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Sri Mulyani

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In this Indonesian name, there is no family name nor a patronymic.
Sri Mulyani
Official portrait, 2021
26th Minister of Finance
Incumbent
Assumed office
27 July 2016
PresidentJoko Widodo
Prabowo Subianto
Preceded byBambang Brodjonegoro
In office
7 December 2005 – 20 May 2010
PresidentSusilo Bambang Yudhoyono
Preceded byJusuf Anwar
Succeeded byAgus Martowardojo
1st Vice Head of National Research and Innovation Agency of Indonesia Steering Committee
Incumbent
Assumed office
1 September 2021
PresidentJoko Widodo
Managing Director of the World Bank Group
In office
1 June 2010 – 27 July 2016
PresidentRobert Zoellick
Jim Yong Kim
Preceded byJuan José Daboub
Succeeded byKyle Peters (Acting)
Coordinating Minister for Economic Affairs
Acting
In office
13 June 2008 – 20 October 2009
PresidentSusilo Bambang Yudhoyono
Preceded byBoediono
Succeeded byHatta Rajasa
Minister of National Development Planning
In office
21 October 2004 – 5 December 2005
PresidentSusilo Bambang Yudhoyono
Preceded byKwik Kian Gie
Succeeded byPaskah Suzetta
Personal details
Born
Sri Mulyani Indrawati

(1962-08-26) 26 August 1962 (age 62)
Tanjung Karang
(now Bandar Lampung), Indonesia
Political partyIndependent
Spouse
Tonny Sumartono
​
(m. 1988)​
EducationUniversity of Indonesia (BEcon)
University of Illinois, Urbana-Champaign (MSc, PhD)
Signature

Sri Mulyani Indrawati (born 26 August 1962) is an Indonesian economist who currently serves as the Minister of Finance of Indonesia as part of the Onward Indonesia Cabinet; her term ends in 2029.

Sri Mulyani was first appointed finance minister in 2005. She has been credited with strengthening Indonesia's economy, increasing investments, and steering Southeast Asia's largest economy through the 2007–2008 financial crisis and the Great Recession.[1][2][3] However, Sri Mulyani was widely criticized for supporting a bailout of Bank Century in 2008, which cost the government 6.7 trillion rupiahs. Although she believed it was the right decision, she resigned in 2010 and took a position at the World Bank, before returning as finance minister in 2016.

In 2023, she was ranked 38th on the Forbes list of The World's 100 Most Powerful Women.[4]

Biography

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Early life and education

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Sri Mulyani was born in Tanjung Karang (now called Bandar Lampung) in Lampung, Sumatra, on 26 August 1962.[5] She is the seventh child of university lecturers professor Satmoko and Retno Sriningsih.[6] Her brothers were Agus Purwadianto, Nanang Untung Cahyono, Nunung Teguh Trianung, and Soetopo Patria Jati.[7] Her sisters were Asri Purwanti, Nining Triastuti Soesilo, Atik Umiatun Hayati, Sri Harsi Teteki, and Retno Wahyuningsih.[7]

Sri Mulyani obtained a BA in Economics from the University of Indonesia in 1986.[8] She then attended the University of Illinois at Urbana-Champaign, where she received a MSc in Policy Economics in 1990 and a PhD in economics in 1992.[8] In 1994 and 1995, she worked as and expert for the Economic Planning Agency.[8] In 1996 and 1997, she was a program director of the Master Program on Planning and Public Policy at the University of Indonesia.[8] From 1998 to 2001, she was a lecturer in economics at the University of Indonesia.[8][9] In 2001, Sri Mulyani moved Atlanta, Georgia, to serve as a consultant with the United States Agency for International Development for programs to strengthen Indonesia's autonomy. In 2002, she lectured on the Indonesian economy as a visiting professor at the Andrew Young School of Policy Studies at Georgia State University.[10][11] From 2002 to 2004, she was an executive director on the board of the International Monetary Fund representing 12 economies in Southeast Asia.[9]

Career

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First term as finance minister (2005)

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Sri Mulyani was first appointed as Minister of Finance in 2005 by President Susilo Bambang Yudhoyono.[12] One of her first acts was to fire 150 corrupt tax and customs officers in the finance department and penalize another 2,000 officers.[9] She successfully reduced political corruption and initiated reforms in Indonesia's tax and customs office.[3][13] 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.[14] Indonesia attracted $8.9 billion in foreign direct investment in 2005, Sri Mulyani's first year as finance minister, a significant increase from $4.6 billion in 2004.[15]

In 2006, she was named Euromoney Finance Minister of the Year by Euromoney magazine.[16][17] In September 2006, Emerging Markets selected Sri Mulyani as the Asia Finance Minister of The Year.[18]

In 2007, Indonesia recorded 6.6% economic growth, its highest rate since the 1997 Asian financial crisis. In July 2008, Sri Mulyani was inaugurated as the Coordinating Minister for the economy, replacing Boediono, who was to head Bank Indonesia.[19]

Growth in 2008 was 6% despite the Great Recession.[3] By January 2009, public debt was reduced to 30% of gross domestic product from 100% in 1999, making it easier for Indonesia to sell debt to foreign institutional investors.[3]

Bank Century bailout and criminal accusations (2008)

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Golkar, the party that controlled the legislature, accused Mulyani of criminality in the bailout of Bank Century during the 2007–2008 financial crisis.[20][21][22] Critics of the bailout claimed it was done without legal authority and without proving that a capital injection was needed to prevent a run on other banks. The bailout cost the state close to 6.7 trillion rupiah ($710 million).[23][24][25] Sri Mulyani defended the bailout as necessary and denied any wrongdoing.[14] The allegations could have resulted in impeachment charges.[26]

Criticism on Sri Mulyani's policy also came from then-Vice President of Indonesia Jusuf Kalla. He denied claims by former Bank Indonesia officials that if the lender had been allowed to fail, there would have been a systemic impact on the country's banking system and economy.[27][28][29]

All nine factions in the House of Representatives special committee agreed that there were suspicious and possibly fraudulent transactions and evidence of money laundering as a result of the bailout, alleging that preventing such fraud was the responsibility of the Indonesian National Police and Corruption Eradication Commission (KPK).[30]

After Susilo Bambang Yudhoyono was re-elected in the 2009 Indonesian presidential election in July 2009, Sri Mulyani was re-appointed in her post of Finance Minister. In 2009, the Indonesian economy grew by 4.5% despite the Great Recession affecting most of the world economies. Along with India and China, Indonesia was one of just three major emerging economies to grow faster than 4% in 2009.[3] Under the supervision of Sri Mulyani, the government increased the number of income taxpayers from 4.35 million in 2005 to nearly 16 million individuals in 2010, and tax receipts grew by around 20% each year to more than Rp 600 trillion in 2010.[31]

Resignation and move to the World Bank (2010)

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Sri Mulyani as managing director of the World Bank Group (2010)

On 5 May 2010, Sri Mulyani was appointed as one of three managing directors of the World Bank, replacing Juan Jose Daboub who had stepped down after 4 years of his term on 30 June, responsible to work in 74 countries in South America, Caribbean, Eastern Asia–Pacific, Middle East, and North Africa.[32][33][34][35]

Mulayani resigned as finance minister in May 2010.[14][36] Her resignation was viewed negatively; the Indonesia Stock Exchange closed down 3.8% after the news, amid a broad selloff in Asia, while the Indonesian rupiah fell nearly 1% against the dollar.[35][14] The drop in Indonesian stock exchange was the sharpest in 17 months.[37][38]

There was widespread speculation that her resignation was due to political pressure, especially from Aburizal Bakrie, a powerful tycoon and leader of Golkar.[39][40][41] Bakrie had enmity toward Sri Mulyani[42] due to her investigation into tax fraud by the Bakrie Group, her refusal to prop up Bakrie's coal interests using government funds,[43] and her refusal to declare the Sidoarjo mud flow, which was caused by drilling by Bakrie's company, as a "natural disaster".[44]

On 20 May 2010, President Susilo Bambang Yudhoyono named Agus Martowardojo, CEO of Bank Mandiri, the largest bank in Indonesia, as her replacement.[45][46][47]

Alleged hacking by Australian intelligence (2013)

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In November 2013, The Guardian published articles based on leaks by Edward Snowden that showed the Australian Intelligence Community had hacked into the mobile phones of top Indonesian leaders in 2009. This included Sri Mulyani, who at that time was the minister of finance. Prime Minister of Australia Tony Abbott defended the actions, saying that the activities were not so much "spying" as "research" and that its intention would always be to use any information "for good".[48]

In May 2014, Sri Mulyani testified at a trial related to the Century Bank bailout, where she reiterated that she believed that the bailout was a good decision.[49]

Reappointment as finance minister (2016-present)

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In 2016, Sri Mulyani was reappointed as finance minister.[50]

From 2017 to 2019, Sri Mulyani was named the best finance minister in the Asia-Pacific region three years in a row by FinanceAsia.[51][52][53]

In 2018, Indonesia recorded its smallest budget deficit since 2012.[54]

In February 2020, Sri Mulyani announced a 10.3 trillion rupiah economic stimulus package to mitigate the effects of the COVID-19 recession.[55]

In April 2020, during the COVID-19 pandemic, Sri Mulyani released a global bond series with a 50-year maturity, the longest loan offered in Indonesian history.[56]

In 2021, after the enactment of Presidential Decree No. 78/2021, she became one of the Vice Heads of the National Research and Innovation Agency Steering Committee, together with Suharso Monoarfa.[57]

On 20 October 2024, Sri Mulyani was reappointed as Minister of Finance by President Prabowo Subianto for 3rd consecutive term, ending in 2029, making her the first person to hold the position under three presidential administrations.[58][59][60]

Personal life

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Sri Mulyani married economist Tonny Sumartono in 1988, with whom she has three children.[18][61][62] She is a professional economist and has no political affiliation.[63] Mulyani considers herself a role model for women.[64]

Honours

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References

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  1. ^ Colebatch, Tim (5 August 2008). "Asia's shining example". The Age.
  2. ^ "Indonesia finance minister resigns for World Bank post". BBC News. 5 May 2010.
  3. ^ a b c d e "Sri Mulyani Indrawati Takes On Indonesia". Newsweek. 9 January 2009.
  4. ^ "Sri Mulyani Indrawati". Forbes.
  5. ^ "Sri Mulyani Indrawati". World Bank.
  6. ^ "Meninggal Profesor Dr Retno Sri Ningsih Satmoko" [The Passing Away of Dr Retno Sri Ningsih Satmoko]. Tempo (in Indonesian). 13 October 2008.
  7. ^ a b "Siapa Saja Keluarga Kandung Sri Mulyani? Menkeu Srikandi Jokowi" [Who Are Sri Mulyani's Biological Family? Srikandi Jokowi's Finance Minister]. MNC Asia Holding (in Indonesian). 2 June 2023.
  8. ^ a b c d e "Sri Mulyani Indrawati". World Economic Forum.
  9. ^ a b c "Indonesia's Iron Lady: how Sri Mulyani Indrawati reformed a financial sector riddled with corruption". World News Media.
  10. ^ "Sri Mulyani Indrawati". World Bank.
  11. ^ "Indonesia's Next Policy Leaders". Andrew Young School of Policy Studies. 21 December 2012.
  12. ^ "Sri Mulyani to Become First Finance Minister to Serve Under Three Presidents". Jakarta Globe. Jakarta. 15 October 2024.
  13. ^ "Pemerintah Siapkan Core Tax System Guna Modernisasi Layanan Pajak" [Government Prepares Core Tax System to Modernize Tax Services]. Indonesia. 31 July 2024.
  14. ^ a b c d Barta, Patrick (6 May 2010). "Reformer Resigns, Rattling Indonesia". The Wall Street Journal.
  15. ^ "A Reformer Leaves Jakarta". The Wall Street Journal. 13 May 2010.
  16. ^ Leahy, Chris (17 September 2006). "Minister of Finance of the year 2006: Dr Sri Mulyani Indrawati". Euromoney.
  17. ^ White, Lawrence (2 December 2008). "'I am what I am': Indonesia's embattled finance minister speaks out". Euromoney.
  18. ^ a b "SRI MULYANI INDRAWATI" (PDF). Lee Kuan Yew School of Public Policy.
  19. ^ "Sri Mulyani named coordinating minister". The Jakarta Post. Jakarta. 6 July 2008.
  20. ^ "Comments: State lost Rp 7t in Bank Century". The Jakarta Post. 31 December 2013.
  21. ^ "Indrawati under investigation over Indonesian banking scandal". Bretton Woods Project. 26 June 2013.
  22. ^ Sabarini, Prodita (6 May 2010). "Sri Mulyani Indrawati: Woman of the century". The Jakarta Post. Jakarta.
  23. ^ Dahrul, Fathiyah (3 April 2014). "Indonesia says ready to sell Bank Mutiara for less than bailout". Reuters.
  24. ^ Manurung, Novrida; Moestafa, Berni (3 October 2011). "Bank Century Fallout Spreads as Indonesia's Mulya Investigated". Bloomberg News.
  25. ^ SUZUKI, WATARU (28 May 2016). "Mandiri's firefighter spearheads Indonesian banking transformation". Nikkei Asia. Jakarta.
  26. ^ Braddock, John (1 March 2010). "Indonesian bank bailout exposes split in ruling coalition". World Socialist Web Site.
  27. ^ Aritonang, Margareth S. (20 September 2012). "Kalla claims innocence in bailout, points finger at Sri Mulyani". The Jakarta Post. Jakarta.
  28. ^ "Kalla says Bank Century bailout had no legal basis". The Jakarta Post. Jakarta. 8 May 2014.
  29. ^ "Jusuf Kalla bersaksi di sidang Bank Century" [Jusuf Kalla testifies at Bank Century trial]. BBC News (in Indonesian). 8 May 2014.
  30. ^ "Suspicion but No Smoking Gun in Bank Century Probe". The Jakarta Globe. Jakarta. 18 February 2010. Archived from the original on 25 June 2012.
  31. ^ Bayuni, Endy M. (14 May 2010). "Commentary: Wanted: Big Foot for finance minister". The Jakarta Post. Jakarta.
  32. ^ "World Bank Group President Zoellick Appoints Indonesian Finance Minister, Sri Mulyani Indrawati, as Managing Director, World Bank Group" (Press release). World Bank. 6 May 2010.
  33. ^ Unditu, Aloysius; Rastello, Sandrine (5 May 2010). "Indonesia's Sri Mulyani Given Top World Bank Role". Bloomberg News. Archived from the original on 6 May 2010.
  34. ^ Zain, Winarno (8 May 2010). "Why the World Bank needs Sri Mulyani?". The Jakarta Post. Jakarta.
  35. ^ a b "Questions arise as Indonesian finance minister resigns". Deutsche Welle. 5 June 2010.
  36. ^ "Text your say: Sri Mulyani quits". The Jakarta Post. 11 May 2010.
  37. ^ Moestafa, Berni (5 May 2010). "Indonesia Stocks Slump Most in 17 Months as Minister Resigns". Bloomberg News. Archived from the original on 2 November 2012.
  38. ^ "Analysis-Indonesian Markets Rattled by Election Uncertainty, Finance Minister's Future". U.S. News & World Report. Reuters. 1 February 2024.
  39. ^ Cook, Erin (9 March 2023). "Indonesia: the buck stops with Sri Mulyani". Lowy Institute.
  40. ^ Witular, Rendi A.; Hapsari, Arghea Desafti (5 May 2010). "SBY political deal may be behind Mulyani's exit". The Jakarta Post. Jakarta. Archived from the original on 9 May 2010.
  41. ^ Gelling, Peter (2 March 2010). "Fight Erupts Over Inquiry Into Jakarta Bank Bailout". The New York Times. Jakarta.
  42. ^ "Indonesia Loses Its Stellar Reformer". Asia Sentinel. 6 May 2010.
  43. ^ Allard, Tom (6 May 2010). "Indonesia reels from corruption fighter's departure for World Bank". Sydney Morning Herald. Jakarta.
  44. ^ Sanders, Robert (11 February 2010). "Strongest evidence to date links exploration well to Lusi mud volcano". University of California, Berkeley.
  45. ^ "Indonesia picks banker as new finance minister". Business Recorder. 20 May 2010.
  46. ^ "Banker Agus Martowardojo is Indonesia's new Finance Minister". Deutsche Welle. 20 May 2010.
  47. ^ Bellman, Eric; Ismar, Andreas (17 October 2011). "Indonesian President Taps New Ministers". The Wall Street Journal. Jakarta.
  48. ^ MacAskill, Ewen; Taylor, Lenore (18 November 2013). "Revealed: Australia tried to monitor Indonesian president's phone". The Guardian.
  49. ^ "Sri Mulyani bersaksi pada sidang Bank Century" [Sri Mulyani testifies at Bank Century trial]. BBC News. 2 May 2014.
  50. ^ Suroyo, Gayatri (27 July 2016). "Indonesia's president appoints World Bank's Sri Mulyani as finance minister". Reuters. Jakarta.
  51. ^ "Sri Mulyani Indrawati strikes again as Prabowo's finance minister". Antara. Jakarta. 21 October 2024.
  52. ^ "Sri Mulyani Indrawati: Asia's best finance minister". FinanceAsia. 22 March 2017.
  53. ^ "Why Mulyani Indrawati is again Asia's best finmin". FinanceAsia. 2 April 2019.
  54. ^ "Sri Mulyani: 2018 State Revenue Reaches 100%". Indonesia. 1 January 2019.
  55. ^ Jefriando, Maikel; Suroyo, Gayatri (25 February 2020). "Indonesia announces nearly $750 mln stimulus in response to coronavirus". Reuters. Jakarta.
  56. ^ "Gov't Issues US$4.3B Electronic Global Bonds". Indonesia. 8 April 2020.
  57. ^ "Jokowi Teken Perpres Baru BRIN, Kewenangan Megawati Bertambah" [Jokowi Signs New BRIN Presidential Decree, Megawati's Authority Increases]. CNN (in Indonesian). Jakarta. 2 September 2021.
  58. ^ Harsono, Norman (20 October 2024). "Sri Mulyani reappointed in new Indonesia Cabinet". Bloomberg News. Jakarta.
  59. ^ Strangio, Sebastian (15 October 2024). "Prabowo to Reappoint Sri Mulyani as Indonesia's Finance Minister". The Diplomat.
  60. ^ Sulaiman, Stefanno; Teresia, Ananda (14 October 2024). "Indonesia's Prabowo asks Sri Mulyani to remain as finance minister". Reuters. Jakarta.
  61. ^ Singgih, Viriya P. (25 June 2017). "Sri Mulyani swarmed by guests during Idul Fitri open house". The Jakarta Post. Jakarta.
  62. ^ "Mengenal Sosok Tonny Sumartono, Suami Sri Mulyani yang Jarang Tersorot" [Getting to Know Tonny Sumartono, Sri Mulyani's Husband Who Rarely Gets the Spotlight]. Liputan 6 (in Indonesian). 7 March 2023.
  63. ^ Allard, Tom (6 May 2010). "Indonesia reels from corruption fighter's departure for World Bank". Sydney Morning Herald.
  64. ^ Evdokimova, Oxana; Semenova, Janina (7 November 2021). "Sri Mulyani: A reformer working for Indonesia's women". Deutsche Welle.
  65. ^ "DAFTAR WNI YANG MEMPEROLEH TANDA KEHORMATAN BINTANG MAHAPUTERA TAHUN 2004 – 2019" [LIST OF CITIZENS WHO RECEIVED THE HONORARY SIGNS OF THE MAHAPUTERA STAR 2004 – 2019] (PDF) (in Indonesian). Indonesia.

Further reading

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  • Dadi Purnama Eksan. 2019. Sri Mulyani Indrawati: Putri Indonesia yang Mendunia [Sri Mulyani Indrawati: An International Woman from Indonesia], Jakarta: C-Kilk Media, ISBN 978-602-5992-73-5.

Bibliography

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  • Keeping Indonesia Safe from the COVID-19 Pandemic: Lessons Learnt from the National Economic Recovery Programme (2022) - editor
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Wikimedia Commons has media related to Sri Mulyani Indrawati.
Political offices
Preceded by Minister for National Development Planning
2004–2005 		Succeeded by
Chair of the National Development Planning Agency
2004–2005
Preceded by Minister of Finance
2005–2010 		Succeeded by
Preceded by Coordinating Minister for the Economy
Acting
2008–2009 		Succeeded by
Preceded by Minister of Finance
2016–present 		Incumbent
Diplomatic posts
Preceded by Managing Director of the World Bank Group
2010–2016 		Succeeded by
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