Singapore Cabinet Reshuffle: New Finance Minister Starting May 15

Starting May 15, Singapore will have a new Finance Minister due to the cabinet reshuffle done by Prime Minister Lee Hsien Loong. Lawrence Wong who is the current education minister and second finance minister will be taking over the finance portfolio from Heng Swee Keat. 

Heng Swee Keat announced two weeks ago that he will step aside as PM Lee’s designated successor. Wong is expected to eventually take over from PM Lee as Singapore’s Prime Minister. He is also the co-chair of Singapore’s task force on Covid-19 and played a major role in managing the outbreak in Singapore. 

Prime Minister Lee, who is 69 years old this year, was previously ready to retire when he turns 70 years old. However, the Covid-19 pandemic delayed this decision. Moreover, after Heng’s announcement, PM Lee had said that he would continue his role as prime minister until his new successor is ready to take over. 

Regarding the cabinet reshuffle, PM Lee said that, 

"The appointments which I made immediately after the elections, in a sense, were an interim set of changes, and now I'm making the full set of changes.

"And therefore I've had to move two ministers who have only been in their appointments quite a short time, which are Lawrence in MOE and Ong Ye Kung in MOT, but unfortunately it can't be helped. 

"It's a bit disruptive for the ministries; they have made contributions, they are getting into their stride, and now I have to disrupt them. But I hope that after this adjustment, the new ministers in those two posts will be able to settle down for some time.”

[Source 1, 2, 3]