Bambang Subianto
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Bambang Subianto | |
|---|---|
 Subianto in 1998 | |
| Minister of Finance | |
| In office 23 May 1998 – 20 October 1999 | |
| President | B. J. Habibie |
| Preceded by | Fuad Bawazier |
| Succeeded by | Bambang Sudibyo |
| Personal details | |
| Born | 10 January 1945 |
| Died | 4 November 2022 (aged 77) Jakarta, Indonesia |
| Party | Independent |
| Education | Bandung Institute of Technology |
| Occupation | Economist |
Bambang Subianto (10 January 1945 – 4 November 2022) was an Indonesian academic and technocrat[1] who served as Minister of Finance from 1998 to 1999. Before assuming the post of finance minister, Bambang worked in the Department of Finance for about a decade.
Bambang was born on 10 January 1945 in Madiun[2] during the Japanese occupation of the Dutch East Indies. Upon finishing his high school education, Bambang enrolled at the Bandung Institute of Technology (ITB), where he studied chemical engineering. He graduated with an undergraduate degree in 1973. Five years later, Bambang went to KU Leuven in Belgium for his postgraduate studies in business administration and doctorate in economics.[3][4][5] He obtained his postgraduate and doctoral degrees in 1981 and 1984, respectively.[6]
Career
Two years after graduating from ITB, Bambang started his career in the Faculty of Economics of the University of Indonesia (UI) as a researcher and lecturer. He continued his stint in the university upon returning to Indonesia. Bambang became the chairman of the management institute of the faculty in 1988 after becoming the deputy chairman for about a year. Aside from his job in the university, Bambang was also active in the Union of Indonesian Engineers, where he was elected as one of its chairmen.[6]
Bambang left the university and joined the Department of Finance in 1988;[3] he was subsequently appointed as the director for financial institutions and accounting. He later briefly served as the minister's expert staff before being promoted to the post of the director general of financial institutions in 1992. During his tenure as director general, Bambang was heavily involved in the formulation of financial acts such as the Banking Act of 1992, Capital Market Act of 1995, and Non-tax Retribution Act of 1997.[4][6]
During the Asian financial crisis, the Indonesian government under Suharto signed an agreement with the International Monetary Fund. One of the results of the agreement was the establishment of the Indonesian Bank Restructuring Agency (IBRA), which was set up to promote the recovery of Indonesia's economy through the segregation of bad debts.[7] Bambang was appointed as its first chair in January 1998.[6] Two months later, in March 1998, Bambang was dismissed from IBRA and the control of IBRA was subsequently transferred from the Department of Finance to Bank Indonesia.[8] He was fired from his job as director general in March 1998 by minister of finance Fuad Bawazier.[4][9] At that time, Fuad was known as a nationalist finance minister and had alienated monetary fund officials and foreign investors.[1] Bambang subsequently returned to UI to resume his old job.[4]