Tharman Shanmugaratnam, Senior Minister and Coordinating Minister for Social Policies, will be running for Singapore’s upcoming presidential election.

The news comes after current President Halimah Yacob said that she will not run for a second term in the upcoming election on May 29. The election is slated to be held by Sept 13.

In an article on CNA, Tharman was said to have informed Prime Minister Lee Hsien Loong of his intention to run on June 8.

Tharman, who holds several other roles including the chairman of the board at the Monetary Authority of Singapore (MAS), will step down from his position at the central bank. He will also step down from his roles as deputy chairman of GIC and chairman of the Economic Development Board (EDB)’s International Advisory Council. Tharman will also be retiring from his other positions in the government as well as the ruling People's Action Party.

In a letter to Lee posted by Speaker of the Parliament Tan Chuan Jin, Tharman said that he will step down effectively on July 7 in a bid to “first fulfil my immediate official commitments in Singapore and internationally, and ensure that arrangements are fully in place for constituents of Jurong GRC to be well-served for the rest of the electoral term”.

He adds that he believes he can "best serve Singapore not in politics but in a different role that has to be above politics".

See also: <a class='gtm_see_also_1_inread' style='text-decoration: underline;' href='https://www.theedgesingapore.com/news/banking-finance/we-need-financial-regulation-major-public-policy-tool-tharman?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>'We need financial regulation as a major public policy tool': Tharman</a>

In his letter, Tharman also noted that he will be "thorough and impartial in fulfilling the constitutional duties of the President with regard to the prudent use of the nation's reserves and the key appointments which preserve the integrity of the Singapore system".

"My role vis-a-vis the Government will change fundamentally if I am elected President," he continues.

Tharman was first elected as a Member of Parliament (MP) in November 2001 in Jurong GRC and has been re-elected four times after. Tharman has called that time his "greatest privilege".

See also: <a class='gtm_see_also_2_inread' style='text-decoration: underline;' href='https://www.theedgesingapore.com/news/global-economy/tharman-named-possible-imf-chief-lagarde-moves-ecb?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>Tharman named possible IMF chief as Lagarde moves to ECB</a>

His name was included in the "early shortlist" of candidates that were touted to be the next managing director of the International Monetary Fund (IMF) in <a href="https://www.theedgesingapore.com/news/global-economy/tharman-named-possible-imf-chief-lagarde-moves-ecb" target="_blank">July 2019</a>.

In addition to his long career in the Singaporean government, Tharman also made a name for himself on the international stage. At one point in time, he was chairman of the IMF's International Monetary and Financial Committee between 2011 and 2015.

Tharman Shanmugaratnam to run for president in Singapore’s next election

US stock faithful ride US$7 trillion rally as market timing backfires

Qarbotech named winner of inaugural EQT Impact Challenge

MSCI boss warns of climate risks

Keppel to acquire 50% stake in European asset manager Aermont Capital for up to $517 mil

Local banks 'resilient' in 2023, but MAS warns of deteriorating asset quality, climate transition risks

Tharman Shanmugaratnam to run for president in Singapore’s next election

Related News

Highlights

US stock faithful ride US$7 trillion rally as market timing backfires

Related News

Briefs: Biden and Xi strike deals on military comms, fentanyl, AI; Cameron makes surprise UK cabinet comeback

Financial services will be more quickly impacted by language models, AI tech than other sectors: Tharman

Tharman Shanmugaratnam becomes Singapore’s ninth President with 70.4% of the votes