Lawrence Wong, Singapore’s deputy prime minister, will become head of the People’s Action Party, which governs the country, before the next general election and perhaps as early as November 2024 “if all goes well,” Lee announced on Sunday. (Singapore will need to call a general election by November 2025). Citing “full confidence” in Wong, Lee said at a party conference that “there’s no reason to delay the political transition.”

The prime minister’s announcement signals an end to an already-postponed leadership transition for the Southeast Asian city-state. Lee, now 71, hoped to hand over the reins before turning 70, but he was forced to delay those plans due to COVID and the surprise withdrawal of deputy prime minister and heir apparent Heng Swee Keat from the running.

Lee has served as prime minister of Singapore for close to 20 years, coming to power in 2004. He’s the son of the country’s founding leader Lee Kuan Yew, who is credited for putting Singapore on the path to its current level of high economic development.

Who is Lawrence Wong?

Wong will take over a party that’s been in power since Singapore’s independence—and is likely to remain in power after the next general election. Wong will be the country’s fourth prime minister, and the second not to come from the Lee family.

In addition to serving as deputy prime minister, he is also Singapore’s finance minister and the chairman of the Monetary Authority of Singapore, the country’s central bank. Wong became a member of parliament in May 2011, and has held positions in government ministries including defense, education, and national development.

Wong surged to the spotlight when he co-chaired the country’s pandemic task force. The group won praise for its handling of the pandemic, which kept deaths low, while also encouraging mass vaccinations and successfully managing the country’s lowering of travel restrictions.

Wong is now leading Forward SG, a public consultation exercise to outline a path forward for the country. The group released a report last week which pointed to shortcomings in the country’s education, job training and environmental policies, among others. “We want to embrace wider definitions of success,” the report noted. Analysts described the report as a possible soft launch for Wong’s campaign.

Singapore’s next leader

On Sunday, Lee said that having Wong in place before the next general elections will help the new PAP leader to “lead the party into the campaign, win his own mandate, and take the country forward with the full backing of the nation”.

Yet Singaporeans are increasingly unhappy with a rising cost of living, particularly regarding housing. Both the price of acquiring public housing on the open market, as well as rents, rose during the pandemic. (A majority of Singaporeans live in government-constructed housing).

The PAP won just 61.2% of the popular vote in 2020’s general election, nearing the record low of 60% reported in 2011. The opposition also won an unprecedented 10 seats, though the remaining 83 went to the PAP.

The ruling party, which prides itself on a reputation for clean governance, is also grappling with political scandals. In July, the country’s anti-corruption agency arrested transport minister S. Iswaran in a rare high-level graft probe. He has since been released on bail and placed on leave. That same month, two PAP lawmakers resigned over a high-profile extramarital affair.

Geopolitics and a slower global economy are also threatening Singapore’s position as a small, open country with ties to both China and the U.S. “We have to take the world as it is, and not what we would like it to be,” Wong told CNBC back in February.

But on Sunday, Wong said that he was ready for his “next assignment” as the PAP’s—and Singapore’s—leader-in-waiting. “We are ready to lead,” he said.