Deputy Prime Minister (DPM) Heng Swee Keat will relinquish the finance portfolio in the next Cabinet reshuffle.

He will continue as DPM and as Coordinating Minister for Economic Policies.

In the People's Action Party, Heng will remain first Assistant Secretary General.

However, he will relinquish his portfolio as Minister for Finance at the next Cabinet reshuffle.

PM Lee said he had discussed this move with Heng, when they worked out Cabinet appointments following the general election in 2020.

He also told Heng that it would be "good for him to see through Budget 2021, and then he could give up the MOF portfolio, to concentrate on the broader coordinating responsibilities."

PM Lee said that Heng had made a "selfless decision to stand aside" and it was a move with the "best interests" of Singapore at heart.

The last Cabinet reshuffle was on Jul. 25, 2020.

PM Lee intends to announce the reshuffle in about two weeks, where he also said there will be consequential moves in other ministries.

Image from PM Lee Facebook