It is both "devastating" and a "pleasant surprise" for Indonesia. It is a political compromise that will ease a beleaguered official out of town or a well-deserved triumph for a woman who has served her country with distinction. She wins. Her enemies win. Indonesia wins and loses.

Finance Minister Sri Mulyani Indrawati's sudden and dramatic move to the upper reaches of the World Bank hierarchy as a managing director is all of those things and more. As the architect of sweeping – but still incomplete – bureaucratic and financial reforms in recent years, the surprise announcement on Wednesday that she was leaving for Washington stunned business and political circles, sent markets reeling and left lawmakers, analysts and pundits scrambling to explain what happened and why.

"I think this is a very positive thing," said John Prasetio, a deputy chairman of the Indonesian Chamber of Commerce and Industry (Kadin). "We as Indonesians have to be proud and welcome this move. I think she will also continue to help develop our economy."

"I am devastated," Clifford D. Rees, head of the European Chamber of Commerce, said upon hearing the news. He fears that the loss of Sri Mulyani could harm the economy and give comfort to opponents of reform.

"It's a pleasant surprise," long-time business consultant James Castle said. "I think it's great for her and good for Indonesia to have someone in that position."

The whirlwind of reactions underscores the remarkable impact Sri Mulyani has had in recent years. Credited with guiding the country through the global economic meltdown and helping forge its current push into the elite ranks of top-tier emerging economies, she also stared down domestic political opponents who in recent months tried to use a House of Representatives inquiry into the 2008 Bank Century bailout to force her out of government.

That bruising ordeal seemingly left her stronger than ever and the reform agenda largely intact. But Reuters quoted an anonymous friend of Sri Mulyani's as saying that the departure for the World Bank happened because she was "fed up with the political pressures."

President Susilo Bambang Yudhoyono on Wednesday accepted the loss with aplomb. "We are losing one of our best ministers," he said. "I think it is a strategic position, an important position, an honorable position."

Despite her credentials as one of the world's most highly regarded finance professionals, Sri Mulyani's day of triumph on the international stage could not help but be dogged by political controversy.

A People's Conscience Party (Hanura) lawmaker suggested she be barred from leaving the country because of the Bank Century case, and Indonesian Democratic Party of Struggle (PDI-P) lawmaker Hendrawan Supratikno, a fierce opponent of the finance minister, called her departure a demotion brought on by "deep political pressure" brought to bear on the president due to the Century controversy.

"She is just a victim," Hendrawan said, sacrificed to "decrease political tension between the government and the House."

Democratic Party lawmaker Didi Irawadi Syamsuddin scoffed at the suggestion. "We should all be proud of her," he said.

Even the Golkar Party, which led the charge against her in the House, wished her well. House Deputy Speaker Priyo Budi Santoso said Golkar appreciated the move because it was a "prestigious position" that would allow her to pursue policies that would favor Indonesia.

Castle called the appointment "a slap in the face" for the House's bailout probe. "Obviously the World Bank gives no credibility to the House report" on Bank Century, he said.

The World Bank's director for Indonesia, Joachim von Amsberg, said Sri Mulyani was ready for new challenges. The reforms she helped lead "are embedded in government and in the overall leadership of the country, I think they are no longer dependent on a single person, that's why we are quite confident that Indonesia will continue to do well."

Still, there are many anxious moments to come. Will she be replaced by someone as sound and courageous as she has proven to be? Will Wednesday's 3.8 percent drop in the stock market prove to be a blip caused by external factors or will her departure rattle investors? Will her exit embolden opponents of reform and leave the country without a champion for change?

Finally, it is too early to tell with any certainty if the "iron lady" of Indonesian finance is leaving completely on her own terms or if she was nudged out. One thing, though, seems certain: the world – and Indonesia – will be hearing more from Sri Mulyani for years to come.