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    Singapore IMF Loan - FINAL - Bhs Inggris

    Uploaded by

    Khinmg Soe
    - Singapore's opposition party leader has filed a case in the country's highest court challenging the government's $1 billion loan to the IMF as unconstitutional because it was not approved by parliament or the president. - The government argues that the loan does not require approval as it falls under Singapore's official foreign reserves from which the IMF can immediately repay the loan if needed. - The case will determine if the loan is "ultra vires", or beyond the government's powers, and clarify the constitutional provisions around government lending of reserves. It will also serve to reinforce the separation of powers between the government and judiciary.

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    Singapore IMF Loan - FINAL - Bhs Inggris

    Uploaded by

    Khinmg Soe
    32 views2 pages
    - Singapore's opposition party leader has filed a case in the country's highest court challenging the government's $1 billion loan to the IMF as unconstitutional because it was not approved by parliament or the president. - The government argues that the loan does not require approval as it falls under Singapore's official foreign reserves from which the IMF can immediately repay the loan if needed. - The case will determine if the loan is "ultra vires", or beyond the government's powers, and clarify the constitutional provisions around government lending of reserves. It will also serve to reinforce the separation of powers between the government and judiciary.

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    IMF Loan of Singapore

    Original Title

    Singapore IMF Loan_FINAL_bhs Inggris

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    - Singapore's opposition party leader has filed a case in the country's highest court challenging the government's $1 billion loan to the IMF as unconstitutional because it was not approved by parliament or the president. - The government argues that the loan does not require approval as it falls under Singapore's official foreign reserves from which the IMF can immediately repay the loan if needed. - The case will determine if the loan is "ultra vires", or beyond the government's powers, and clarify the constitutional provisions around government lending of reserves. It will also serve to reinforce the separation of powers between the government and judiciary.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    32 views2 pages

    Singapore IMF Loan - FINAL - Bhs Inggris

    Uploaded by

    Khinmg Soe
    - Singapore's opposition party leader has filed a case in the country's highest court challenging the government's $1 billion loan to the IMF as unconstitutional because it was not approved by parliament or the president. - The government argues that the loan does not require approval as it falls under Singapore's official foreign reserves from which the IMF can immediately repay the loan if needed. - The case will determine if the loan is "ultra vires", or beyond the government's powers, and clarify the constitutional provisions around government lending of reserves. It will also serve to reinforce the separation of powers between the government and judiciary.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
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    Singapore's opposition tries to block big loan to IMF Slug: Singapore IMF loan Date: 19 July 2012 Reporter:

    Girish Sawlani Radio Australia I !R" Singapore#s highest $ourt has agreed to hear a $ase ai%ed at stopping the go&ern%ent 'ro% handing a ( )illion *S dollars loan to the International Monetary Fund+ !he appli$ation to the ,igh -ourt has )een 'iled )y the leader o' the opposition re'or% party+ .enneth Jeyaretna% argues the %o&e is un$onstitutional )e$ause it wasn#t appro&ed )y parlia%ent and the president+ /ut the Singaporean authorities $lai% the $onstitutional 0uestion doesn#t apply )e$ause they say the IMF loan doesn#t $o%e under the )anner o' go&ern%ent lending+ Girish Sawlani 'ro% Radio Australia has the report+ !12! In April this year3 the Monetary Authority o' Singapore agreed to pro&ide the International Monetary Fund with a ( )illion *S dollars $ontingen$y loan+ !he pledge was part o' e''orts to )oost the IMF#s resour$es3 at the re0uest o' its $hie' -hristine 4agarde+ /ut one $riti$ says the loan )y Singaporean authorities in&ol&es the potential use o' the $ountry#s reser&es 5 'ro% sa&ings a$$u%ulated 'ro% ta6es on residents+ !he se$retary5general o' the opposition Re'or% 7arty .enneth Jeyaretna% says the loan is un$onstitutional+ J18AR1! AM -lip 1 9Male3 1nglish:: ;It starts with arti$le 1(( o' the $onstitution3 whi$h says no loans or guarantees shall )e gi&en or raised without parlia%entary or presidential appro&al+ In this $ase3 the parlia%entary re$ords show no parlia%entary appro&al has )een sought+ Sin$e Fe)ruary3 I#&e written two letters to the Finan$e Minister3 0uerying opa$ity in the )udget and the true state o' our reser&es+ And in April3 I wrote to the Finan$e Minister3 as<ing whether parlia%entary or presidential appro&al has )een o)tained+ I ha&en#t re$ei&ed a response+= ,e also wrote to Singapore#s 7resident !ony !an3 who re'erred hi% to the Monetary Authority o' Singapore or MAS whi$h is o&erseeing the loan+ !he authority has yet to respond to Radio Australia#s re0uest 'or an inter&iew+ /ut earlier this %onth3 it released a state%ent to lo$al %edia3 saying the ( )illion dollar pledge did not &iolate the $onstitution+

    !he Authority argues arti$le 1(( does not apply to lending )y go&ern%ent 5 instead3 it pre&ents the go&ern%ent 'ro% )orrowing without appro&al 'ro% the parlia%ent and the president+ !he MAS says the loan will not lead to a redu$tion in reser&es )e$ause it#s part o' the $ountry#s "''i$ial Foreign Reser&es3 where)y the IMF would ha&e to i%%ediately repay the loan i' and when Singapore re0uires the 'unds+ !he $ase has now )een )rought to the ,igh -ourt )y the Re'or% 7arty#s .enneth Jeyaretna%3 in his $apa$ity as a pri&ate $iti>en 5 and re$ei&ed a hearing this wee<+ J18AR1! AM -lip 2 9Male3 1nglish:: ;?e will <now one o' two things+ 1ither the un$onstitutionality o' this is upheld and the loan is #ultra &ires#+ "r i' it#s not upheld3 then we <now 'irstly3 there are no $ontrols on how the go&ern%ent loans the reser&es+ And se$ondly we#ll also <now that the role o' the 16e$uti&e 7resident is $o%pletely redundant )e$ause the 16e$uti&e 7resident is supposed to a$t as the sa'eguard on the reser&es ++ )ut we already <now he has no powers in relation to !e%ase< and GI-#s in&est%ents+ "ur so&ereign wealth 'unds $ould 'ritter away our e''orts down to >ero3 and he $ould still sit in his o''i$e doing nothing+= ,e also argues that ( )illion *S dollars is a huge a%ount 'or a $ountry with a relati&ely s%all population+ J18AR1! AM -lip @ 9Male3 1nglish:: ;?e#&e got only @+2 %illion $iti>ens here+ ?hat we are proposing to lend to the IMF is %ore than the go&ern%ent allo$ated to health in 2012 5 %ore than twi$e the a%ount o' the health$are su)sidies+ And (0 ti%es what the go&ern%ent allo$ated to help needy 'a%ilies in Singapore+= 1ugene !an is an assistant pro'essor o' law at the Singapore Manage%ent *ni&ersity3 and a no%inated %e%)er o' parlia%ent+ ,e says Mr Jeyaretna%#s $ase is plausi)le+ !A -lip 1 9Male3 1nglish:: ;!he 'a$t that this %atter is )e'ore the $ourts3 and assu%ing that it would go to trial would ena)le )oth sides 5 the go&ern%ent and appli$ant3 Mr .enneth Jeyaretna% to arti$ulate their positions+ 8ou <now3 )ased on legal prin$iples and all poli$y $onsiderations+ And o' $ourse that would then also help to $lari'y the $onstitutional pro&isions+ So I thin< all said3 you <now3 that whate&er the intent o' the $ase is3 you <now I thin< it#s good 'or the &iews to )e put 'orward 5 'or the $ourts to deter%ine the a%)it o' the parti$ular $onstitutional pro&ision in 0uestion+= ,e says the $ase would also ser&e to rein'or$e the separation o' powers )etween the go&ern%ent and the $ountry#s Audi$iary+ !A -lip 2 9Male3 1nglish:: ;It would also ensure that Singaporeans who are $on$erned with $ertain de$isions on poli$y o' the go&ern%ent3 you <now3 ha&e an a&enue )y whi$h they $ould $hallenge it3 in a pro$ess that would )e seen as de%o$rati$ in way that would engender greater $on'iden$e and trust within the whole syste% o' go&ernan$e that we ha&e in Singapore+= !he $ase will )e heard again on the 21st o' August+ BBB

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