Lawrence Wong will remain Finance Minister after he becomes Prime Minister on Wednesday . Double-hatting gives him the opportunity to front the next Budget before the General Election is called, says senior analyst Mustafa Izzuddin.
To begin with, there is precedence set by Prime Minister Lee Hsien Loong. Similar to Mr Wong’s political trajectory, Mr Lee served both as Deputy Prime Minister and Finance Minister before becoming Prime Minister in 2004, continuing in the finance role for another three years till 2007. Fronting the Budget ahead of an election would reinforce the notion that the buck stops with Mr Wong, that he is ready to be held accountable by the people. It would make the election about Mr Wong’s mandate – his political leadership and his government’s policies.
Commentary: With Lawrence Wong set to take over as PM, the clock starts on battle for hearts and minds Navigating the Singapore economic vessel amid significant headwinds – due to geopolitical contestations, technological disruptions and non-traditional threats to security such as climate change and global pandemics – will require sound and robust financial policies. Having an undisruptive and efficacious finance ministry is therefore vital and necessary, including keeping the same Finance Minister, at least during the short to middle term of a generational leadership change.
To support the workload in the finance portfolio, Mr Wong also has two able deputies, Second Ministers Ms Indranee Rajah and Mr Chee Hong Tat, in addition to the support provided by the efficient and professionalised civil service, which could certainly help alleviate the challenging pressures that come from double-hatting.
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