Lee Hsien Loong, who has served as Singapore's Prime Minister since 2004, announced his resignation and advised the president to invite Lawrence Wong to form the next government.

Tharman Shanmugaratnam accepted Lee's resignation and confirmed Wong's appointment as the new Prime Minister.

Wong announced that Gan Kim Yong and Heng Swee Keat will serve as Deputy Prime Ministers.

Gan will continue as the Minister for Trade and Industry and will replace Wong as the Chairman of the Monetary Authority of Singapore.

Lee Hsien Loong and Teo Chee Hean will be Senior Ministers in the new cabinet, with Wong remaining as the Finance Minister.

Lee Hsien Loong, 72, is the eldest son of Singapore's first Prime Minister, Lee Kuan Yew.