|26th Minister of Finance|
|Assumed office |
27 July 2016
|Preceded by||Bambang Brodjonegoro|
7 December 2005 – 20 May 2010
|President||Susilo Bambang Yudhoyono|
|Preceded by||Jusuf Anwar|
|Succeeded by||Agus Martowardojo|
|Managing Director of the World Bank Group|
1 June 2010 – 27 July 2016
Jim Yong Kim
|Preceded by||Juan José Daboub|
|Succeeded by||Kyle Peters (Acting)|
Sri Mulyani Indrawati
26 August 1962
(now Bandar Lampung)
|Education||University of Indonesia (BEcon)|
University of Illinois, Urbana-Champaign (MSc, PhD)
Sri Mulyani Indrawati (born 26 August 1962) is an Indonesian economist who has been Minister of Finance of Indonesia since 2016; previously she served in the same post from 2005 to 2010. In June 2010 she was appointed as Managing Director of the World Bank Group and resigned as Minister of Finance. On July 27, 2016, Sri Mulyani was reappointed as Minister of Finance in a cabinet reshuffle by President Joko Widodo, replacing Bambang Permadi Soemantri Brodjonegoro.
As finance minister from 2005 to 2010, Sri Mulyani was known as a tough reformist and was largely credited with strengthening Indonesia's economy, increasing investments and steering Southeast Asia's largest economy through the 2007–10 financial crisis. In 2014, she was ranked as the 38th most powerful woman in the world by Forbes magazine.
She obtained her degree from Universitas Indonesia in 1986. Sri Mulyani received her master and doctorate in economics from the University of Illinois at Urbana-Champaign in 1992. In 2001, Mulyani left for Atlanta, Georgia, to serve as a consultant with the US Agency for International Development (USAID) for programs to strengthen Indonesia’s autonomy. She also lectured on the Indonesian economy as visiting professor at the Andrew Young School of Policy Studies at the Georgia State University. From 2002 to 2004 she was an executive director on the board of the International Monetary Fund representing 12 economies in Southeast Asia.
As finance minister
Sri Mulyani was selected as Indonesian Finance Minister in 2005 by President Susilo Bambang Yudhoyono. One of her first acts was to fire corrupt tax and custom officers in the department. She successfully tackled corruption and initiated reforms in Indonesia's tax and customs office and enjoys a reputation for integrity. She succeeded in increasing direct investment in Indonesia. In 2004, the year President Susilo Bambang Yudhoyono took office, Indonesia received $4.6 billion in foreign direct investment. The next year, it attracted $8.9 billion.
During her tenure in 2007, Indonesia recorded 6.6% economic growth, its highest rate since the 1997 Asian financial crisis. However, growth is down in 2008 to 6% due to the global economic slowdown. In July 2008, Sri Mulyani Indrawati was inaugurated as the Coordinating Minister for the economy, replacing Boediono, who was to head the central bank.
In August 2008, Mulyani was ranked by Forbes magazine as the 23rd most powerful woman in the world and the most powerful woman in Indonesia. During her tenure as Finance Minister, the country's foreign exchange reserves reached an all-time high of $50 billion. She oversaw a reduction in public debt to about 30% of gross domestic product from 60%, making it easier for Indonesia to sell debt to foreign institutional investors. She also revised incentive structures for civil servants in her ministry and began paying higher salaries to tax officials deemed to be "clean" so they would have less temptation to accept bribes.
After Susilo Bambang Yudhoyono was re-elected in 2009, she was re-appointed in her post of Finance Minister. In 2009 the Indonesian economy grew up by 4.5% while many part of the world is in recession. Indonesia is one of just three major emerging economies to grow faster than 4% in 2009. The other two are China and India. Under her supervision, government has managed to increase the number of income taxpayers from 4.35 million individuals to nearly 16 million in the last five years, and tax receipts grew by around 20% each year to more than Rp 600 trillion in 2010.
Alleged hacking by Australian intelligence
In November 2013, British newspaper The Guardian published article with report from leaks by Edward Snowden, showing that Australian intelligence had allegedly hacked into mobile phones of top Indonesian leaders in 2009. This included Sri Mulyani which at that time was the minister of finance. Australian Prime Minister Tony Abbott defended it by saying that the activities were not so much "spying" as "research" and that its intention would always be to use any information "for good".
Move to World Bank
On May 5, 2010 Mulyani was appointed as one of three Managing Directors of the World Bank Group. She replaced Juan Jose Daboub, who completed his four-year term June 30, overseeing 74 nations in Latin America, Caribbean, East Asia and Pacific, Middle East and North Africa.
Her resignation was viewed negatively and caused financial turmoil in Indonesia, with the stock exchange closing down 3.8% after the news, amid a broad sell off in Asia, while the Indonesian rupiah fell nearly 1% against the dollar. The drop in Indonesian stock exchange was the sharpest in 17 months. The move has been called as "Indonesia’s loss, and the World’s gain".
There was widespread speculation that her resignation was due to political pressure, especially from powerful tycoon and chairman of Golkar Party, Aburizal Bakrie. Bakrie is known to have enmity toward Mulyani due to her investigation into massive tax fraud in the Bakrie Group, her refusal to prop up Bakrie's coal interests with government funds, and her refusal to state that the Sidoarjo mud flow, which is widely believed to have been caused by drilling of Bakrie's company, was a "natural disaster".
In 2014, she was ranked as the 38th most powerful woman in the world by Forbes.
Bank Century scandal
Right before her resignation, The Legislature, spearheaded by Golkar Party, accused Sri Mulyani of a crime with the bailout of medium scale Bank Century in 2008. Critics of the bailout claim it was done without legal authority and without proving a capital injection was needed to prevent a run on other banks, Bank Century bailout cost the state to suffer a financial lost amounting to 6.7 trillion rupiah ($710 million). Sri Mulyani has defended the bailout as necessary given the uncertainties in the global economy at the time and denied any wrongdoing.
However, criticism about Sri Mulyani's policy also came from ex vice president Jusuf Kalla. In his harshest comments yet on the controversial PT Bank Century bailout, former Vice President Jusuf Kalla denied claims by former Bank Indonesia officials that if the lender had been allowed to fail it would have had a systemic impact on the country’s banking system and economy.
“The Bank Century scandal is a robbery, anyone who supports Bank Century, supports a robber.” Kalla said.
Furthermore, all of the nine factions on the House of Representatives special committee agreed that there were suspicious and possibly fraudulent transactions during the bailout period beginning in November 2008 and evidence of money laundering. They all then said they lacked the expertise to do more and called on the National Police and Corruption Eradication Commission (KPK) to take over.
- "Sri Mulyani returns". The Jakarta Post. Jakarta. July 27, 2016.
- "Editorial: The Indonesian 'tragedy'". The Jakarta Post. Jakarta. May 5, 2010. Archived from the original on May 10, 2010.
- Colebatch, Tim (August 5, 2008). "Asia's shining example". The Age (Australia).
- "Indonesia finance minister resigns for World Bank post". BBC News. May 5, 2010.
- Honorine, Solenn; George Wehrfritz (January 10, 2009). "'As Good As It Gets'". Newsweek.
- "The World's 100 Most Powerful Women". Forbes. Forbes. Retrieved 24 June 2014.
- "Who's Who". Jakarta: The Jakarta Post. Archived from the original on February 24, 2010. Retrieved May 13, 2010.
- "Sri Mulyani Ekonom Pasar Yang Kian Mapan". Berita Sore. October 22, 2009.
- "Keluarga Menkeu Sri Mulyani di Tengah Terpaan Kasus Century". Jawa Pos. Surabaya. December 15, 2009. Archived from the original on March 4, 2016.
- Allard, Tom (May 6, 2010). "Indonesia reels from corruption fighter's departure for World Bank". Sidney Morning Herald.
- Budi, Chandra (May 6, 2010). "Sri Mulyani dan Modernisasi Pajak". Jawa Pos. Surabaya. Archived from the original on October 23, 2016.
- "United Indonesia Cabinet 2009–2014". The Jakarta Post. Jakarta. 2009-10-22. p. 3.
- "A Reformer Leaves Jakarta". Wall Street Journal. May 13, 2010.
- Leahy, Christ (September 2006). "Minister of Finance of the year 2006: Dr Sri Mulyani Indrawati". Euromoney.
- "Sri Mulyani named coordinating minister". The Jakarta Post. Jakarta. July 6, 2008.
- "The 100 Most Powerful Women – #23 Sri Mulyani Indrawati". Forbes. August 27, 2008.
- Barta, Patrick (May 6, 2010). "Reformer Resigns, Rattling Indonesia". Wall Street Journal.
- "Mulyani, Asia's best finance minister two years in a row". The Jakarta Post. Jakarta. October 14, 2009. Archived from the original on March 25, 2010.
- Parson, Nick (October 10, 2008). "Finance Minister of The Year, Asia 2008". Emerging Markets. Archived from the original on March 7, 2016.
- Bayuni, Endy M. (May 14, 2010). "Commentary: Wanted: Big Foot for finance minister". The Jakarta Post. Jakarta.
- Revealed: Australia tried to monitor Indonesian president's phone, The Guardian, 18 November 2013
- Unditu, Aloysius; Sandrine Rastello (May 5, 2010). "Indonesia's Sri Mulyani Given Top World Bank Role". BusinessWeek.
- Mealey, Elizabeth; Carl Hanlon (May 4, 2010). "World Bank Group President Zoellick Appoints Indonesian Finance Minister, Sri Mulyani Indrawati, as Managing Director". World Bank Group – Press Release.
- "World Bank appoints Sri Mulyani managing director". The Jakarta Post. Jakarta. May 5, 2010. Archived from the original on May 8, 2010.
- Moestafa, Berni (May 5, 2010). "Indonesia Stocks Slump Most in 17 Months as Minister Resigns". Bloomberg.
- "Editorial: Indonesia's Loss, the World Bank's Gain". The Jakarta Globe. May 5, 2010. Archived from the original on May 8, 2010.
- Rieffel, Lex (May 13, 2010). "Sri Mulyani: Indonesia's Loss, the World's Gain". The Brookings Institution. Archived from the original on May 20, 2010.
- McBeth, John (May 8, 2010). "Sri Mulyani: World's gain, Jakarta's loss". Asia News Network.
- Suharmoko, Aditya (May 5, 2010). "Politics makes Mulyani move". The Jakarta Post. Jakarta. Archived from the original on May 16, 2010.
- Siahaan, Armando; Irvan Tisnabudi; Anita Rachman (May 21, 2010). "Indonesia's Ruthless Politics Dog Sri Mulyani to End". Jakarta Globe. Jakarta. Archived from the original on May 22, 2010.
- Witular, Rendi A.; Arghea Desafti Hapsari (May 5, 2010). "SBY political deal may be behind Mulyani's exit". The Jakarta Post. Jakarta. Archived from the original on May 9, 2010.
- Gelling, Peter (March 2, 2010). "Fight Erupts Over Inquiry Into Jakarta Bank Bailout". The New York Times.
- "Indonesia Loses Its Stellar Reformer". Asia Sentinel. May 5, 2010.
- "President names Agus Martowardojo new finance minister". The Jakarta Post. Jakarta. January 9, 2010. Archived from the original on March 5, 2011.
- "Golkar-PKS Tolak Selamatkan Boediono-Sri Mulyani". Jawa Pos. Surabaya. February 10, 2010. Archived from the original on February 23, 2010.
- "Golkar-PDIP Serukan Sri Mulyani di Nonaktifkan". Jawa Pos. Surabaya. April 1, 2010. Archived from the original on April 4, 2010.
- "Pernyataan Sri Mulyani di Wall Street Journal Lecehkan Pansus". Jawa Pos. Surabaya. December 11, 2009. Archived from the original on December 14, 2009.
- "KPK Investigate Two of Nine Criminal Indications on Bank Century Case". Hukumonline English. November 29, 2010.
- "Ex-Indonesian Vice President Kalla Calls Century Scandal 'Robbery'". The Jakarta Globe. Jakarta. May 19, 2010. Archived from the original on February 3, 2013.
- "Suspicion but No Smoking Gun in Bank Century Probe". The Jakarta Globe. Jakarta. February 18, 2010. Archived from the original on June 25, 2012.
|Wikimedia Commons has media related to Sri Mulyani Indrawati.|
Kwik Kian Gie
| Minister for National Development Planning
| Chair of the National Development Planning Agency|
| Minister of Finance
| Coordinating Minister for the Economy
| Minister of Finance
Juan José Daboub
| Managing Director of the World Bank Group