SINGAPORE: Prime Minister Lee Hsien Loong on Saturday paid tribute to the late Dr Richard Hu, saying the country owed the former finance minister its gratitude for a"lifetime of contribution and service to nation".. He entered politics in 1984, the same year as Mr Lee.
Mr Lee also recognised Dr Hu's time at MAS where he was both managing director and then chairman between 1983 and 1997. “Under his leadership during these formative years, MAS established its credentials for stringent supervision and regulation of the financial sector, and sound monetary policy,” Mr Lee wrote.
Mr Lee also acknowledged Dr Hu’s contributions to key financial policies in Singapore, including the introduction of the goods and services tax in 1994. Mr Lee added that Dr Hu “did not just push through the GST”, but also introduced a comprehensive package of support and offset to help businesses and households cope.
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