{"text":[[{"start":13.1,"text":"Indonesian President Prabowo Subianto has fired finance minister Purbaya Yudhi Sadewa after just one year in the role, in the latest shake-up in south-east Asia’s largest economy."}],[{"start":26.28,"text":"Suahasil Nazara, who had been serving as deputy finance minister since 2019, was sworn in as Purbaya’s replacement on Monday. The government did not say why Purbaya was removed."}],[{"start":38.6,"text":"Suahasil is seen as a technocrat and has extensive experience in fiscal policymaking, having previously led the country’s fiscal policy agency for more than three years."}],[{"start":49.44,"text":"Jakarta’s benchmark stock index pared losses after the announcement. Initially down by 2.5 per cent, the index closed down 0.1 per cent following the reshuffle."}],[{"start":61.56,"text":"After being sworn in, Suahasil said Prabowo had asked him to safeguard “the health and credibility” of the state budget. He said the country’s fiscal deficit would be kept under the legal cap of 3 per cent."}],[{"start":74.88,"text":"Asked if he had any message for the markets, Suahasil said: “This is just a continuation, not a change . . . We will continue to manage the state’s finances in a better way.”"}],[{"start":85.4,"text":"The reshuffle at the finance ministry is the second such change under Prabowo. Purbaya was appointed to the post in September 2025 after the surprise ousting of Sri Mulyani Indrawati, who was widely respected, especially among the country’s foreign investors, for her fiscal discipline."}],[{"start":103.18,"text":"As minister, Purbaya did not inspire much confidence in the market, as he advocated for looser fiscal policy and criticised the central bank for the weakening of the rupiah currency. He strongly supported Prabowo’s ambitious goals to boost annual economic growth to 8 per cent, from the current level of about 5 per cent."}],[{"start":122.2,"text":"While Purbaya’s replacement prompted an immediate positive market reaction, investors could view the change as evidence of more policy uncertainty in Prabowo’s Indonesia."}],[{"start":132.12,"text":"Shares on the Jakarta exchange have stabilised in recent weeks, but they have lost about a quarter of their value so far this year, making it one of the world’s worst-performing equity markets."}],[{"start":143.12,"text":"Investors have been particularly concerned about Prabowo’s costly welfare policies and their impact on an already strained budget, growing state interventionism and the possibility of a downgrade by index provider MSCI."}],[{"start":156.16,"text":"In July another respected technocrat, Perry Warjiyo, resigned as the central bank governor amid pressure from the government to support Prabowo’s ambitious economic goals."}],[{"start":166.96,"text":"Dedi Dinarto, associate director at strategic advisory firm FGS Global, said Suahasil’s appointment should offer some reassurance to investors."}],[{"start":175.94,"text":"The new minister was “a more familiar and orthodox technocrat with deep roots in the finance ministry, in contrast to Purbaya, who came in with a stronger pro-growth mandate and a greater willingness to push the policy envelope”, Dedi said."}],[{"start":189.88,"text":"“But the real test is whether Suahasil has the flexibility to maintain fiscal discipline while delivering Prabowo’s ambitious growth and spending agenda,” he said."}],[{"start":204.68,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1789429201_1082.mp3"}