SINGAPORE: Singapore's Reform Party chief Kenneth Jeyaretnam's legal action to stop Singapore's $4 billion funding pledge to the International Monetary FUnd (IMF) is to get court time on September 12, local news reports said on Wednesday. According to Channel NewsAsia (CNA), the hearing will see the judge rule on whether the case should proceed to trial. In April, Singapore pledged to bolster the IMF's funding in order to tackle the euro zone debt crisis. CNA reported that Jeyaretnam filed an application for a ending the loan on July 6. He argues that the loan violates the constitution under Article 144, as no prior approval for the pledge was sought in Parliament or from the President. Article 144 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.” According to CNA, the Monetary Authority of Singapore (MAS) had previously responded to the issue, stating that Article 144 “does not apply to lending by government,” but “prevents the government from borrowing without the authority of Parliament and the President's concurrence.”
