Support Grows for Finance Minister Purbaya Yudhi Sadewa as Calls Mount to Give Him Time
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JAKARTA, Investortrust.id — Indonesia’s newly appointed Finance Minister Purbaya Yudhi Sadewa has received broad support from financial observers, industry leaders, and banking associations, who urged the public to give him time to implement his policies and prove his leadership.
Financial industry analyst Irvan Raharjo said expectations were naturally high because Purbaya succeeded Sri Mulyani Indrawati, who had built a strong international reputation during her 15 years in office.
“It is only natural for the public to compare, since Sri Mulyani had global caliber and experience. But Purbaya must be given the time to demonstrate his own capacity,” Irvan told Investortrust on Thursday, Sept. 11, 2025.
Irvan added that with three deputy ministers of finance and a solid bureaucracy at the Ministry of Finance, Purbaya had strong institutional backing to deliver on his promises. “The ministry has competent deputy ministers and professional staff. That gives me confidence that Purbaya can deliver his commitments,” he said.
Since his inauguration, Purbaya has pledged to strengthen the national economy, deepen domestic financial markets, and accelerate pro-people development programs. Industry insiders acknowledged that some of his statements sounded ambitious but said they showed confidence in facing global challenges.
“The key is execution. People want to see results. Full support from the bureaucracy, the business community, and civil society will be crucial for Purbaya to prove his leadership at the Finance Ministry,” Irvan added.
Irvan Raharjo, national insurance industry analyst. Photo: Personal documentation
Economist Didin S. Damanhuri of the Bogor Agricultural Institute praised Purbaya’s open approach in fostering dialogue between government and parliament, saying it marked a departure from his predecessor’s style.
“Purbaya explained clearly how fiscal policy by the government interacts with monetary policy by Bank Indonesia, while also recognizing the role of parliament. Sri Mulyani tended to emphasize stability in a more normative way,” Didin said.
He noted that Purbaya’s new approach created space for more substantive discussions but stressed that real-sector responses must be addressed. “The challenge now is ensuring that private companies, state-owned enterprises, and cooperatives respond rationally to fiscal and monetary policies, without unhealthy practices like cartels, oligopolies, or corruption,” he said.
Didin urged Purbaya to focus on improving trade, resolving labor issues through fair wages, and fostering a conducive investment climate. “Strong regulations, infrastructure, land-use planning, and law enforcement are crucial so businesses can grow without harming the public,” he said.
Didin S. Damanhuri, Professor of Political Economy at Bogor Agricultural Institute and Paramadina University, delivers remarks in Jakarta. Photo: Investortrust/Primus Dorimulu
President Prabowo Subianto appointed Purbaya as finance minister on Monday, Sept. 8, 2025, replacing Sri Mulyani. “I feel deeply honored by the trust given to me by the President to serve as Minister of Finance of the Republic of Indonesia,” Purbaya said during the handover ceremony at the ministry on Tuesday, Sept. 9.
Acknowledging both domestic and international challenges, Purbaya called on finance ministry officials to work with him to maintain fiscal stability. “With humility, I ask for the support of all officials at the Finance Ministry to work together with me to ensure that fiscal policy remains a strong instrument in maintaining stability,” he said.
Separately, the National Banking Association (Perbanas) also welcomed Purbaya’s appointment while expressing deep appreciation for Sri Mulyani’s legacy.
Perbanas Chief Economist Dzulfian Syafrian said she had left behind an important legacy of fiscal discipline and consistent reform. “We extend our highest appreciation for her dedication and hard work, which brought major reforms and consistency to Indonesia’s fiscal management,” Dzulfian said on Monday, Sept. 8.
He added that Perbanas trusted Purbaya to continue that legacy and strengthen fiscal resilience. “We hope fiscal management remains prudent and disciplined while addressing national challenges such as economic stability, purchasing power, liquidity balance, and priority development programs,” Dzulfian said.
He emphasized the need for close coordination between fiscal and monetary policy, as well as support for the banking sector. “Perbanas is ready to work with the government to safeguard macroeconomic stability, expand access to finance, and promote growth that is strong, inclusive, and sustainable,” Dzulfian said.
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