It was told by Moody's Investors Service that Agus Martowardojo, Indonesia's new finance minister should support efforts to improve finances, decrease corruption and recover efficiency in the Government.

Today it was seen that President, Susilo Bambang Yudhoyono elected Martowardojo who was a career banker as the finance minister.

Sri Mulyani Indrawati was replaced by him, who joined the World Bank as one of three managing directors next month.

"We're talking about a change of culture and we all need to make a commitment because we have been tasked by the state to conduct reforms in the bureaucracy", said Martowardojo to the reporters after the inauguration ceremony.

A rise was seen in the Indonesian stocks and the rupiah today after Martowardojo who is 54 years old got appointed yesterday. It was pledged by Yudhoyono to improve corporate governance to draw in investment and improve growth.

It was told by Aninda Mitra, a Singapore- based sovereign analyst at Moody in an interview that because of the bureaucracy reforms corruption reduced and overall efficiency improved. She added that it would also develop the effectiveness of the state budget.

It was noted that the finance ministry's efforts had been hampered to improve governance and implement tax reforms.