Finance minister gets axed in Indonesia, claims official source
In a significant turn of events, Sri Mulyani Indrawati, one of Indonesia's longest-serving finance ministers, has been removed from her position in a cabinet reshuffle. Her tenure, marked by reforms in the taxation system and steering the Indonesian economy through several crises, including the pandemic and the global financial crisis, has come to an end.
Purbaya Yudhi Sadewa has been appointed as the new finance minister of Indonesia. Indrawati, who served as a managing director of the World Bank between her first and second stints as finance minister, was succeeded by Airlangga Hartarto in the previous cabinet.
The announcement of Indrawati's removal was followed by further protests across the country, which have been ongoing for two weeks. The protests have included calls for a fairer taxation system, reflecting the public's appreciation for Indrawati's efforts in this area.
However, the financial markets showed mixed reactions to the news. The main stock index of Indonesia erased earlier gains to trade 1% lower following the announcement, while the rupiah remained little changed. The rupiah was little changed after the announcement, having been up around 0.7% against the dollar during the day.
Indrawati's home was also targeted during some of the protests in late August, with looters breaking in. Despite these challenges, Indrawati has won plaudits for her role in reforming the taxation system and steering the Indonesian economy through several crises.
The new finance minister, Purbaya Yudhi Sadewa, faces the task of maintaining the economic stability that Indrawati helped establish, while addressing the ongoing protests and unrest. As the situation develops, the Indonesian economy and its financial markets will continue to be closely watched.
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