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Singapore Finance Minister Named to Key Party Role in Hunt for PM Successor | World News

SINGAPORE (Reuters) – Singapore’s finance minister, Lawrence Wong, has been chosen as leader of the ruling People’s Action Party’s fourth generation (4G) team, paving the way for him to potentially become the city-state’s next prime minister.

“This decision is a crucial one for Singapore. It will ensure the continuity and stability of leadership that are the hallmarks of our system,” Prime Minister Lee Hsien Loong said on Thursday in a social media post. He added he would also make adjustments to the cabinet.

Stability has long been one of wealthy Singapore’s major strengths, making it a haven for investors and businesses in a region where political upheaval is not uncommon.

Leadership succession in the Southeast Asian city-state – which has been governed by the People’s Action Party (PAP) since 1965 – is normally a carefully planned affair.

But an unexpected decision last year by Deputy Prime Minister Heng Swee Keat to step aside as designated successor to Lee Hsien Loong disrupted leadership planning.

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4G refers to the ruling party’s so-called fourth generation team of younger leaders. Wong has been touted by analysts to be one of the top candidates for future premier.

(Reporting by Aradhana Aravindan; Editing by Kanupriya Kapoor)

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