Singapore's Prime Minister Lee Hsien Loong on Monday named his finance minister and potential successor Lawrence Wong as the country's new deputy prime minister, effective next week.

In April, Lee announced that Wong, 49, would succeed him as the next prime minister if the ruling People's Action Party (PAP) wins the next general election, which has to be held by 2025.

"The next generation leadership is taking shape. I ask everyone to give your full support to this important transition, to steer Singapore safely out of the pandemic and into a brighter future," Lee said in a Facebook post on Monday.

Wong said in a Facebook post that he was taking on "possibly (the) biggest responsibility" of his life.

"I seek your support, as I take on my latest appointment...to steer Singapore through the many challenges we are facing today," he said.

Monday's announcement included the moving of several other political office-holders to different ministries.

Wong, who headed Singapore's COVID-19 task force, will continue in his current role of finance minister while serving as deputy prime minister, according to an official statement. He would stand in for Lee as the leader in the event of his absence.

(With input from Reuters)