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President Susilo Bambang Yudhoyono has approved Finance Minister Sri Mulyani’s move to the World Bank, despite acknowledging that the appointment would be Indonesia’s loss.

“I agree to Ibu Sri Mulyani’s request to be the World Bank’s managing director as long she finishes her job and other affairs before starting at her new job,” Yudhoyono said during a news conference at the President's Office.

“I have received her official resignation letter. To all Indonesian people, I must say that we have just lost one of our best ministers. We all know that as a Finance Minister Ibu Sri Mulyani has worked hard to develop fiscal policies and conduct a number of reforms in her respective field,” the president said.

“After the national coordination meeting at Tampaksiring in Bali on April 30, I received a letter from the World Bank president dated April 25, which stated his interest in offering Ibu Sri Mulyani the position of managing director,” he said.

Meanwhile, Finance Ministry inspector general Hekinus Manao said the ministry was in shock following the appointment but remained determined to continue the reform process.

“I was shocked and feel a sense of a loss. But, we are also proud because she was appointed because of her capabilities,” Hekinus said at Finance Ministry headquarters on Wednesday.

“She had told us during a breakfast meeting this morning about this appointment. She is supposed to give her final answer in 72 hour.”

Hekinus said the selection process for the meeting began a year ago with Sri Mulyani’s name on top of the list.

Despite the minister’s apparent imminent departure, the Finance Ministry would continue with its reforms, Hekinus said. “We are already comfortable with the transformation and we are heading to the right direction,” he said.