High Court dismisses bid by Kennetth Jeyaretnam to block US$4b pledge to IMF
The High Court has dismissed a legal bid by opposition politician Kenneth Jeyaretnam to stop Singapore's US$4-billion pledge to the International Monetary Fund (IMF).
In April, Singapore made the pledge to bolster the IMF's war chest to tackle the ongoing Euro Zone debt crisis.
The Monetary Authority of Singapore had previously responded to the issue, stating that Article 144 of the Constitution "does not apply to lending by Government" but "prevents the Government from borrowing without the authority of Parliament and the President's concurrence".
Mr Jeyaretnam, who filed the application in July 2012, will have to pay costs.
He had argued that the loan violated Article 144 of the Constitution, as no approval for the pledge was sought in Parliament or from the President.
But the court maintained that the consent of the President is not required - as Article 144 only operates when the Government takes a loan or gives a guarantee.
The court also found that Mr Jeyaretnam did not have the standing or ability to make the bid, as he wasn't personally affected by the extension of the loan.
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