Tag: Finance Minister

  • Heng Swee Keat As Future PM?

    Heng Swee Keat As Future PM?

    Prime Minister Lee Hsien Loong announced a slew of changes in his new Cabinet on Monday, including one that may signal a possible successor.

    Heng Swee Keat, 54, the former Education Minister, was tasked with the Finance portfolio, taking over from current Deputy Prime Minister Tharman Shanmugaratnam.

    Heng’s appointment sees him getting the “traditional exposure for a DPM-in-waiting”, said Senior Research Fellow at the Institute of Policy Studies Gillian Koh.

    Commenting on the fourth generation of leaders, Koh said, “I think that the heart and head of this fourth generation group will still require time, exposure and experience to be shaped and refined but it looks like Mr Heng Swee Keat is head over shoulders above them.”

    Inconvenient Questions editor-in-chief Viswa Sadasivan said Heng, as former Managing Director of the Monetary Authority of Singapore, has the “aptitude” to take over as Finance Minister.

    “That could be a very important testing ground to see whether Heng Swee Keat has the versatility to manage these two portfolios,” Viswa said. “Education and Finance are critical portfolios to be prime minister.”

    Ng Chee Meng (L) and Ong Ye Kung (R). Photos: Reuters, Yahoo Singapore

    New faces in education

    With Heng’s departure, newcomers Ong Ye Kung and Ng Chee Meng were both appointed Acting Ministers for Education, with the portfolio split between Higher Education and Skills, and Schools.

    The appointment of two first-timers, a former air force pilot who rose to Chief-of-Defence and high-flying civil servant who left for the private sector, “marks the quick promotion of the new recruits”, said Koh.

    Bilveer Singh, Adjunct Senior Fellow at the S. Rajaratnam School of International Studies (RSIS), said the two were placed in the Education ministry to be “tested and tried”.

    “They’ve been thrown into the deep end, and Education is a hot potato in this country, one of the most important ministries,” Singh said.

    Despite not being the “obvious choices”, Viswa said the pair might bring “a certain maverick streak” into Education.

    “If we want people to think out of the box, we have to be prepared to think out of the box, and give people the benefit of doubt,” he said. “Education needs maybe a major shift in gears instead of tweaks.”

     

    File photo: AFP

    Will Khaw be the transport fixer?

    Perhaps the hottest topic of discussion prior to the Cabinet announcement centred around who would be the next Transport Minister after Lui Tuck Yew opted not to stand for re-election.

    Confirming earlier speculation, former Minister for National Development Khaw Boon Wan was handed the Transport portfolio, and was also appointed Coordinating Minister for Infrastructure, a position which draws on his past and present experience.

    “Having been at MOH (Ministry of Health), MND and now at Transport, he pulls together his knowledge and expertise very nicely,” said Koh.

    Khaw was “tried and tested in difficult areas” like health and housing, Singh said.

    “His experience in MND will be extremely critical in overcoming all the gridlocks in the country over transport,” he added.

    Khaw, in his first blog post as Transport Minister, said it would have been “selfish” of him to say no when approached by the Prime Minister about taking up the position.

    “If my term turns out to be a thankless job, the loss is personal. But if we succeed collectively in transforming the city, the benefits will go to millions of Singaporeans,” he wrote.

    Khaw has an “established track record of being a fixer”, said Viswa, and the move showed the need to “bring back public confidence” in the Transport ministry and “dispel the notion that anyone who becomes Transport Minister has one term”.

    “In MND, he fixed in four years what his predecessors couldn’t in 15,” Viswa said.

    Photo: PAP

    First woman to head ministry

    Lee also moved former Minister in the Prime Minister’s Office Grace Fu to the Ministry of Culture, Community and Youth (MCCY).

    Fu’s appointment makes her the first woman to head a ministry, and she was also appointed as Leader of the House, another first for female politicians in the country.

    “Grace Fu fits the bill perfectly… She’s got the cultural temperament, the language temperament, and a genuine interest in the arts… That’s like a slam dunk,” Viswa said.

    Singh highlighted the MCCY as a “significant” and “important” ministry in a developed country like Singapore.

    “It is the confidence the government has that she (Fu) can run a ministry single-handedly, and I think that’s an important signal which is coming from PM Lee,” Singh said.

    Koh, who has called for women to be given “heavyweight portfolios”, said the move was “wonderful”, and suggested there may be room for even more female ministers in future Cabinet reshuffles.

    “I think that at this stage, the men and women will be in that competition as equals – talent, political nous, the ability to be people-centric while showing technocratic ability will come into play,” said Koh.

     

    Source: https://sg.news.yahoo.com

  • Tharman: Budget 2015 To Address Needs Of All Singaporeans

    Tharman: Budget 2015 To Address Needs Of All Singaporeans

    Singapore’s upcoming budget will likely address issues on retirement adequacy and ensuring good careers for the young and middle-aged, according to Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam, as he provided a rare glimpse of Budget 2015.

    Speaking on the sidelines of NUS’ anniversary celebrations in Taman Jurong on Sunday (Feb 1), Mr Tharman said the budget will provide greater assurance particularly for the lower-income seniors.

    He said the Government is in the final stages of shaping the Silver Support scheme. The new initiative, which was announced at last year’s National Day Rally, will see the Government pay an annual bonus to low-income elderly Singaporeans from age 65 to help them cope with their living expenses.

    “Providing assurances in retirement for our seniors is a very important priority – not just for today’s generation of seniors but those in future as well. It is a strengthening of our social security system,” said Mr Tharman.

    Besides retirement adequacy, Mr Tharman said what is equally important is ensuring that young and middle-aged Singaporeans have fulfilling careers: “We have always got to look to the future – anticipate the challenges, prepare our people and equip them with the capabilities and the expertise that they need to do well, individually as well as collectively as Singapore.

    “When we talk about good careers, it is not just about those who are today in school or in our tertiary institutions and about to start their careers. It is also about our mid-career Singaporeans.”

    The finance minister emphasised that the budget initiatives will not stand on its own. He said it is a continuation of what the government has been doing in the past, especially the last five years.

    Mr Tharman said steps have been taken that are significantly transforming Singapore’s social and economic landscape, such as strengthening affordability in healthcare and housing for the lower and middle-income groups.

    He said that this year’s budget, which comes along with Singapore’s 50th anniversary, will address both the needs of today and tomorrow. Mr Tharman will deliver Singapore’s Budget for 2015 in Parliament on Feb 23.

     

    Source: www.channelnewsasia.com