers Association (Apindo) chairman Sofjan Wanandi (second left) when they arrive at the Wirakarya Adhitama award event held at the Financial Club in Jakarta on Friday. The universityâs School of Economics and ILUNIâs School of Economics gave an award to Ali Wardhana for his efforts to found economic development strategies during both the old and new order eras. (JP/Jerry Adiguna) (second right), University of Indonesiaâs School of Economics dean Ari Kuncoro (right) and Muliaman Darmansyah (third left), head of the University of Indonesia Alumni Associationâs (ILUNI) School of Economics, greet Indonesian Employers Association (Apindo) chairman Sofjan Wanandi (second left) when they arrive at the Wirakarya Adhitama award event held at the Financial Club in Jakarta on Friday. The universityâs School of Economics and ILUNIâs School of Economics gave an award to Ali Wardhana for his efforts to found economic development strategies during both the old and new order eras. (JP/Jerry Adiguna)
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span class="inline inline-none">Thank you sir!: Former finance minister in the New Order era Ali Wardhana (second right), University of Indonesia's School of Economics dean Ari Kuncoro (right) and Muliaman Darmansyah (third left), head of the University of Indonesia Alumni Association's (ILUNI) School of Economics, greet Indonesian Employers Association (Apindo) chairman Sofjan Wanandi (second left) when they arrive at the Wirakarya Adhitama award event held at the Financial Club in Jakarta on Friday. The university's School of Economics and ILUNI's School of Economics gave an award to Ali Wardhana for his efforts to found economic development strategies during both the old and new order eras. (JP/Jerry Adiguna)
Ali Wardhana, a finance minister in former president Soeharto's administration, received the prestigious Wirakarya Adhitama lifetime achievement award on Friday for his contribution to building Indonesia's economy.
The 86-year-old was the second figure to receive an award given by the University of Indonesia's (UI) School of Economics, and the school's alumni association (ILUNI), to its outstanding alumni. The first was Ali's fellow New Order economic czar, the late Widjojo Nitisastro.
The award was given in a ceremony attended by senior government officials including Finance Minister Chatib Basri, Deputy Finance Minister Bambang Brodjonegoro, Bank Indonesia (BI) governor Agus Marto, BI senior deputy governor Mirza Adityaswara, prominent economist Anwar Nasution and the chairman of the Indonesian Employers Association (Apindo) Sofjan Wanandi.
Ali was born in Surakarta, Central Java, on May 6, 1928. After graduating from UI, he pursued his master's and doctoral degrees at the University of California in Berkeley, the US.
An economic advisor to the New Order regime, he served as finance minister for 15 years from 1968 to 1983. He later became a coordinating economic, finance and industry minister between 1983 and 1988.
Ali was also a dean of the UI's School of Economics from 1967 and 1978. He gained an international reputation with his role as the board director of the World Bank and the International Monetary Fund (IMF) from 1971 to 1972.
Along with individuals including Emil Salim, Muhammad Sadli and Subroto, Ali was a member of a team of technocrats under the leadership of Nitisastro, known as the 'Berkeley Mafia', which provided economic advice to Soeharto, shifting the socialist-based economic paradigm adopted earlier by Sukarno to a market-led one.
Indonesia's economy in the early 1960s was grim and chaotic. In 1966, it grappled with hyperinflation, which caused nationwide hardship.
At a crucial time, Ali stepped in and played a key role to push down record high inflation that hit 650 percent in 1966 to only 10 percent by 1969. Following low inflation, the New Order government began its long-term five-year development plan (Pelita).
Ali was also known as the first policy maker who introduced fiscal discipline in the state budget.
As a result, Indonesia benefitted from oil booms between 1973 and 1982 to spur its development and avoid the resource-curse that commonly occurred in other oil-producing countries.
'I hope that the new generation can take into consideration the scientific perspective in designing development because I also engaged experts from the economic faculty. They are truly assets in building this country better, toward perfection,' Ali said after the ceremony.
A student activist-turned-businessman who is also Ali's close friend, Sofjan Wanandi said Ali translated the policies designed under the leadership of Nitisastro well. 'Ali was the backbone of Nitisastro, who was much more of a thinker. Ali was a great executor and he was very brave,' said Sofjan.
