JAKARTA, Jakartaweekly.com–The position of Finance Minister has changed three times under President Prabowo Subianto. The first change took place on September 8, 2025, when Sri Mulyani was reshuffled and Prabowo appointed Purbaya Yudhi Sadewa as her successor. Just one year later, Prabowo reshuffled the Finance Ministry again, appointing Suahasil Nazara to replace Purbaya.

The Indonesia Composite Index (IHSG) had plunged 2.5% to 6,373.96 before suddenly reversing course to close at 6,546.75 after Suahasil Nazara was sworn in as Finance Minister.

Fendi Susiyanto, Founder and CEO of Finvesol Consulting Indonesia, described Suahasil Nazara as a strong technocrat with a background in fiscal policy formulation. He therefore hopes that Suahasil will take a more conservative approach to managing the country’s fiscal policy.

“We expect him to take a more conservative approach to managing our fiscal policy, avoid making too many public statements, work closely with the Governor of Bank Indonesia, and remain acceptable to global investors,” Fendi told Jakarta Weekly on Monday, September 14, 2026.

Fendi also said that Suahasil Nazara tends to be more cautious in his public statements. Given his more conservative approach, Suahasil is considered capable of working closely and creating stronger synergies with Bank Indonesia, the Financial Services Authority (OJK), the Indonesia Deposit Insurance Corporation (LPS), and other institutions.

According to Fendi, these are the qualities Indonesia currently needs to maintain the credibility of its public financial management.

Timeline of the Finance Minister Reshuffle

Purbaya Yudhi Sadewa, who was still serving as Finance Minister at the time, was attending a meeting with Commission IV of the Regional Representative Council (DPD RI). The meeting was also attended by a representative of the National Development Planning Agency (Bappenas) and the Governor of Bank Indonesia.

Purbaya was explaining that Indonesia’s economic conditions remained stable, with inflation under control and a healthy trade balance. He also discussed several other economic issues during the meeting.

However, during the question-and-answer session, one of the DPD RI leaders announced that the meeting needed to be temporarily suspended because Purbaya had received a phone call from the Minister of State Secretary. Purbaya immediately stopped his presentation. He was then seen outside the meeting area taking the call.

Purbaya was removed by President Prabowo shortly after he reshuffled hundreds of officials within the Ministry of Finance. Purbaya had carried out the reshuffle as part of efforts to improve the tax system while maintaining fiscal discipline.

After receiving the phone call that morning, the Presidential Palace invited Suahasil Nazara, who was still serving as Deputy Finance Minister at the time. On Monday, September 14, 2026, at 3:30 p.m., President Prabowo Subianto inaugurated Suahasil Nazara as the new Finance Minister for the remainder of the 2024–2029 presidential term.

Following his inauguration, Suahasil said that Prabowo had given him specific instructions to safeguard the country’s public finances.

“This means maintaining their health and preserving the credibility of the country’s public finances. The state budget, as part of public finances, must be able to implement the government’s priority programs. Therefore, the state budget must be healthy. In addition to being healthy, it must also be credible,” Suahasil said on Monday, September 14, 2026.

Profile of Suahasil Nazara

Suahasil Nazara is a veteran figure at the Ministry of Finance. He has served as Deputy Finance Minister since 2019, during Sri Mulyani’s tenure as Finance Minister.

Suahasil also has a strong background as a technocrat with extensive experience in fiscal policy. Before becoming Deputy Finance Minister, he served as Head of the Fiscal Policy Agency (BKF), now renamed the Directorate General of Economic and Fiscal Strategy, from 2016 to 2019.

Suahasil’s position at the BKF was a crucial one, as the agency was designed to strengthen the quality of the state budget not merely through its narrative, but by serving as a policy think tank for fiscal policy and actively turning the state budget into an effective instrument for managing the national economy.

Suahasil led the BKF when former President Joko Widodo ordered fiscal reforms aimed at reducing energy subsidies and redirecting spending toward more productive areas.

In terms of education, Suahasil earned his bachelor’s degree in economics from the University of Indonesia (UI) in 1994. He went on to earn a Master of Science degree from Cornell University in 1997. He continued his studies at the University of Illinois Urbana-Champaign, where he obtained a Ph.D. in economics in 2003.

In 2009, Suahasil was appointed Professor of Economics at the Faculty of Economics and Business at the University of Indonesia. Before becoming a senior official at the Ministry of Finance, Suahasil was an academic and had been a lecturer at FEB UI since 1999.