SINGAPORE – Prime Minister Lee Hsien Loong, Emeritus Senior Minister Goh Chok Tong and President-elect Tharman Shanmugaratnam offered their condolences to the family of Singapore’s longest-serving finance minister Richard Hu, whoIn a Facebook post on Saturday, PM Lee said he was “deeply saddened” by the passing of “a close colleague and friend for many years” and paid tribute to Dr Hu, who was finance minister from 1985 to 2001.
In 1984, Dr Hu was elected MP for Kreta Ayer while PM Lee was elected as MP for Teck Ghee. Dr Hu was made trade and industry minister, while PM Lee was appointed as minister of state for trade and industry as well as defence.He added: “He joined the GIC Board when it was first formed in 1981 and was its first private sector member. When GIC’s real estate arm, GIC RE, was corporatised into a separate entity in 1999, he was concurrently appointed its chairman.
Under Dr Hu’s leadership, MAS established its credentials for stringent supervision and regulation of the financial sector, and sound monetary policy, said PM Lee.“Throughout, MAS steadfastly maintained its exchange rate-centred monetary policy, emphasising the role of a stable Singapore dollar in preserving the purchasing power of Singaporean households, and saw off a few speculative attacks on the exchange rate.
He added: “Under his prudent management, these surpluses steadily accumulated in our reserves, to become the unique resource that Singapore can now rely upon, both for routine Budget spending, and in crises with the permission of the president.”
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