September 8, 2025 | 05:48 pm
TEMPO.CO, Jakarta - President Prabowo Subianto appointed Purbaya Yudhi Sadewa as the new Finance Minister, replacing Sri Mulyani Indrawati. The inauguration took place at the State Palace on Monday, September 8, 2025. 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.
The Issue of Sri Mulyani's Resignation
Sri Mulyani was previously rumored to resign from the cabinet after her house was targeted for looting by an unidentified crowd on Sunday, August 31, 2025. However, the former Managing Director of the World Bank later posted a photo of her attending a cabinet meeting at the State Palace in late afternoon on the same day.
"On Sunday afternoon (31/8/2025) at the State Palace, I attended the Red and White Cabinet Meeting led by President @prabowo along with Vice President @gibran_rakabuming, discussing the latest social, political, and security situation and important coordinated steps to restore security, order, and national stability," Sri Mulyani wrote through her @smindrawati Instagram account on Monday, September 1, 2025.
Based on the report from Tempo Magazine dated September 6, 2025, Sri Mulyani submitted her resignation request twice. On Sunday morning, August 31, 2025, Sri conveyed the request in a meeting with President Prabowo Subianto in Hambalang. Then, during the cabinet meeting at the palace, Sri reiterated the request to the president. Coordinating Minister for Economic Affairs Airlangga Hartarto was also present.
Ghoida Rahmah contributed to the writing of this article.
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