Jakarta: Indonesian President Joko Widodo has revamped his ministry, elevating econocrats and an investment banker to key posts while consolidating the power of his political patron, the former president Megawati Soekarnoputri.

The reshuffle, announced Wednesday afternoon, took place against a slowing economy and long-standing criticism that Mr Joko's cabinet was stacked with appointees with poor policy credentials but strong political links to his coalition partners.

Indonesian President Joko Widodo's reshuffle comes as the country struggles with an economic slowdown. Credit:Bloomberg

The promotion of former central bank governor Darmin Nasution as the new co-ordinating minister for the economy and investment banker Thomas Lembong as the new trade minister was generally welcomed.

The men they replaced - Sofyan Djalil and Rahmat Gobel - were negotiating with Australian ministers and officials on Tuesday over live cattle permits, although their sacking is believed to have nothing to do with the issue. The recent savage cut in import permits was made by the minister for agriculture, Amran Sulaiman, who keeps his job.