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**Lt_Apple** · 07-07-2012, 09:46 AM

You cannot just suka suka make any commitment to loan without seeking the proper authority. In this case, it is obvious that MAS didn't seek approval from both parliament and President before it made such commitment.

Imagine if MAS has made such commitment but in the end, parliament or President didn't agree to make the loan when the loan is demanded by IMF, what will happen? It will affect Singapore's international image and credibility.

MAS didn't deny this. Please read MAS' reply to this issue. Its reply is crap. It claims that the Constitution only limits the government from raising loans, not giving loans. This is really crap. If the government don't even follow the law and Constitution, there can be no Rule of Law at all.

Goh Meng Seng

http://www.imf.org/external/np/sec/pr/2012/pr12146.htm

Singapore is NOT the only country to make a COMMITTMENT (not a guaranteed loan) to the IMF. Singapore's loan is the smallest compared to the debt ridden UK. In the UK, no parliamentary debate has been performed over the country's IMF pledge which is far larger than SG's. Is KJ some superpower non-elected legislator to ask about parliamentary approval?

07-07-2012, 09:46 AM	#5
Lt_Apple Join Date Dec 2008 Posts 4,489 Senior Member	You cannot just suka suka make any commitment to loan without seeking the proper authority. In this case, it is obvious that MAS didn't seek approval from both parliament and President before it made such commitment. Imagine if MAS has made such commitment but in the end, parliament or President didn't agree to make the loan when the loan is demanded by IMF, what will happen? It will affect Singapore's international image and credibility. MAS didn't deny this. Please read MAS' reply to this issue. Its reply is crap. It claims that the Constitution only limits the government from raising loans, not giving loans. This is really crap. If the government don't even follow the law and Constitution, there can be no Rule of Law at all. Goh Meng Seng http://www.imf.org/external/np/sec/pr/2012/pr12146.htm Singapore is NOT the only country to make a COMMITTMENT (not a guaranteed loan) to the IMF. Singapore's loan is the smallest compared to the debt ridden UK. In the UK, no parliamentary debate has been performed over the country's IMF pledge which is far larger than SG's. Is KJ some superpower non-elected legislator to ask about parliamentary approval?
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