JAKARTA – Indonesian financial regulator Mahendra Siregar and former finance minister Chatib Basri are among the top choices Mr Prabowo Subianto is considering for the role of finance minister, according to sources close to Indonesia’s President-elect.

Investors are closely watching the pick for the key role after rating agencies warned of the cost of the programmes Mr Prabowo campaigned on, raising the risk of slippage in the country’s hard-won record for fiscal discipline.

The former special forces commander and current defence minister will pick a professional with market credibility to head the Finance Ministry, said three sources, who all sought anonymity as the matter is a sensitive one.

“Mr Prabowo prefers a future finance minister with great competence and (is) well welcomed by the market,” one of the sources said.

Mr Basri, chairman of Indonesia’s biggest lender Bank Mandiri, was finance minister in 2013 and 2014, navigating the “taper tantrum” that spurred capital outflows from emerging markets after the United States Federal Reserve said it would taper its programme of quantitative easing.

A close friend of current Finance Minister Sri Mulyani Indrawati, who is well regarded by markets, Mr Basri is also co-chair of the Group of 20’s pandemic fund that lends to countries to guard against future global health threats.

Mr Siregar, head of the financial services regulator, is a career diplomat who has held many high-ranking government jobs, from investment board chief to deputy finance minister and Indonesia’s ambassador to the US.

One of the sources said others being considered are central bank governor Perry Warjiyo, Deputy Minister Kartika Wirjoatmodjo and former finance minister Bambang Brodjonegoro.

“Mr Prabowo will scout as there are seven months left before the inauguration,” one of the sources said, referring to the assessment among the candidates.

Dr Sri Mulyani is not expected to keep her job due to differences with Mr Prabowo over defence spending, which has increased significantly under Mr Prabowo, two of the sources said.

In March, the election commission officially announced Mr Prabowo’s victory in the Feb 14 vote, but losing candidates have contested the result in the constitutional court. The court is set to make a decision on April 22, with the election winner due to take up the job in October. REUTERS