Indonesia's president on Wednesday appointed World Bank managing director Sri Mulyani Indrawati as the country's new finance minister, among a wider cabinet reshuffle aimed at increasing the effectiveness of his team.

Former Indonesian army general Wiranto will replace Luhut Pandjaitan as the chief security minister. The trade, energy and industry ministers are also among those who will be replaced.

Sri Mulyani served as finance minister under the former president, Susilo Bambang Yudhoyono.

The new cabinet, which will be inaugurated later on Wednesday, will include at least one member of Indonesia's second-largest political party, Golkar.