Singapore Deputy Prime Minister Heng Swee Keat is stepping down from his position to give way to a "younger leader" who will have more years ahead of him to govern the nation.
The 59-year old politician will step down Friday.
Heng was expected to take over as Singapore's new prime minster once Lee Hsien Loong hands over the leadership as previously planned sometime within his five-year term. Aside from being its deputy prime minister, Heng is also the country's finance minister and minister for economic policies.
Heng said he will step down as deputy prime minister and the country's finance minister at the next Cabinet reshuffle. He said he will remain active in his other roles within the government.
Heng said in a statement that Singapore needs a young leader who will not only rebuild the economy but also lead the county in its next nation-building phase.
"When I also consider the ages at which our first three prime ministers have taken on the job, I would have too short a runway should I become the next Prime Minister then. We need a leader who will not only rebuild Singapore post-COVID-19 but also lead the next phase of our nation-building efforts," Heng said.
Prime Minister Lee Hsien Loong previously said he plans to stay on as the head of the country's cabinet and ministers until the COVID-19 crisis is over in Singapore.
Heng said the decision to step down was not an easy one and he had to discuss the matter thoroughly with his family and colleagues. He said that the 4G leadership will decide who will take over his position and he intends to back whoever is chosen as the country's next leader.
In a separate statement, Prime Minister Lee said he understood and respected Heng's decision. He praised the politician for his "selfless" action and hopes that he will stay on to mentor the young leaders that will be chosen.
"We appreciate what a difficult decision it must have been. We know that he has made the decision with Singapore's long-term interests at heart," Singapore's "4G leaders" said in a joint statement.
