Singapore's Finance Minister Heng Swee Keat rose from sixth position last year to second this year.
Singapore’s Finance Minister Heng Swee Keat rose from sixth position last year to second this year.

SINGAPORE — Finance Minister Heng Swee Keat has come in second in a Hong Kong-based publication’s rankings of finance ministers in the Asia-Pacific region.

Mr Heng, who rose from sixth position last year, was behind Indonesia’s Dr Sri Mulyani Indrawati who came out tops for the second consecutive year in the Finance Minister of the Year award by FinanceAsia.

In its citation, FinanceAsia noted that Mr Heng “faces a delicate balancing act”. “He has demonstrated a desire to increase Singapore’s general sales tax to offset higher spending on healthcare and support for the country’s elderly, yet he must also decide how to help keep the Lion City competitive in the long run,” the publication said.

Mr Heng, who is among the frontrunners to succeed Prime Minister Lee Hsien Loong, announced during the Budget statement in February that the Goods and Services Tax will be raised from…