Indonesian Finance Minister wins international award as judged by EY

Indonesia’s Finance Minister Sri Mulyani Indrawati has been named Best Minister at the World Government Summit in Dubai. The award recognises ministers who have made significant socio-economic contributions to their countries, and is determined by Big Four advisory EY.

Appointed in 2016 for her second term presiding over Southeast Asia’s largest economy, and the 16th biggest globally by GDP, Indrawati in her capacity as Indonesia’s Finance Minister has overseen the implementation of a raft of initiatives under the Widodo Government’s sweeping economic reforms, including measures to address inequality, attract greater investment, and increase the country’s tax collection.

During her first term in office from 2005 to 2010, prior to joining the World Bank as Managing Director and CEO, Indrawati was widely credited with reducing Indonesia’s sovereign debt by half while boosting the country’s foreign currency reserves to record highs – accomplishments which have previously seen her named Best Finance Minister in Asia by the World Bank and IMF and regularly cited as one of the most powerful women in the world.

Now, in an international honour adjudicated by global accounting and advisory leaders Ernst & Young, Indrawati has been handed the Best Minister Award at the World Government Summit in Dubai. The award, presented by the Vice-President and Prime Minister of the UAE, Sheikh Mohammed Rashid Al Maktoum, is open to ministers of all departments across the globe and  recognises those ‘who have achieved outstanding results through leading innovative government initiatives’ and inspired other government leaders and service providers.

Administered by EY, and assessed by a panel of independent judges, the selection criteria for the award considers several key areas (both at the macro level and as to specific population segments), including social impact, qualitatively assessed around major social indicators in the health, education and development sectors, and economic impact, assessed according to indicators as to poverty reduction, growth, income, and job creation.

Further consideration and weight is given to innovation, with a specific focus on programmes with a digital or ICT centric element, scalability, as to the ease of replication and relevance to other countries, and leadership, which takes into account both the candidate’s contribution as a leader in their jurisdictions and the perception of appreciation held at home and abroad – with the latter point being assessed through feedback from the media, private sector, investment community and even social media channels.

“Under her mandate Indonesia achieved tangible results in reducing poverty, improving the standard of living, reducing public debt and boosting the transparency of public transactions,” the awarding committee was quoted as stating. On receiving the accolade, Indrawati dedicated the award to the 78,164 officers at Indonesia’s Ministry of Finance; “Hopefully, this award will motivate the Indonesian government further, to do various reforms for the young generation facing a revolution in technology and a fast-changing world,” she said via Facebook.

Ironically, the internet giant itself has come into the orbit of the Indonesian Finance Minister’s attention in respect to an overhaul of the country’s taxation systems, which, including its efforts to regulate ecommerce and recoup some $300 billion in taxes through an innovate amnesty, were undoubtedly a factor in Indrawati being named as the recipient of the Best Minister Award. In an apparent preliminary compromise, Facebook has received a full operating permit from the Indonesian government, albeit one which refers to management consulting as the company’s field of operations.