Febrio, the head of the Social and Economic Research Institution at the University of Indonesia's Economic and Business School, replaces Suahasil Nazara, who was appointed deputy finance minister. 

The minister expressed hope that the new BKF head could deliver responsive and anticipatory measures during the COVID-19 pandemic.

"The pandemic has a serious impact on our macro-economy and our state budget," Sri Mulyani said in her inauguration remarks.

"It will be challenging but we need effective regulations so the impacts and the costs of the coronavirus pandemic can be minimized," said the minister, who is a University of Indonesia alumnus.

Read also: Indonesia’s economy may contract 0.4% in worst case scenario: Sri Mulyani

She said the BKF should be able to ensure that the state budget could continue functioning as a catalyst for strategic policy in an effort to keep economic stability in check. The BKF is also expected to optimize the tax ratio with business-friendly fiscal policy. 

On the day, Sri Mulyani also inaugurated Basuki Purwadi as the new State Asset Management Agency (LMAN) president director, replacing Rahayu Puspasari.  

"State assets are one of the most important fiscal instruments, especially in the current global economic downturn," said Sri Mulyani. "Assets optimization should be carried out in out-of-the-box ways to be able to provide added value, not only in terms of revenue but also in providing socioeconomic benefits for the community." 

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