Singaporean Prime Minister Lee Hsien Loong on Monday submitted his resignation to President Tharman Shanmugaratnam, saying he and his government will resign on Wednesday.

Lee said in the letter that he advised the president to invite Lawrence Wong to form the next government.

Tharman Shanmugaratnam accepted Lee's resignation and said he would appoint Wong as prime minister and invite him to form the new government.

Gan Kim Yong and Heng Swee Keat will be deputy prime ministers in the new government, Wong announced at a press conference.

Gan will remain the Minister for Trade and Industry and replace Wong as the chairman of the Monetary Authority of Singapore.

Lee Hsien Loong and Teo Chee Hean will be senior ministers in the new cabinet, said Wong, who will remain Finance Minister.