Singapore's new Prime Minister Lawrence Wong will take office on May 15

SINGAPORE — Singapore's Prime Minister Lee Hsien Loong will step down on May 15 and hand over the power to Deputy Prime Minister Lawrence Wong, the Prime Minister's Office said on Monday.

Wong will be sworn in at 8 p.m. local time that day to become Singapore's fourth prime minister since its independence in 1965.

Lee announced in November that Wong will take the reins from him as leader of the ruling People's Action Party (PAP) before the next general election due November 2025. Lee has served as prime minister since 2004.

Wong has the unanimous support of the PAP members of parliament, the PMO statement said.

"For any country, a leadership transition is a significant moment. Lawrence and the 4G team have worked hard to gain the people's trust, notably during the pandemic," Lee said in a Facebook post following the announcement. The fourth-generation leaders of the country are commonly referred to as the 4G.

"Through the Forward Singapore exercise, they have worked with many Singaporeans to refresh our social compact and develop the national agenda for a new generation," he said, referring to a plan aimed at fostering a more inclusive, fair and resilient society.

Wong, who is 51, entered politics after being elected a member of parliament during the 2011 General Election. He was subsequently appointed as Minister of State for education and defence. 

He is currently the Minister of Finance, a position he has held since 2021. He is also Chairman of the Monetary Authority of Singapore, the country's central bank and financial regulator.

Lee previously praised Wong for how he helped the country navigate through the Covid crisis, during which he rose to prominence as one of the co-chairs of the Covid task force at the height of the