Prabowo took the bold, or perhaps risky, step of reshuffling his cabinet in his first 11 months in office, amid mounting political and social pressure, including looting, arson and protests that led to casualties. 

The five replaced portfolios, such as the finance and cooperatives and small and medium enterprises (SMEs) ministers, and the coordinating minister for political and security affairs, hold significant symbolic and practical weight.

This reshuffle is more than a "cabinet refresh”, it sends a message to coalition parties, the market and the public. The central question is whether it will be interpreted as a sign of strong leadership or a faltering government.

The most striking decision was the replacement of finance minister Sri Mulyani Indrawati with Purbaya Yudhi Sadewa. For years, Sri Mulyani was seen as a symbol of fiscal discipline and international credibility. She was often referred to as the "gatekeeper" of macroeconomic stability.

Her technocratic style, however, did not always align with President Prabowo's political needs, particularly the ambitious goals of funding programs like free nutritious meals, energy subsidies and modernization of the national defense system. Purbaya, formerly head of the Indonesia Deposit Insurance Corporation (LPS), was chosen to balance fiscal compliance with the President's political agenda.

The market responded with ambivalence. Some saw an opportunity to accelerate government spending and stimulate the domestic economy, while many investors worried about weakened fiscal transparency and accountability.