Prabowo, who declared victory in the recent presidential election, is considering health minister Budi Gunadi Sadikin, deputy state-owned enterprises minister Kartika Wirjoatmodjo, financial regulator chairman Mahendra Siregar and PT Bank Negara Indonesia president director Royke Tumilaar as potential contenders, according to people familiar with the matter.
They’re seen as most suitable for the role because of their financial expertise as well as effective leadership, said the people who asked not to be named because the discussions are private.
Prabowo won’t involve the finance minister position in any political bargaining, as he sees the post as above politics and requiring acumen in managing the budget, they added.
The new finance minister would take over from Sri Mulyani Indrawati, the only woman to ever be appointed to the role since Indonesia’s independence in 1945.
She steered the economy through the turmoil caused by the pandemic, embarking on an unprecedented debt monetisation to fund stimulus spending and then reining the budget deficit back within the legal limit a year earlier than promised.
Whoever ends up in the role would have a massive responsibility to help Prabowo steer Southeast Asia’s largest economy amid geopolitical risks and supply chain disruptions arising from the US-China rivalry.
The person would have to maintain fiscal discipline, which has been essential in stabilising the rupiah and assuring foreign investors, while securing enough funding for Prabowo’s big-ticket spending plans.
His spending spree could amount to 460 trillion rupiah (US$29 billion), more than the entire 2023 budget deficit.
He signalled his focus on improving health and education outcomes with a plan to give out free school lunches and milk to more than 80 million children, which he also expects to create employment for women and small businesses.
His campaign also called for “youth downstreaming” as a way to urge young people to take up higher-paying tech-related jobs.
A spokesperson for Prabowo didn’t immediately respond to requests for comment. Prabowo’s current lineup may be all-men, but plans might change, the people said.
Discussions to shape Prabowo’s new cabinet are underway but it’s still at an early stage and will only intensify after he is officially declared the winner and president-elect by the elections commission, they said. Official results are due by March 20.