Sources say Indonesia’s Prabowo is considering former minister and regulator chief for finance job

Indonesian President-Elect Prabowo Subianto Considers Top Choices for Finance Minister Role

In a move that has investors on edge, Indonesian President-elect Prabowo Subianto is considering top candidates for the crucial role of finance minister. Among the top choices are Indonesian financial regulator Mahendra Siregar and former finance minister Chatib Basri, according to sources close to the president-elect.

Prabowo, a former special forces commander and current defense minister, is reportedly looking for a professional with market credibility to head the finance ministry. The decision is crucial as ratings agencies have warned about the potential cost of the president-elect’s campaign promises, which could jeopardize the country’s hard-won record for fiscal discipline.

Basri, who served as finance minister during the turbulent “taper tantrum” period in 2013 and 2014, is well-regarded by the markets. He currently chairs Indonesia’s largest lender, Bank Mandiri, and co-chairs the Group of 20’s pandemic fund. Siregar, on the other hand, is a career diplomat with extensive experience in high-ranking government positions.

Other names in the running for the finance minister role include central bank governor Perry Warjiyo, deputy state-owned enterprises minister Kartika Wirjoatmodjo, and former finance minister Bambang Brodjonegoro. Prabowo is expected to take his time in making the decision, as there are still seven months left before his inauguration.

The current finance minister, Sri Mulyani Indrawati, is not expected to retain her position due to differences with Prabowo over defense spending. Prabowo’s victory in the February 14 election has been officially announced, but losing candidates have contested the result in the Constitutional Court, with a decision expected on April 22. The new president is set to take office in October.