Jakarta. President Prabowo Subianto on Monday inaugurated Purbaya Yudhi Sadewa as Indonesia’s new finance minister, replacing Sri Mulyani Indrawati in a sweeping cabinet reshuffle.

Purbaya takes over from Sri Mulyani, who led the Finance Ministry for more than a decade across two nonconsecutive terms. Her removal marks one of the most consequential changes in Prabowo’s cabinet since he assumed office in October 2024.

Born in Bogor on July 7, 1964, Purbaya has a background that bridges engineering and economics. He earned a bachelor’s degree in electrical engineering from the Bandung Institute of Technology (ITB) before pursuing graduate studies at Purdue University in Indiana, where he obtained both a master’s and a PhD in economics. 

Purbaya began his career in the private sector as a field engineer at Schlumberger Overseas SA in the late 1980s. By the early 2000s, he shifted to economics, joining the Danareksa Research Institute as a senior economist, where his work gained him recognition among Indonesian policymakers and market players.

In 2006, he was appointed president director of state-owned underwriter Danareksa Sekuritas and later served on the board of Danareksa (Persero) from 2013 to 2015. 

His government career is equally extensive. From 2010 to 2014, he served as special staff for economic affairs to the coordinating minister for the economy. He later became deputy for strategic issues management at the Presidential Staff Office (2015–2016) and held senior advisory roles at the Coordinating Ministry for Political, Legal, and Security Affairs as well as the Coordinating Ministry for Maritime Affairs between 2015 and 2018.

In 2018, Purbaya was promoted to deputy for maritime sovereignty and energy at the Coordinating Ministry for Maritime and Investment Affairs, a role he held until 2020. That year, he was appointed chairman of the Indonesia Deposit Insurance Corporation (LPS), where he helped protect financial system stability during and after the COVID-19 pandemic.

Now as finance minister, Purbaya faces daunting challenges. He steps into the role amid political turbulence following Sri Mulyani’s removal and at a time when Indonesia grapples with global economic uncertainty, capital outflows, and the delicate task of balancing fiscal discipline with President Prabowo’s ambitious social and defense spending agenda.