Singapore ruling party stalwart Tharman Shanmugaratnam will run for the largely-ceremonial role of president after more than two decades as a key policy maker for the city-state.

Tharman, a former deputy prime minister with over two decades in public office, brings political heft as Singapore’s government struggles to remedy a cost of living problem that includes sky-high property prices caused by a pandemic-induced supply shortage. He informed Prime Minister Lee Hsien Loong he will step down as the coordinating minister for social policies and resign from the ruling People’s Action Party to contend for the post.

“As a member of my team, he has worked hard to build a more inclusive society, and to improve wages and create better jobs for Singaporeans,” Lee wrote in a Facebook post Thursday (June 8). “Tharman made significant contributions to strengthen our social mobility escalator, as well as what he called our social safety ‘trampoline.’”

Tharman’s experience includes nine years as minister for finance, while he’s also credited with introducing major reforms as education minister aimed at achieving a more flexible system of meritocracy. 

The 66-year-old was first elected member of parliament in 2001 and has been chairman at the Monetary Authority of Singapore since 2011. Presently, he serves as coordinating minister for social policies, and advises Lee on the economy.

Though Singapore’s presidency is largely ceremonial, the vote due by September may signal the public’s mood ahead of a parliamentary general election that must be called by November 2025. Tharman’s candidancy comes after incumbent President Halimah Yacob last month announced she will not contest.

  - Bloomberg