Passing of Richard Hu, Singapore’s longest-serving Finance Minister, at 96

Singapore is in mourning following the demise of Dr Richard Hu Tsu Tau, its longest-serving Finance Minister. He passed away at the age of 96, leaving behind a legacy of unparalleled service and dedication to the nation’s financial and economic growth.

Dr Hu began his career in the corporate world, notably as a senior executive with Shell. He made history as the first Asian to be appointed director in the Shell Group.

He held the prestigious position of director of marketing for Shell Singapore and later became the general manager of Shell West Malaysia.

His ascension continued as he was promoted to chairman of both Shell Malaysia in 1974 and Shell Singapore in 1977.

Transitioning from the corporate to the political realm in 1984, Dr Hu was elected as an MP for the Kreta Ayer constituency.

In a testament to his capabilities and trustworthiness, he was one of the few MPs since independence to be immediately appointed to the Cabinet after winning an election.

Serving as Singapore’s finance minister from 1985 to 2001, his tenure was marked by significant milestones.

Notable among them was the introduction and smooth implementation of the Goods and Services Tax (GST) in 1994, a move that transformed Singapore’s taxation landscape.

Under Dr Hu’s leadership, Singapore navigated through challenging times, including the 1997 Asian Financial Crisis.

He was instrumental in introducing stimulus packages that provided much-needed relief to companies and families affected by economic downturns.

As the finance minister, Dr Hu tabled a record 16 budgets, overseeing a period of prosperity characterized by high growth and significant budget surpluses.

His commitment to the nation’s financial robustness was further demonstrated through his associations with key financial institutions.

He was associated with the Monetary Authority of Singapore (MAS) for 26 years, serving as its chairman from 1985 to 1997, where he championed sound monetary policies and ensured a stable Singapore dollar.

Beyond the realm of finance, Dr Hu held other significant appointments in the Cabinet, taking charge of health and national development portfolios.

Even after retiring from active politics in 2001, his service to Singapore did not end. He continued to serve on the board of GIC until 2009 and remained an adviser until 2012.

Prime Minister Lee Hsien Loong expressed deep sorrow over the passing of Dr Hu, reminiscing about their years working together since 1984. Both entered politics in 1984.

He lauded Dr Hu for his invaluable contributions to Singapore’s economy and financial sector.

Mr Lee highlighted Dr Hu’s deep concern for Singaporeans and his lasting legacy in finance.

Deputy Prime Minister Lawrence Wong paid tribute to Dr Hu’s unwavering dedication, particularly during the 1997 Asian Financial Crisis.

Wong, who is the current Finance Minister, highlighted Dr. Hu’s commitment to financial prudence and stability. This was evident in the overhaul of Singapore’s financial and banking sectors, including privatising the Post Office Savings Bank.

He fondly remembered Dr Hu’s approach of not just conceptualizing policies but ensuring they led to tangible improvements in the lives of Singaporeans.

A private funeral for Dr Hu is set to be held at the Mandai Crematorium.