• Breaking News

    Saturday, July 30, 2016

    Sri Mulyani Confronts a New Indonesia

    Tobapos -- Indonesia’s new finance minister Sri Mulyani Indrawati is being welcomed home from the World Bank, but she faces a tough order in helping a president who must find the money to fund a massive expansion of rail lines, ports and airports among other big-ticket promises.

    The task will test the tenacity that earned Ms. Sri Mulyani, 53, a reputation as one of Indonesia’s most prominent reformers during her first stint as finance minister from 2005 to 2010, taking on the political elite and going after graft in the tax and customs offices. She earned powerful political enemies and resigned amid a probe into the bailout of a small bank viewed as a way of driving her from office.

    Ms. Sri Mulyani cut public debt to 30% of gross domestic product, nearly doubled foreign direct investment in her first year, raised salaries for civil servants based on performance and boosted economic growth, which hit a high of 6.6% in 2007, and helped steer Indonesia through the global crisis as one of the top emerging markets. Tax revenue grew around 35% in 2008 following a sunset policy on tax delinquency that brought in millions of new taxpayers. (more see here/adm)

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