'His wisdom and foresight shaped our key policies': Tributes pour in following death of ex-finance minister Richard Hu

SINGAPORE – Former Cabinet minister and Singapore’s longest-serving finance minister Richard Hu Tsu Tau died on Friday. He was 96..

He also recounted that he joined the Ministry of Finance in 1999 and had worked with Dr Hu, who was then finance minister, on a Budget. On Friday night, MOF also posted on Facebook a condolence message to Dr Hu’s family. “We will remember Dr Hu for his many valuable contributions,” the ministry said.

In 1984, Dr Hu was elected MP for Kreta Ayer constituency and was immediately made trade and industry minister, making him among the few MPsHe went on to spend 17 years in politics, retiring in 2001 as finance minister.He oversaw the reform of Singapore’s financial and banking sectors, which included privatising the Post Office Savings Bank and selling it to DBS Bank.

“His wisdom and foresight shaped our key policies, including the GST which created a more resilient tax base for Singapore and boosted our international competitiveness,” he wrote.

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