Singapore ’s president Tharman Shanmugaratnam dissolved parliament on Tuesday, setting the stage for general election as the prime minister prepares to seek a mandate cost of living concerns.

Singapore will hold general elections on May 3, authorities in the city-state have said, paving the way for the first electoral test of Prime Minister Lawrence Wong since he entered office last year.

Prime Minister Lawrence Wong said that Singaporeans need to decide who they want to lead them into a world that “is becoming more uncertain, unsettled and even unstable.”