IMF Proposes 403.3-Ton Gold Sale
April 10, 08
The International Monetary Fund (IMF) announced this week plans to embrace “a new and sustainable income and expenditure framework for the Fund, a move that could include, if approved, holding a limited sale of 403.3 metric tons of the Fund’s gold holdings.
The IMF notes that the new model could generate an additional $300 million in income within a few years.
The Fund’s new model will replace its “unsustainable income model” and will be one based upon “more robust and diverse sources of revenue in line with the Fund’s multiple functions,“ the IMF said in a release.
Future gold sales by the IMF would be conducted in a transparent manner with strong safeguards to ensure they do not add to official sales and avoid any risk of market disruption, according to the Fund.