Indonesia’s Loss, The World’s Gain

I was just watching ChannelNews Asia just moments earlier when they featured the recently resigned Indonesia’s Finance Minister, Sri Mulyani.

For many of us, we know her as the lady who bailed Bank Nasional Indonesia (BNI) out of the financial crisis and was the target of many politicians who weren’t happy with it probably because they didn’t make their profits out of it.

What the media failed to cover though is the fact that Sri Mulyani had resigned with permission from President Bambang Yudhoyono because she had been offered the post of Managing Director at World Bank!

I didn’t know much about this actually until my dad surfaced this information to me as we were travelling on my bike one day and talking about our favourite topic – Politics. If Sri Mulyani’s bail out for BNI was anything but ‘corrupt’, you can only imagine that when she resigned, plenty would rejoice about it especially foreign investors but this wasn’t the case.

When she resigned, the Indonesia stock exchange closed 3% lower, Rupiah was 1% lower against the US$ and that drop in stock exchange was the sharpest drop in 17 months. Well, which direct investor wouldn’t be jolted and worried because it was Sri Mulyani who managed to attract $8.9 billion from foreign direct investment within a year compared to $4.6 billion the previous.

With her now gone, Indonesia is suffering a huge loss but it is with much hope that now that she is helming the World Bank, she can effect the same non-corrupt stance she took in Indonesia to the world stage.

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