It's A Great Honor, Sri Mulyani On Appointment As World Bank's Managing Director

Jakarta Globe, Sandrine Rastello, May 05, 2010

Minister of finance, Sri Mulyani is appointed World Bank's managing director (JG Photo/Safir Makki)

“It is a great honor for me and also for my country to have this opportunity to contribute to the very important mission of the bank in changing the world,” Sri Mulyani said in the statement upon her appointment as the new World Bank's managing director.

Sri Mulyani and Vice President Boediono, who was the last central bank governor, have been the target of an opposition campaign accusing them of abusing their authority during the 6.7 trillion-rupiah ($740 million) bailout of PT Bank Century in 2008, during the global financial crisis.

President Susilo Bambang Yudhoyono’s administration has been credited with helping bring political stability to Indonesia, which has seen economic growth accelerate and inflation moderate in recent years.

The country’s benchmark Jakarta Composite Index of stocks has soared 67 percent in the past 12 months, the second-best performer among 20 Asian indexes tracked by Bloomberg News, after Sri Lanka. The rupiah has been the region’s best- performing currency in that time, advancing 15 percent against the dollar.

Sri Mulyani “has guided economic policy” for Indonesia, “navigating successfully in the midst of the global economic crisis, implementing key reforms, and earning the respect of her peers across the world,” the World Bank said in its statement, which was released late May 4 Washington time.

Bloomberg