SINGAPORE, April 23 — Singapore finance minister Heng Swee Keat is set to become deputy prime minister, the prime minister’s office said in a statement today, strengthening expectations he will take over as the future leader of the city-state.

Heng’s promotion will take effect on May 1, and will see Teo Chee Hean and Tharman Shanmugaratnam relinquish their roles as deputy prime ministers, the statement said.

Singapore’s ruling party last year named Heng to a key leadership post, putting him in line to take over from current Prime Minister Lee Hsien Loong who has said he will step down in coming years. — Reuters