Move To World Bank
On May 5, 2010 Mulyani was appointed as one of three Managing Directors of the World Bank Group. She replaced Juan Jose Daboub, who completed his four-year term June 30, overseeing 74 nations in Latin America, Caribbean, East Asia and Pacific, Middle East and North Africa.
Her resignation was viewed negatively and caused financial turmoil in Indonesia, with the stock exchange closing down 3.8% after the news, amid a broad sell off in Asia, while the Indonesian rupiah fell nearly 1% against the dollar. The drop in Indonesian stock exchange was the sharpest in 17 months. The move has been called as "Indonesia’s loss, and the World’s gain".
There was widespread speculation that her resignation was due to political pressure, especially from powerful tycoon and chairman of Golkar Party, Aburizal Bakrie. Bakrie is known to have enmity toward Mulyani due to her investigation into massive tax fraud in the Bakrie Group, her refusal to prop up Bakrie's coal interests with government funds, and her refusal to state that the Sidoarjo mud flow, which is widely believed to have been caused by drilling of Bakrie's company, was a "natural disaster".
On May 20, President Susilo Bambang Yudhoyono named as her replacement Agus Martowardojo, CEO of Bank Mandiri, the largest bank in Indonesia.
Read more about this topic: Sri Mulyani Indrawati
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