SMU School of Economics Associate Dean (Faculty, Research) and Professor of Economics Hoon Hian Teck commented on Heng Swee Keat’s appointment as Minister of Finance. Heng served as Managing Director of the Monetary Authority of Singapore from 2005 to 2011, during which Singapore went through the global financial crisis as a result of the bankruptcy of the Lehman Brothers and the American International Group’s financial crisis. Prof Hoon noted that Mr Heng’s experience in resolving the crisis would prove to be valuable as he takes on the role of Finance Minister. However, he added that the role is extremely challenging as the new Minister would have to face the tall order of balancing the budget without raising taxes.