Singaporean Prime Minister Lee Hsien Loong will relinquish his office on May 15 and hand over power to his deputy Lawrence Wong, according to a statement from Lee's office on Monday.

Wong, 51, has the unanimous support of the Members of Parliament of the ruling People's Action Party (PAP), said the statement.

Lee, 72, has served as prime minister and head of the PAP since August 2004.

He announced last November that he would retire in 2024 and hand over power to Wong, also the country's finance minister.

"For any country, a leadership transition is a significant moment. Lawrence and the 4G (fourth-generation) team have worked hard to gain the people's trust, notably during the pandemic," Lee said in a Facebook post on Monday.

"I ask all Singaporeans to give Lawrence and his team your full support and work with them to create a brighter future for Singapore," he said.

The new prime minister will be sworn in at 8 p.m. on May 15 at the Istana, Singapore's presidential palace.

(With input from agencies)

(Cover: A file photo of Singaporean Prime Minister Lee Hsien Loong. /CFP)