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    Indonesia's Newest Finance Minister Sworn In


    by NTDTelevision

    President Susilo Bambang Yudhoyono swore in Indonesia's new finance minister, Agus Martowadojo, and his deputy on Thursday.

    In his speech, President Yudhoyono urged the two to continue with reforms, including improvements to tax collection.

    [Susilo Bambang Yudhoyono, Indonesian President]: (bahasa, male)
    "Increase our domestic revenue, both from tax and non-tax sources, by creating policies and instruments and oversight mechanisms that are effective. Continue reform in the area of tax so that we can increase state revenue."

    Investors have welcomed the appointment.

    However, Martowadojo will face the same resistance from old guard politicians and powerful businessmen strongly opposed to reforms that plagued the former finance minister’s tenure.

    As President Director of Bank Mandiri, the country's biggest lender by assets, Martowardojo took on vested interests and powerful debtors. He published a "name and shame" list of borrowers who had defaulted on their loans.

    Investors and analysts welcomed the choice of Martowardojo.

    Indonesia's commitment to reform is considered critical to attract much-needed foreign direct investment, spur economic growth and create jobs.