JAKARTA - Indonesian President Joko Widodo on Wednesday was set to install nine new ministers after announcing his second cabinet reshuffle in less than two years after taking office.

The president was to inaugurate the new state officials and four other ministers who are taking new roles in the government administration in a ceremony at the State Palace scheduled at 1:30 pm local time.

The new ministers include former chief of Indonesia's military Wiranto as the country's chief of security minister, replacing Luhut Binsar Pandjaitan who now serves as coordinating minister of maritime affairs.

World Bank's managing director Sri Mulyani Indrawati takes on the role as finance minister, replacing Bambang Brodjonegoro who now becomes coordinating minister for national development planning.

Thomas Lembong becomes the chairman of Indonesia's Investment Coordinating Board as Enggartiasto Lukita replaced him as the new trade minister.

On the reason of a cabinet reshuffle, President Joko said he wanted to tackle many economic-related issues, including poverty alleviation, financial inequalities, and threats form slowing world economy and the fierce global competitiveness.

"I acknowledge these problems and we have to act immediately so that the people can experience the results in the short, medium, and long period," he said.

"Therefore, I want to do my best so that this Working Cabinet can work more effectively, fast, and support each other with real results as soon as possible," he added.

The president also announced that he would carry out the first plenary meeting with the new cabinet at 3 pm.

Joko on Tuesday night had carried out a closed meeting with all of his ministers reviewing their work since the previous cabinet reshuffle in August 2015, in which Joko installed six new ministers.

A number of ministers who lost their positions shared their gratitude on their official Twitter pages.

"I have tried my best for Indonesia and its people. Thank you, Indonesians," said Coordinating Maritime Minister Rizal Ramli on Wednesday morning.

"The big job is done (...) Let's never tire of loving Indonesia," Energy and Mineral Resources Minister Sudirman Said posted on Tuesday night.