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Sri Mulyani cements legacy of stability as term nears end
Notable figures in the field of economics have hailed Sri Mulyani's capabilities during her two separate stints as finance minister over the past two decades, marked by the recent launch of her authorized biography on Sept. 20.
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Finance Minister Sri Mulyani Indrawati speaks about universal health coverage on April 18, 2024 during the annual International Monetary Fund-World Bank Group Spring Meetings at the World Bank in Washington, DC. (AFP/Mandel NGAN)
F
inance Minister Sri Mulyani Indrawati has steered Indonesia’s fiscal policy through several major crises over the past two decades toward stability, allowing the country to juggle effectively between economic cycles.
As she nears the end of her term in October, several prominent figures have praised her for creating a playbook that sustained the country’s fiscal health during turbulent times, including the 2007-2008 global financial meltdown, the COVID-19 pandemic and uncertainties amid heightened geopolitical tensions across the globe.
Born in 1962, Sri Mulyani was first appointed finance minister in 2005 under the administration of then-president Susilo Bambang Yudhoyono, becoming the first woman to hold the role as well as the second youngest since her predecessor Ali Wardhana, who was 55 upon his appointment during the New Order.
She resigned in May 2010 to take up her new post the following month as managing director and COO of the World Bank, but returned as finance minister in 2016 under President Joko “Jokowi” Widodo. She has retained her ministerial post through his second and final term, which ends on Oct. 20, solidifying her record as the country’s longest-serving finance minister since Ali.
During her 13 years helming the Finance Ministry, rating agencies upgraded Indonesia’s sovereign debt rating from previously “junk bonds” to investment grade, citing fiscal prudence and ongoing reforms.
An investment grade rating is perceived to have a much lower default risk, allowing for a more competitive interest rate.
In her final address to the House of Representatives on Sept. 17, she expressed gratitude to her colleagues at the Finance Ministry, commending their professionalism and integrity in safeguarding Indonesia’s fiscal policy.
