Basri named Indonesia's new finance minister

JAKARTA, Indonesia (AP) -- Indonesia named investment board head Chatib Basri as the country's new finance minister.

Basri will contend with slowing economic growth and an unpopular plan to reduce fuel subsidies.

He replaces Agus Martowardojo who earlier this year was tapped to head Indonesia's central bank.

President Susilo Bambang Yudhoyono said Monday that investment in Southeast Asia's largest economy had grown significantly and contributed to economic growth under Basri's leadership of the investment board.

Basri is an economist and former deputy finance minister.

Coordinating Economy Minister Hatta Rajasa has been acting finance minister.