Singapore's Minister for National Development Lawrence Wong at a press conference on the country's Covid-19 situation on April 22, 2021. Singapore's Prime Minister Lee Hsien Loong has named Lawrence Wong as the country's new finance minister. Got a confidential news tip? Wong is the current education minister and second finance minister, and has been tipped as one of the potential successors to Lee. • Ensure Singapore remains conducive to business. Initiated the transformation of Jurong from a swamp to Singapore’s first industrial estate Permanent Secretary (Ministry of Finance) Mrs TAN Ching Yee. on Friday named Lawrence Wong as the country’s next finance minister, signalling that the 48-year-old - the public face of Singapore’s Covid-19 response - may be among the favourites to … Singapore’s finance minister steps aside as PM-designate in major shake-up to leadership transition Heng Swee Keat will remain as deputy prime minister but will relinquish his finance … No. But his replacement is not guaranteed to be the next PM. Deputy Prime Minister, Coordinating Minister for Economic Policies and Minister for Finance. Heng will relinquish his role as finance minister, but remains the country's deputy prime minister and coordinating minister for economic policies. Singapore. Wong, the current education minister, is among a crop of younger political figures who have been touted by analysts as potential successors to Lee. SINGAPORE — Lawrence Wong has been appointed Singapore's new Finance Minister, taking over from former PM-designate Heng Swee Keat, by Prime Minister Lee Hsien Loong in a Cabinet reshuffle less than a year since his team took office. SINGAPORE: Singapore Prime Minister Lee Hsien Loong named Lawrence Wong, who has been tipped as a contender to be future premier, as the new finance minister on Friday in a broad cabinet reshuffle. While Singapore's fiscal position remains sound and the country retains a top-rated AAA sovereign credit rating from all the major rating agencies, the new Minister for Finance will have to grapple with a … Also served as: Deputy Prime Minister of Singapore, Minister for Education, Minister for Defence, Member of Parliament for Kreta Ayer . These are difficult decisions which Mr Wong does not have to make now, thanks to Singapore's strong fiscal position. SINGAPORE: Singapore Prime Minister Lee Hsien Loong named Lawrence Wong, who has been tipped as a contender to be future premier, as the new finance minister on Friday in a broad cabinet reshuffle. SINGAPORE - Education Minister Lawrence Wong will helm the Ministry of Finance, in the latest Cabinet reshuffle announced by Prime Minister Lee … Lawrence WONG. Lawrence Wong will continue to co-chair the Covid-19 multi-ministry task force. By registering, you agree to our T&C and Privacy Policy. Prime Minister. Interactive: Who's helming S'pore's 15 ministries after PM Lee's Cabinet reshuffle? “It reinforces the notion that he is a serious candidate as Lee’s successor.” We want to hear from you. Wong is among a … THE recent Cabinet reshuffle saw Lawrence Wong appointed Singapore's ninth Minister for Finance since 1965. LIVE: DPM & Finance Minister Heng Swee Keat delivers the Emerging Stronger Together Budget statement.Have an interesting video idea? Gan has been appointed the Minister for Trade and Industry. S'pore's Cabinet reshuffle: Major changes but it's not time to read the tea leaves. But a log-in is still required for our PDFs. ... and Minister for Finance. Initiated the transformation of Jurong from a swamp to Singapore’s first industrial estate Global Business and Financial News, Stock Quotes, and Market Data and Analysis. The Singapore Government Directory is an online information service to facilitate communication between members of the public and the public service. This article is now fully available for you, Please verify your e-mail to read this subscriber-only article in full. The offset is higher for lower-income Singaporeans, with those living in one- to three-room HDB flats receiving about 10 years' worth of additional GST expenses incurred. Desmond Lee, 44, who will remain as minister for national development. The cabinet shuffle came after Heng's announcement threw Singapore's carefully planned leadership succession into disarray. SINGAPORE: A top Singapore official who has been tipped as a future premier was named the new finance minister Friday, as the city-state overhauls its leadership succession plans following a setback. All Rights Reserved. MUCH of the scrutiny is on Singapore's next prime minister, but for the business community, the more immediate question is over the next finance minister. However, he later indicated he would delay his handover to see Singapore through the Covid-19 crisis. To create a better Singapore through Finance. Wong is the current education minister and second finance minister… Deputy Prime Minister, Coordinating Minister for Economic Policies and Minister for Finance, Mr Heng Swee Keat, delivered the Budget Statement on Tuesday, 16 February 2021 in Parliament. 00:00 This was a surprise move.Yeah it certainly was. Singapore Prime Minister Lee Hsien Loong tapped 48-year-old Education Minister Lawrence Wong as new finance minister in a major Cabinet reshuffle announced Friday. The finance ministry will be headed by Lawrence Wong, who is currently education minister. Budget Focus: Create the right conditions in Singapore to attract foreign investment . In addition to Wong, analysts identified three other potential candidates for prime minister: The ruling People's Action Party has governed Singapore since the country's independence in 1965. With major highways, the Cross Island and Jurong Region MRT lines and climate adaptation structures in the works, Singapore expects a hump in annual development expenditure of around 5 per cent of gross domestic product, higher than the baseline of 3.7 per cent. Second Minister for Finance. 432 were here. Mr HENG Swee Keat. But other factors such as infrastructure, a skilled labour market, and sound financial and legal systems still make the Republic an attractive investment destination. Wong is among potential candidates that analysts said could eventually take over from Lee as prime minister. Also served as: Deputy Prime Minister of Singapore, Minister for Education, Minister for Defence, Member of Parliament for Kreta Ayer . The increase will help Singapore meet its rising recurrent spending needs, especially in healthcare. SINGAPORE - Singapore's resources may be limited, but its opportunities are endless - this is the gist of a message engraved in a black leather briefcase that Deputy Prime Minister … The event included discussion on COVID-19 response in the Nordic-Baltic region and the role of International Financial Institutions (IFIs) and Multilateral Development Banks (MDBs) in sustainable recovery in a global context. Heng Swee Keat is handing over his duties as Finance Minister. 63327415. Dear readers, we are now into the last three days of the week where the government is expected to announce the Singapore Cabinet reshuffle. Minister for Trade and Industry Chan Chun Sing, 51, who will become education minister in the new cabinet. Lawrence Wong, currently education minister, was picked as the replacement for Finance Minister Heng Swee Keat in a major cabinet reshuffle. To create a better Singapore through Finance. Wong will relinquish his role as Education Minister… Since 2016, the NIRC has been the single largest contributor to government coffers. A top Singapore official who has been tipped as a future premier was named the new finance minister Friday, as the city-state overhauls its leadership succession plans following a setback. Finance is a key ministry, so when the Finance Minister changes, it has many repercussions,” he adds. Singapore Prime Minister Lee Hsien Loong picked a new finance minister on Friday as part of a planned cabinet reshuffle, local media reported. While it is expected that expenditure for the remainder of this term of government will be funded without a further draw on past reserves, the global outlook remains murky. Second Minister for Finance. Senior Minister and Coordinating Minister for National Security. 63327415. Ms Sally TAN. They can read the article in full after signing up for a free account. New Finance Minister Lawrence Wong may face hard decisions on taxes, more Budget measures for Covid-19 relief. Wong, the current education minister, is among a crop of younger political figures who have been touted by analysts as potential successors to Lee. Until we resolve the issues, subscribers need not log in to access ST Digital articles. Sign up for free newsletters and get more CNBC delivered to your inbox, Get this delivered to your inbox, and more info about our products and services.Â, © 2021 CNBC LLC. 431 were here. Share gift link below with your friends and family. SINGAPORE - Education Minister Lawrence Wong will helm the Ministry of Finance, in the latest Cabinet reshuffle announced by Prime Minister Lee … Ms Sally TAN. This comes a day after Deputy Prime Minister (DPM) Heng Swee Keat's announcement that he is … A Division of NBCUniversal. United States Treasury Secretary Janet Yellen has proposed a global minimum corporate tax rate of 21 per cent - higher than the speculated 10 per cent to 12.5 per cent under base erosion and profit shifting (Beps) 2.0 proposals mooted by the Organisation for Economic Cooperation and Development. Ms Indranee Rajah supports Mr Wong as Second Minister. All done! International tax developments could affect Singapore, whose tax incentives have been instrumental to its investment promotion efforts. A top Singapore official who has been tipped as a future premier was named the new finance minister Friday, as the city-state overhauls its leadership succession plans following a setback. Singapore’s Prime Minister Lee Hsien Loong reshuffled his cabinet after three members stepped down following an election win earlier this month … As a recap, two weeks ago, Singapore’s Prime Minister Lee Hsien Loong has announced following Deputy Prime Minister Heng Swee Keat’s stepping aside as leader of the 4G Ministers that there will be a cabinet reshuffle in the next two weeks. 432 were here. • Stay fiscally prudent and sustainable. ¥éƒ¨; Tamil: வர்த்தக, தொழில் அமைச்சு) is a ministry of the Government of Singapore that directs the formulation of policies related to the development of trade and industry in Singapore.. SPH Digital News / Copyright © 2021 Singapore Press Holdings Ltd. Co. Regn. 432 were here. Wong will relinquish his role as Education Minister, the Prime Minister's Office said on Friday (23 April). The impact will be cushioned by a $6 billion Assurance Package, which delays the effect of the hike for most households by at least five years. Lee, the current prime minister, had previously said he was ready to retire by the time he turns 70. Singapore Adds New Role to Finance Minister in Reshuffle Philip J. Heijmans 7/25/2020. SINGAPORE (Reuters) – Singapore Prime Minister Lee Hsien Loong picked a new finance minister on Friday as part of a planned cabinet reshuffle, local media reported. Senior Management & Their Personal Assistants. After Heng's surprise announcement, Lee said he would stay on as prime minister until a new successor emerges and is ready to take over. The planned GST hike from 7 per cent to 9 per cent will take place between next year and 2025 - sooner rather than later - subject to the economic outlook. Lawrence Wong was named Singapore’s next finance minister in a cabinet reshuffle Friday, boosting his prominence as the city-state reboots its leadership transition plan. SINGAPORE - Mr Lawrence Wong takes over from Deputy Prime Minister Heng Swee Keat as Finance Minister. Join ST's Telegram channel here and get the latest breaking news delivered to you. Permanent Secretary (Ministry of Finance) Mrs TAN Ching Yee. The Cabinet comprises the following members with effect from 27 July 2020: Mr LEE Hsien Loong. Wong is also the co-chair of Singapore's taskforce on Covid-19, and has risen in prominence since the coronavirus outbreak last year. Lawrence Wong will continue to co-chair the Covid-19 multi-ministry … MUCH of the scrutiny is on Singapore's next prime minister, but for the business community, the more immediate question is over the next finance minister.