INDONESIA: Outgoing President Joko "Jokowi" Widodo will appoint Thomas Djiwandono, the nephew of president-elect Prabowo Subianto and his adviser on fiscal matters, as a deputy finance minister later today, according to a senior politician. Sufmi Dasco Ahmad, a prominent member of Prabowo's Gerindra Party, confirmed the planned appointment and added that Thomas will continue in the same role after Prabowo's term officially begins in October. The appointment aims "to facilitate a smooth transition from Mr. Jokowi's administration to Mr. Prabowo's," Dasco told Reuters, referring to the current president by his popular nickname.

The Indonesian rupiah fell about 0.4 percent against the US dollar in early Thursday trading, marking the largest drop among emerging Asian currencies. Thomas will collaborate with Jokowi's current finance minister, Sri Mulyani Indrawati, who is highly regarded for her prudent fiscal policies, including her financial management during the COVID-19 pandemic.

Financial markets are closely monitoring Prabowo's choice for finance minister and his fiscal policy proposals, especially after ratings agencies warned of potential risks due to his expensive campaign promises, such as a program to provide free school meals. Concerns about rising debt under Prabowo's upcoming administration have previously exerted pressure on the rupiah and Indonesian bond prices.

US-educated Thomas has been the primary spokesperson for Prabowo's fiscal policies, frequently reiterating the incoming president's commitment to adhering to fiscal rules and maintaining the 2025 budget deficit below the legal limit of 3 percent of GDP.

According to his profile on the official Gerindra website, Thomas previously worked at a securities firm in Hong Kong and for the Arsari Group, an Indonesian conglomerate led by Prabowo's brother, Hashim Djojohadikusumo. He also serves as the party's chief treasurer.

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