Agus Martowardojo

Agus Dermawan Wintarto Martowardojo
Finance Minister of Indonesia
Incumbent
Assumed office
May 20, 2010
President Susilo Bambang Yudhyono
Preceded by Sri Mulyani Indrawati
Personal details
Born January 24, 1956 (1956-01-24) (age 56)
Amsterdam,  Netherlands
Nationality Indonesian
Alma mater Universitas Indonesia
Religion Islam

Agus Dermawan Wintarto Martowardojo[1] is the current Finance Minister of Indonesia, since May 20, 2010 and former CEO of Bank Mandiri. He succeeded former minister Sri Mulyani Indrawati, who was resigned from the office and taking position as Managing Director of the World Bank Group.

Early careers

Agus was born in Amsterdam, the Netherlands, on January 24, 1956.[2] After graduating from University of Indonesia's School of Economics, Jakarta, in 1984,[2] he became an international loan officer at the Indonesian branch of Bank of America. Agus has a long career as one of top bankers in Indonesia. Previously he was Chief Executive Officer of Bank Mandiri, the largest bank in Indonesia, in 2005-2010. He was also former President Director of Bank Bumiputera in 1995-1998 and President Director of Bank Ekspor Impor Indonesia in 1998-1999. [3]

His performance as head of Bank Mandiri was considered as successful, as he slashed non-performing loans and raised the bank's profile among international investors. He also increased profits in the banks. In 2008 for example, the bank paid $418m in dividends to the stockholders.[4] He was also instrumental in helping the Finance Ministry in recovering Rp 1.23 trillion (US$133.15 million) of state money from Tommy Soeharto, son of late former president Soeharto.[5]

In 2008, following resignation of Boediono as Governor of Bank Indonesia to run as Vice President of Indonesia as the running mate of Susilo Bambang Yudhoyono, Agus was nominated as one of candidates for Governor. [6] However his nomination was rejected by the national Legislature, apparently for political reasons.[7]

Finance Ministry

Following the resignation of Sri Mulyani Indrawati, Agus was appointed as Finance Minister in the Second United Indonesia Cabinet. [7][2] [8] His selection was greeted positively by analysts as he was considered to have the managerial skills to be finance minister. He also has wide international experience and has represented Indonesia in G20 forums.[9]

In March 2011 he announced his first fiscal policies as Finance Minister with a focus on promoting real sector growth and investment intended to spur Indonesia’s economic growth. Highlights of the new regulations included removing the value added tax (VAT) for the sale of houses worth less than Rp 70 million (US$7,910) compared with the previous Rp 55 million; eliminating taxes on the sales of cooking oil and bulk cooking oil for the poor; and providing in advance 50 percent of the funds needed by the State Logistics Agency (Bulog) for the rice for the poor program.[10]

References

  1. ^ as of Javanese custom he is referred with his first name, Agus
  2. ^ a b c "Agus Martowardojo: Dedicated to work". The Jakarta Post. May 24, 2010. http://www.thejakartapost.com/news/2010/05/24/agus-dermawan-wintarto-martowardojo-dedicated-work.html. Retrieved February 22, 201. 
  3. ^ "Martowardojo, Agus : Brief Biography". Reuters. http://www.reuters.com/finance/stocks/officerProfile?symbol=BMRI.JK&officerId=619900. 
  4. ^ "Mandiri to pay out $418m in dividends". The Jakarta Post. May 30, 2008. http://www.thejakartapost.com/news/2008/05/30/mandiri-pay-out-418m-dividends.html. 
  5. ^ Suharmoko, Aditya (August 29, 2008). "Govt recovers Tommy's money". The Jakarta Post. http://www.thejakartapost.com/news/2008/08/29/govt-recovers-tommy039s-money.html. 
  6. ^ Suharmoko, Aditya (February 18, 2008). "SBY's pick of BI gov candidates seen as surprising but positive". The Jakarta Post. http://www.thejakartapost.com/news/2008/02/18/sby039s-pick-bi-gov-candidates-seen-surprising-positive.html. 
  7. ^ a b "PROFILE-Indonesia's Finance Minister Agus Martowardojo". Reuters. February 23, 2011. http://www.reuters.com/article/2011/02/23/indonesia-finmin-idUSFINMINID20110223. Retrieved February 22, 2011. 
  8. ^ "President names Agus Martowardojo new finance minister". The Jakarta Post. May 24, 2010. http://www.thejakartapost.com/news/2010/05/19/president-names-agus-martowardoyo-new-fm-minister.html. Retrieved February 22, 2011. 
  9. ^ "Agus has the managerial skill as finance minister, analysts say". The Jakarta Post. May 19, 2010. http://www.thejakartapost.com/news/2010/05/19/agus-has-managerial-skill-fm-analysts-say.html. Retrieved February 22, 2011. 
  10. ^ "Govt unveils new fiscal policies". The Jakarta Post. March 1, 2011. http://www.thejakartapost.com/news/2011/03/01/govt-unveils-new-fiscal-policies.html. Retrieved March 12, 2011.