Jakarta. President Prabowo Subianto’s September 8 reshuffle of the Red-White Cabinet, which replaced Finance Minister Sri Mulyani Indrawati with Purbaya Yudhi Sadewa, has drawn sharp scrutiny from economists, governance experts, and international observers.

International markets are closely watching developments in Jakarta. Analysts note that the removal of Sri Mulyani -- long regarded as a reformist voice with strong credibility among investors -- could raise concerns about fiscal discipline. Credit ratings agencies have not issued formal statements, but regional investment banks have pointed to the need for clear signals on debt management and spending priorities.

At a public forum hosted by Policy+ in partnership with The Habibie Center and the University of Indonesia’s Faculty of Economics and Business on Friday, speakers stressed that the reshuffle should not be dismissed as routine political maneuvering but rather seen as a test of Indonesia’s economic credibility and the resilience of its democracy.

A Signal of Political Pressure
“The cabinet reshuffle is a response to ‘street democracy’ that reflects public anxiety. We need to strengthen democratic mechanisms,” said Didit Ratam of The Habibie Center.

Raafi Seiff, Director of Policy+, added: “Although a reshuffle can signal renewed confidence, the government needs to advance ethical standards in both the executive and legislative branches and ensure policies align with present realities. Good governance must go hand in hand with political change.”

Julian Aldrin Pasha, Chair of the Institute for Democracy and Human Rights at The Habibie Center, stressed that reshuffles are common but warned of risks when appointments are politically motivated.

“What matters is whether it strengthens or weakens our democratic institutions,” Julian said. “If ministerial changes prioritize loyalty over merit, oversight could weaken and public confidence in government accountability may erode.”

The reshuffle also raised concerns about Indonesia’s fiscal trajectory. Jahen Fachrul Rezki, Associate Director and Head of Macro, Finance, and Political Economy at the University of Indonesia, stressed that both markets and the public are looking for firm policy signals.

“Without credible direction, uncertainty will grow, especially with ambitious spending programs already on the table,” he cautioned. Jahen urged the government to redirect resources into infrastructure, human capital, and the green transition -- sectors that could create quality jobs, sustain consumption, and reassure investors about Indonesia’s long-term economic resilience.

Experts concluded that Prabowo’s cabinet changes must be judged not only as a political adjustment but as a critical test of governance. Transparent fiscal management, consistent policy signals, and democratic accountability, they said, will determine whether the reshuffle strengthens confidence -- or deepens skepticism at home and abroad.