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Indonesia finance minister may go over bank rescue
Sun, Jan 17 2010
JAKARTA (Reuters) - Indonesia's reformist finance minister may be replaced
by the end of February over her role in the bailout in late 2008 of a small
bank, an official at a political party in the ruling coalition said on
Monday.
The departure of Sri Mulyani Indrawati, a top reformer in President Susilo
Bambang Yudhoyono's cabinet, would deal a severe blow to the president's
drive to reshape Southeast Asia's largest economy that has won a broad
praise from global investors.
The official from the Golkar Party, who declined to be quoted by name, told
Reuters that Indrawati may be replaced "by the end of February," echoing a
report on Monday in the English language daily newspaper the Jakarta Post
that also quoted anonymous Golkar sources.
Golkar is headed by tycoon Aburizal Bakrie, an old-style politician who has
long resisted Indrawati's reforms, resulting in tensions within Yudhoyono's
government.
Bambang Soesatyo of the Golkar Party said Anggito Abimanyu, head of the
fiscal policy agency within the finance ministry, would be the best
replacement for Indrawati if she stepped down.
Local stocks <.JKSE>, the rupiah and bond prices showed a muted reaction to
the reports, but investors kept a wary eye on the development, with the key
focus on whether Yudhoyono would be able to find a successor capable of
maintaining the reform drive.
"The markets are concerned about the continuity of reforms and policy.
Market sentiment could turn bad," said Andry Asmoro, an economist at Bahana
Securities. "The political risks are likely to increase if (she) quits."
Indrawati could not be reached for comment. The president's spokesman could
not be reached either.
Both Indrawati and Vice President Boediono have come under attack from
non-reformers over their decision to bail out Bank Century, a small lender.
Indrawati and Boediono, who was governor of the central bank at the time,
both approved the government rescue of Bank Century late in 2008 as
Indonesia started to feel the impact of the global financial crisis.
Analysts have priced in the possibility of Indrawati's ouster regarding the
scandal over the 6.7 trillion rupiah ($729.4 million) government rescue of
Bank Century, a Reuters survey showed last week.
Indrawati and Boediono were widely expected to play a critical role in
attracting foreign investment into one of the region's fastest growing
economies and a member of the Group of 20 leading economies.
Both technocrats have defended the decision during their testimony before a
parliamentary inquiry committee, saying the decision was aimed at preventing
the bank's troubles from spreading into a broad-based crisis.
President Yudhoyono was re-elected in July on the back of his government's
economic policies, reforms, and efforts to tackle corruption.
(Reporting by Sara Webb, Telly Nathalia, Gde Anugrah Arka and Sunanda
Creagh; Writing by Choonsik Yoo; Editing by Alex Richardson)
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