Sri Mulyani Returns to the World Bank, This is His Position

Sri Mulyani Indrawati (Photo: Antara)

JAKARTA - The World Bank has appointed former Indonesian Minister of Finance Sri Mulyani Indrawati as the Independent Co-Chair of the 22nd International Development Association (IDA).

In his position, Sri Mulyani is tasked with encouraging the strengthening of policy support and funding in donor and borrower countries.

Based on the official statement of the World Bank, Sri Mulyani will lead the process of replenishing the IDA22 fund together with World Bank Managing Director Paschal Donohoe.

"He was selected from a shortlist of candidates by a search committee consisting of representatives of donor and borrower country groups," the World Bank said, quoting Antara.

The IDA replenishment meeting is generally held every three years.

The meeting aims to raise new funding for IDA, the World Bank Group's lending institution for the poorest countries, and provide an opportunity for partners to review IDA policies.

IDA is one of the largest sources of funding to combat extreme poverty in low-income countries around the world.

IDA provides interest-free or low-interest loans and grants to countries to finance projects and programs that promote economic growth, strengthen resilience, and improve the living standards of poor people in various parts of the world.

Since 1960, IDA has channeled more than 632 billion US dollars for investment in 115 countries.

The IDA22 replenishment cycle will officially launch at the Mid-Term Review Meeting in Tashkent, Uzbekistan, in December 2026.

Meanwhile, the final meeting for the delivery of funding commitments is expected to take place in December 2027.

IDA22 will determine the amount of concessional financing available to 78 countries until 2031.

Since IDA18, IDA replenishment meetings have been chaired by two co-chairs consisting of a prominent independent figure who has adequate knowledge of multilateral development banks and a high-level representative of the World Bank appointed by the President of the institution.

"Sri Mulyani is one of the most experienced figures in the world in the field of international development financing," the World Bank added.