Singapore’s Deputy Prime Minister Tharman Shanmugaratnam will be covering the duties of Finance Minister after Heng Swee Keat – a core member of Singapore’s slate of fourth-generation leaders – remains under intensive care after suffering a stroke.
In a statement issued late on Thursday night, the Prime Minister’s Office (PMO) said that 59-year-old Mr Tharman, who was previously Finance Minister, will return to helm the ministry with immediate effect.
Mr Heng, the current Finance Minister, suffered a stroke while at a weekly Cabinet meeting on Thursday afternoon. He is under close monitoring in the intensive care unit of Tan Tock Seng Hospital.
The stroke was caused by an aneurysm, which is a localised weakening of a blood vessel, PMO said.
Mr Heng, 54, underwent initial neurosurgery to relieve pressure in his brain caused by the bleeding. “The aneurysm was successfully closed,” said PMO.
The suddenness of the incident caught many of Mr Heng’s colleagues by surprise.
As wishes for his recovery came pouring in after news of his hospitalisation was made public, his colleagues portrayed him as an invaluable member of the Cabinet who toiled away at fulfilling his many responsibilities.
“Hope Swee Keat will be alright — he is a valuable member of my team,” said Prime Minister Lee Hsien Loong in a Facebook post.
“He is one of Singapore’s finest sons, and a leader with much promise,” said Mr Tharman.
Emeritus Senior Minister Goh Chok Tong added: “He is a core member of the fourth generation leadership team. We need him.”
The opposition Workers’ Party and the Singapore Democratic Party also sent their well-wishes.
Observers said having Mr Tharman helm the Finance Ministry as Mr Heng recovers will help provide stability and steady market sentiment, even as Singapore works to transition its economy amid a global slowdown.
In addition to his DPM post, Mr Tharman is also Coordinating Minister for Economic and Social Policies. He was also once chairman of the International Monetary and Financial Committee, the policy steering committee of the International Monetary Fund.
“There is certainly depth in the bench especially with DPM Tharman – who helmed the Ministry of Finance for eight years previously,” said ANZ economist Ng Weiwen.
Mr Heng had delivered his maiden Budget speech as finance minister just last month.
In his speech, he issued a call to all workers and firms to partner together to help transform the economy.
He unveiled a S$4.5 billion economic programme to integrate Singapore’s restructuring efforts, while introducing measures to address short-term pressures.
Mr Heng also chairs the Committee on the Future Economy (CFE), a high-level committee tasked with charting Singapore’s next phase of economic transition. The committee is slated to conclude its work at the end of this year.
Before the CFE, Mr Heng led the SG50 steering committee that was set up in 2013. The committee oversaw celebrations to commemorate Singapore’s 50th year of independence, or SG50, in 2015.
Mr Heng was first elected as a People’s Action Party Member of Parliament for Tampines at the 2011 General Elections. He was then appointed Education Minister from May 2011 to September 2015.
Prior to holding political office, he served as managing director of the Monetary Authority of Singapore from 2005 to 2011.
Mr Heng’s dedication to his work was not lost on Home Affairs and Law Minister K Shanmugam.
“I could see that he was very tired. I have been telling him that he was working so much that it will affect his health … He was carrying an incredible load,” he said.
The Straits Times
This article was first published on May 13, 2016.
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