Singapore’s veteran economic policymaker Tharman Shanmugaratnam has announced his intention to contest the upcoming presidential elections in Singapore which are due to be held by September this year.
Bloomberg | Bloomberg | Getty Images
Singapore’s veteran economic policymaker Tharman Shanmugaratnam plans to run in Singapore’s upcoming presidential elections due to be held by mid-September.
Shanmugaratnam, once seen as a potential candidate for the post of head of the International Monetary Fund, will resign from the ruling People’s Action Party to stand for election, he said in a letter to Singaporean Prime Minister Lee Hsien Loong on Thursday.
This means that he will step down from his current roles as Chief Minister and Coordinating Minister for Social Policy on July 7.
The Presidency of Singapore is largely a symbolic and ceremonial head of state post with limited executive power over the government of Singapore, including control of national reserves.
The Prime Minister is the head of government in Singapore. Since 1993, the President of Singapore has been directly elected by universal suffrage.
This marks the end of Shanmugaratnam’s service in various roles with the Singapore firm and several global organizations after more than two decades. A professional economist, he was a civil servant before being elected for the first time in November 2001.
The veteran policymaker turns 66 this year and is the current chairman of the Monetary Authority of Singapore, the country’s de facto central bank and financial regulator. He also sits on the Board of the Group of Thirty, a global council of business and financial leaders from the public and private sectors and academia.
Shanmugaratnam co-chairs the World Commission on Saving Water and is a member of the United Nations High Level Advisory Board on Effective Multilateralism.
Among his past global appointments, Shanmugaratnam served as the first Asian chairman of the International Monetary and Financial Committee, the IMF’s main policy forum. He also served as Deputy Prime Minister of Singapore from 2011 to 2019, and previously served as Minister of Finance and Minister of Education.