Singapore names new finance minister

SINGAPORE: Singapore Prime Minister Lee Hsien Loong named Lawrence Wong, tipped as a contender to be future premier, as the new finance minister in a broader cabinet reshuffle which comes at a time when the country is resetting its leadership succession plan. Wong, the face of the government’s fight against the Covid-19 pandemic, is among a crop of younger political figures who have been touted by analysts as potential successors to Lee. He is currently education minister and second minister for finance. Wong replaces Heng Swee Keat, whose unexpected move to step aside as the country’s leader-in-waiting, has raised uncertainty over who will succeed Lee, 69, when he retires. Stability has long been one of wealthy Singapore’s greatest strengths, making it a haven for investors and businesses in a region where political upheaval is not uncommon. Lee, who had signalled he would delay his plan to retire by 70 to see Singapore through the Covid-19 pandemic, has said he will stay on until a successor is chosen. “The upgrade for Lawrence Wong is certainly a signal, a cautious move to explore his capacity,” said Gillian Koh, deputy director of research at the Institute of Policy Studies. Lee, son of Singapore’s founding father Lee Kuan Yew, had also held the finance portfolio before becoming the country’s third prime minister. The reshuffle comes after Singapore, a global finance and trade hub, suffered its worst ever recession last year due to the pandemic. The government has pumped more than S$100 billion into the economy to cope with the fallout. — Reuters