Newly-appointed Finance Minister Chatib Basri will take the oath of office, on Tuesday.

President Susilo Bambang Yudhoyono appointed the Investment Coordinating Board (BKPM) chairman to take the Finance Minister position on Monday after he passed a fit-and-proper test at the Presidential Palace.

'After considering various aspects, I place my confidence in Chatib Basri,' Yudhoyono told a press conference at his office.

'Insya Allah [God willing], I will install him [Chatib] tomorrow,' said Yudhoyono as quoted by Kompas.com.

Chatib is considered a rising star in the country's academic world. The 47-year-old economist, who obtained his PhD from Australian National University (ANU), was the brains behind the nation's strong investment growth.

Indonesia realized total investments of Rp 313 trillion (US$ 31.93 billion) in 2012, surpassing its annual target of Rp 283 trillion, thanks to his reforms at the BKPM.

Chatib will replace Agus Martowardojo as finance minister who is now temporarily held by Coordinating Economic Minister Hatta Rajasa.

Agus will officially serve as Bank Indonesia (BI) governor for 2013-2018 on May 22. (fan/ebf)

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