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| A steady hand, and her two potential rivals for the top spot. Gita Wirjawan of Ancora (above), Sri Mulyani Indrawati and Agus Martowardojo of Bank Mandiri (right) |
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With Susilo Bambang Yudhoyono (SBY) re-elected for a second term as Indonesia’s president, the big question Jakarta bankers are asking is whom he will appoint to his cabinet. Bankers have been happy with the incumbent finance minister, the capable and – more important for one of the world’s most corrupt countries – clean Sri Mulyani Indrawati. Her steady hand has stabilized the economy and has so far managed to avert the worst of the global financial crisis.
Indonesia needs annual GDP growth of 6% or more to keep its doors open and people in jobs and so far Mulyani has been able to deliver.
Some bankers forecast that she will be replaced by the urbane Gita Wirjawan, JPMorgan’s former country head in Indonesia, who now runs a prominent private equity company, Ancora. Since SBY grabbed Bank Indonesia governor and former finance minister Boediono as his vice-presidential running mate, the central bank slot has been formally vacant, with Mulyani filling in part-time alongside finance.
