September 8, 2025 | 09:09 pm
TEMPO.CO, Jakarta - The newly appointed Finance Minister, Purbaya Yudhi Sadewa, said the IDX Composite (IHSG) plunge after the cabinet reshuffle is a common occurrence.
The IHSG plummeted by 100.50 points, or 1.28 percent, to 7,766.85 at the close of trading on Monday, September 8, 2025, following the news of the reshuffle of the Red and White Cabinet.
But Purbaya said he knows very well how to improve the economy, as he's been involved in the stock market for over 15 years.
"I've been in the market for a long while, over 15 years. I know very well how to improve the economy," said Purbaya after his inauguration at the State Palace, Jakarta, on Monday, September 8, 2025.
Purbaya said President Prabowo Subianto instructed him to accelerate economic growth to 8 percent within 100 working days.
"He (Prabowo) said not to take too long and be swift. So we'll try," said Purbaya.
According to Purbaya, achieving 8 percent economic growth this year seems somewhat difficult given the current situation. However, he is optimistic that there might be an opportunity in the next two or three years.
"We will reverse the slowing economy and make it faster, we will make adjustments," he said.
Before being appointed as a minister to replace Sri Mulyani, Purbaya served as the Chair of the Board of Commissioners of the Indonesia Deposit Insurance Corporation (LPS), a position he held since 2020.
According to the official LPS website, Purbaya graduated with a bachelor's degree in Electrical Engineering from the Bandung Institute of Technology (Institut Teknologi Bandung, ITB). Purbaya also holds a Master of Science and a doctoral degree in Economics from Purdue University, Indiana, United States.
Before working for the government, Purbaya kicked off his career as a Field Engineer at Schlumberger Overseas SA from 1989 to 1994. Then, from 2000 to 2005, he served as a Senior Economist at the Danareksa Research Institute.
Subsequently, Purbaya held the position of President Director of PT Danareksa Sekuritas from 2006 to 2008, and continued to serve as the Chief Economist of the Danareksa Research Institute from 2005 to 2013. In 2013, he became a member of the Board of Directors of PT Danareksa (Persero).
In the government, from 2010 to 2014, Purbaya served as a Special Staff for Economic Affairs to the Coordinating Minister for Economic Affairs at the Coordinating Ministry for Economic Affairs. While from 2015 to 2016, he was appointed as a Special Staff for Economic Affairs at the Coordinating Ministry for Political, Legal, and Security Affairs. Purbaya also held the position of Deputy for Coordination of Maritime Sovereignty and Energy at the Coordinating Ministry for Maritime Affairs and Investment from 2018 to 2020.
Anastasya Lavenia and Ghoida Rahmah contributed to the writing of this article
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