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Court reserves judgment on bid to stop IMF loan pledge

A-G argues that Article 144 of Constitution is not breached when Govt gives a loan

Published on Sep 21, 2012 6:00 AM
 
The High Court has reserved judgment on opposition politician Kenneth Jeyaretnam's (above) bid to stop the Government from giving a US$4 billion (S$4.9 billion) loan commitment to the International Monetary Fund (IMF). -- ST PHOTO: CHEW SENG KIM

The High Court has reserved judgment on opposition politician Kenneth Jeyaretnam's bid to stop the Government from giving a US$4 billion (S$4.9 billion) loan commitment to the International Monetary Fund (IMF).

This took place after a hearing was held in chambers on Thursday, and is the latest development in the case prompted by the Monetary Authority of Singapore's April announcement of its pledge to the global lender.

Mr Jeyaretnam has charged that the commitment contravenes Article 144 of the Constitution, which states that "no guarantee or loan shall be given or raised by the Government except under the authority of any resolution of Parliament with which the President concurs".

In July, the secretary-general of the Reform Party applied to the courts to stop the Government or the MAS from giving any loans or guarantee to the IMF unless these met the provisions of Article 144.

 
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Background story

A QUESTION OF QUESTIONING

As a citizen and a taxpayer, I am concerned about our monies and accountability... If we are not allowed to question any of the decisions, who is to question them?

- Opposition politician Kenneth Jeyaretnam