PM Lee praises S R Nathan's leadership in 2008 crisis
my paper
Thursday, Sep 01, 2011
PRESIDENT S R Nathan's leadership during the 2008 global financial crisis helped set an important precedent for how the president and the Government deal with future crises, said Prime Minister Lee Hsien Loong last evening.
Speaking at a farewell reception for Singapore's second elected President at the Istana, Mr Lee praised Mr Nathan for tracking the situation, and offering his perspective and advice.
The Government shared its analyses and policy proposals as the crisis developed but, when the situation became "grave", it sought approval from the President, who acts as the second key to the nation's reserves, to dip into it. It was the first time the Government did so.
"Because you followed developments closely, when the time came to make a decision, you were au fait with the situation and dangers," Mr Lee said.
"The Government's measures stabilised the economy, saved jobs and ensured a quick and vigorous recovery (after the crisis)," he added.
Mr Lee also highlighted Mr Nathan's journey from "humble beginnings" to "the highest office in the land".
"You brought to the presidency a wealth of experience built up over a lifetime... You raised the standing of the office, both domestically and internationally," he said.
Over 200 guests, including Cabinet ministers, Members of Parliament and senior civil servants, attended the reception. Also in attendance was former deputy prime minister Tony Tan, who will be sworn in as Singapore's seventh President today. Dr Tan, 71, was named President-elect early Sunday morning, after a close race which saw four candidates bidding to become the elected president.
Mr Lee also gave credit to Mr Nathan for helping to "expand Singapore's international space" by fostering friendly ties with many countries. He did so during his international visits, by taking along business delegations, and opening opportunities for Singapore companies, especially small and medium-sized enterprises, in new markets, he said.
Mr Lee said: "Foreign visitors who met you were always impressed with your grasp of international affairs. You would often recall a relevant personal anecdote from your vast store to break the ice, and connect at a personal level. These personal links enhanced our foreign relations and opened up new opportunities for cooperation."
In his speech, Mr Nathan, 87, acknowledged that the crisis was an "extremely challenging time" in his 12 years of service. He said: "Beyond that, what stands out is how we, as a people and a government, have shown our ability to develop a society that lives in harmony.
"Cultural differences have not led to intolerance, and our multilingualism has made for intellectual enrichment."
In a written statement yesterday, Presidential Election runner-up Tan Cheng Bock congratulated Dr Tan on his win at the Aug 27 polls.
"All Singaporeans should now come together to build a united Singapore," he said.
A statement yesterday said that Dr Tony Tan relinquished his positions as the chairman of the National Research Foundation (NRF) - a position he has held since the foundation's 2006 inception - and as deputy chairman of the Research Innovation and Enterprise Council yesterday.
Deputy Prime Minister and Minister for Home Affairs Teo Chee Hean will replace Dr Tan in his position at the NRF.
my paper
Thursday, Sep 01, 2011
PRESIDENT S R Nathan's leadership during the 2008 global financial crisis helped set an important precedent for how the president and the Government deal with future crises, said Prime Minister Lee Hsien Loong last evening.
Speaking at a farewell reception for Singapore's second elected President at the Istana, Mr Lee praised Mr Nathan for tracking the situation, and offering his perspective and advice.
The Government shared its analyses and policy proposals as the crisis developed but, when the situation became "grave", it sought approval from the President, who acts as the second key to the nation's reserves, to dip into it. It was the first time the Government did so.
"Because you followed developments closely, when the time came to make a decision, you were au fait with the situation and dangers," Mr Lee said.
"The Government's measures stabilised the economy, saved jobs and ensured a quick and vigorous recovery (after the crisis)," he added.
Mr Lee also highlighted Mr Nathan's journey from "humble beginnings" to "the highest office in the land".
"You brought to the presidency a wealth of experience built up over a lifetime... You raised the standing of the office, both domestically and internationally," he said.
Over 200 guests, including Cabinet ministers, Members of Parliament and senior civil servants, attended the reception. Also in attendance was former deputy prime minister Tony Tan, who will be sworn in as Singapore's seventh President today. Dr Tan, 71, was named President-elect early Sunday morning, after a close race which saw four candidates bidding to become the elected president.
Mr Lee also gave credit to Mr Nathan for helping to "expand Singapore's international space" by fostering friendly ties with many countries. He did so during his international visits, by taking along business delegations, and opening opportunities for Singapore companies, especially small and medium-sized enterprises, in new markets, he said.
Mr Lee said: "Foreign visitors who met you were always impressed with your grasp of international affairs. You would often recall a relevant personal anecdote from your vast store to break the ice, and connect at a personal level. These personal links enhanced our foreign relations and opened up new opportunities for cooperation."
In his speech, Mr Nathan, 87, acknowledged that the crisis was an "extremely challenging time" in his 12 years of service. He said: "Beyond that, what stands out is how we, as a people and a government, have shown our ability to develop a society that lives in harmony.
"Cultural differences have not led to intolerance, and our multilingualism has made for intellectual enrichment."
In a written statement yesterday, Presidential Election runner-up Tan Cheng Bock congratulated Dr Tan on his win at the Aug 27 polls.
"All Singaporeans should now come together to build a united Singapore," he said.
A statement yesterday said that Dr Tony Tan relinquished his positions as the chairman of the National Research Foundation (NRF) - a position he has held since the foundation's 2006 inception - and as deputy chairman of the Research Innovation and Enterprise Council yesterday.
Deputy Prime Minister and Minister for Home Affairs Teo Chee Hean will replace Dr Tan in his position at the NRF.
