SINGAPORE - A Cabinet reshuffle will be announced in about two weeks' time, which will see Deputy Prime Minister Heng Swee Keat relinquish his portfolio as finance minister.

There will also be "consequential moves" in other ministries, Prime Minister Lee Hsien Loong said during a press conference on Thursday (April 8).

Mr Heng will continue to serve as DPM and Coordinating Minister for Economic Policies, as well as chairman of the National Research Foundation under the Prime Minister's Office.

PM Lee said he had discussed Mr Heng's future role in Cabinet with him following the DPM's decision to step aside as leader of the People's Action Party's fourth generation (4G) leadership.

The decision to have Mr Heng give up the Ministry of Finance (MOF) portfolio was discussed last year, when PM Lee and Mr Heng decided on Cabinet appointments following the July 10 General Election.

"We agreed that Budget 2021 would be an important Budget, not an emergency Budget, like the five in 2020, but a Budget to take Singapore beyond Covid-19," said PM Lee.

"I told him it would be good for him to see through Budget 2021, and then he could give up the MOF portfolio to concentrate on the broader coordinating responsibilities."

PM Lee added that he looked forward to Mr Heng continuing to make broader contributions to government policy and to party work.