Can Still Hope for the New Finance Minister

The negative sentiment over the change of the Finance Minister seat in the Red and White Cabinet had spread to political rumors. One of the rumors mentioned: The new Minister of Finance, Purbaya Yudhi Sadewa, is the nephew of President Prabowo Subianto - which could mean there is a policy of nepotism in the government.

From information circulating via WhatsApp instant messages, Purbaya is rumored to be the son of Hashanti Djojohadikusumo, who is none other than President Prabowo Subianto's younger sister. There has been no official response from the Palace or the Djojohadikusumo family to the allegations. However, according to other information, Purbaya is the son of Professor Nawangsari Soegiri, a professor at IPB.

After all, the public, and especially market players, were in fact not too affected by the news that was doubtful. In fact, when the announcement of Purbaya replacing Sri Mulyani was made on Monday, September 8, 2025, the Composite Stock Price Index (IHSG) immediately corrected by around 1.6 percent. However, the market calmed down again in the following two days.

On Wednesday, September 10, 2025, the rupiah exchange rate opened stronger against the United States (US) dollar. Meanwhile, the US dollar index (DXY) at 09.00 WIB slightly strengthened 0.05% at 97.84. As for the previous trade, DXY managed to rebound 0.34% at 97.78 after two consecutive days of weakness.

Proven professionalism

Regardless of the issue, Purbaya does have a good track record in the financial sector, so market confidence or optimism remains stable.

Deputy Chairman of the Board of Commissioners of the Deposit Insurance Corporation (LPS) for the 2023-2025 period, Lana Soelistianingsih, said that during his tenure as head of LPS, Purbaya was very professional and managed to carry out the functions of LPS well.

During his tenure as head of LPS, Purbaya was very professional and managed to carry out the functions of LPS well.

Prior to LPS, Purbaya had also been involved in the financial sector, so he is very familiar with market dynamics. Lana said he knows Purbaya as a smart and down to earth person. Regarding the issue that Purbaya is Prabowo's nephew, Lana does not know about it; in fact, he just heard the news.

Regarding such negative rumors, Lana sees it as a natural thing. Because the position as Minister of Finance is very important and the public likes to dig deeper even into the personal realm. "But indeed we should focus on Purbaya's work program rather than discussing irrelevant issues," Lana told SUAR.

Lana reminded that the market needs to look forward to what new policies or breakthroughs Purbaya will issue. And, he hopes that Purbaya can issue fiscal policies that are transparent and beneficial for all Indonesians.

Finance Minister Purbaya Yudhi Sadewa (left) receives a memory of office from former official Sri Mulyani Indrawati during the handover of office at the Ministry of Finance, Jakarta, Tuesday (9/9/2025).ANTARA FOTO/Hafidz Mubarak A.

Purbaya Yudhi Sadewa was born on July 7, 1964. He earned his bachelor's degree from the Department of Electrical Engineering, Bandung Institute of Technology (ITB). While his Master of Science (MSc) and Doctoral degrees in Economics were obtained from Purdue University, Indiana, USA.

Before entering the government, he started his career as a field engineer at Schlumberger Overseas SA (1989-1994). Then, in October 2000 until July 2005, he was appointed as Senior Economist at Danareksa Research Institute.

Purbaya's professional career took off when he became President Director of PT Danareksa Sekuritas from April 2006-October 2008. He was also the Chief Economist of Danareksa Research Institute from July 2005 to March 2013, and a member of the Board of Directors of PT Danareksa (Persero) from March 2013 to April 2015.

Close to Luhut Binsar Pandjaitan

Purbaya started his government career at the Coordinating Ministry for Economic Affairs as Special Staff for Economic Affairs for 4 years (2010-2014). In addition, he was also a member of the National Economic Committee (2010-2014), led by Chairul Tanjung.

In March 2015, he was appointed as Deputy III for Strategic Issues Management, Presidential Staff Office of the Republic of Indonesia, by Presidential Chief of Staff Luhut Binsar Pandjaitan. He only served until September 2015. Then in November 2015, Purbaya was appointed as Special Staff for Economic Affairs to the Coordinating Minister for Political, Legal and Security Affairs. He held the position until July 2016.

Purbaya returned to the Coordinating Ministry for Economic Affairs as Deputy Head of the Debottlenecking Task Force, better known as "Pokja IV".

In 2016, Purbaya returned to the Coordinating Ministry for Economic Affairs as the Deputy Head of the Debottlenecking Task Force, better known as "Pokja IV", from June 2016 to 2020. Later, he was transferred to the Coordinating Ministry for Maritime Affairs as Special Staff for Economic Affairs (July 2016-May 2018).

He was promoted to Deputy for Coordination of Maritime Sovereignty and Energy, from May 2018 to June 2020. Furthermore, he was shifted to Deputy for Coordination of Maritime Sovereignty and Energy in June 2020.

Purbaya was appointed as Chairman of the Board of Commissioners of the Deposit Insurance Corporation from 2020-2025. Furthermore, he is now appointed by the Minister of Finance of the Republic of Indonesia to replace Sri Mulyani Indrawati on September 8, 2025.

Menkeu Purbaya's first breakthrough

After two days in office, in a Limited Meeting with President Prabowo Subianto, Minister of Finance Purbaya Yudhi Sadewa announced the government's strategic steps to overcome slowing economic growth. The trick is to disburse Rp 200 trillion to banks.

According to Purbaya, so far most of the government's funds have been placed in Bank Indonesia (BI), so they cannot be utilized by banks to extend credit. "So far there is around Rp 430 trillion in BI. I moved Rp 200 trillion to the banking system so that the money can grow and the economy can run again," said Purbaya.

He explained that the funds will be placed in the form of government accounts in banks. Thus, banks are encouraged to manage these funds to generate more optimal returns, while opening up space for increased lending to the real sector.

Purbaya added that the purpose of placing Rp 200 trillion in funds into the banking system is none other than to drive the Indonesian economy and force banks to be more aggressive in lending to the public. So that the circulation of money in the community will run.

"The goal is that banks can have a lot of cash suddenly and banks cannot put it anywhere else but in credit, right. So we force the market mechanism to run," he said.

"The purpose of placing these funds is so that banks can have a lot of cash suddenly and banks cannot put it anywhere else but in credit. So we force the market mechanism to run," said Purbaya.

In a hearing with members of the House of Representatives Commission XI, Purbaya also reported on the Ministry of Finance's work plan and budget for the 2026 budget ceiling.

There are two main topics of discussion. Namely, related to the role of the State Budget (APBN) for economic stimulus and realizing welfare as well as the Ministry of Finance's work plan and budget ceiling for fiscal year 2026.

Public expectations

Critical views came from economic observers. Paramadina University economist Wijayanto Samirin asked Finance Minister Purbaya Yudhi Sadewa to be more careful in issuing statements because they are sensitive to the market.

"Because what is said is half the policy that remains to be typed, jokes out of place will be detrimental. Don't be overconfident, over simplistic," said Wijayanto in a Paramadina discussion on the Cabinet Reshuffle, Wednesday, September 10, 2025.

He also asked Purbaya to have the courage to apply fiscal discipline. " Refocus the budget for the 2026 State Budget. Many budget allocations are not appropriate. Revenue assumptions are too aggressive, and expenditure assumptions are somewhat less proper, especially cutting transfers to the regions," said Wijayanto.

Meanwhile, hopes were expressed by entrepreneurs. Chairman of the Indonesian Employers Association (Apindo) Shinta Kamdani supports the president's decision to appoint Purbaya Yudhi Sadewa as Minister of Finance. She asked Purbaya to maintain industrial competitiveness and job creation - amidst uncertain global dynamics.

With his track record, Apindo hopes that Purbaya can continue the fiscal strengthening measures with the spirit of change. The business world is ready to collaborate with the government because the business world is the engine of collaboration.