World Bank Appoints Indonesian Finance Minister

World Bank Group President Zoellick Appoints Indonesian Finance Minister, Sri Mulyani Indrawati, as Managing Director, World Bank Group

WASHINGTON, May 4, 2010—World Bank President Robert B. Zoellick today announced the appointment of Sri Mulyani Indrawati as Managing Director of the World Bank Group. As Indonesia’s Minister of Finance since 2005, Ms. Indrawati has guided economic policy for one of the largest countries in Southeast Asia, and one of the biggest states in the world, navigating successfully in the midst of the global economic crisis, implementing key reforms, and earning the respect of her peers across the world.

“I am delighted to announce the appointment of Sri Mulyani Indrawati. She has been an outstanding Finance Minister with in-depth knowledge of both development issues and the role of the World Bank Group.” said Mr. Zoellick. “As a member of the Senior Team she will play a key role in helping to lead the Bank as we move to strengthen client support, implement our reform program, and anticipate future challenges.”

Prior to her position as Finance Minister, Ms. Indrawati served as State Minister and Chair of the Indonesian National Development Planning Agency. Between 2008 - 2009, she served as Coordinating Minister of Economic Affairs. From 2002 - 2004, she was an Executive Director on the Board of the International Monetary Fund. She has been on the faculty of the University of Indonesia and was a visiting professor at the Andrew Young School of Public Policy at Georgia State University. ‘

Accepting the appointment Ms. Indrawati said: “It is a great honour 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."

“Ms. Indrawati brings a unique set of skills and experience to the World Bank Group, from the vantage point of an advancing Middle-Income country that still faces significant challenges of poverty. She has received global recognition for her success in combating corruption and strengthening good governance,” noted Mr. Zoellick. “She has been a leader in the developing world on climate change, and active in the international arena through the G-20, APEC, ASEAN and other groups.”

Ms. Indrawati earned a Ph.D. in Economics from the University of Illinois and a BA in Economics from the University of Indonesia. She has received numerous honors and awards, including Euromoney Magazine's Global Finance Minister of the Year, and Emerging Markets’ Best Finance Minister in Asia. She has also been regularly on Forbes’ List of the 100 Most Powerful Women.

In her new role Ms. Indrawati will supervise three Regions: Latin America and Caribbean, Middle East and North Africa, and East Asia and Pacific. She will also oversee the Information Systems Group.

The appointment follows an international search process. Ms. Indrawati will join the Bank on June 1, enabling a transition period with Juan Jose Daboub who completes his four year term as Managing Director on June 30.

ENDS

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