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Thursday March 31, 11:14
IMF to sell its gold
(by Helen Snow)

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IMF to sell its gold
The International Monetary Fund offers the sales of a small portion of the fund’s gold to pay for the IMF’s share of debt relief for the world’s poorest countries. The project seems to face significant obstacles as for its approval by the US governors and other G7 countries.

The IMF’s analysis shows that well managed selling of a small portion of the fund’s gold could not bring any disruption to the market.

The problem with this approach is that it would require near-unanimous support of the fund’s shareholders. And at the board’s discussion on Wednesday the US director made clear that the Bush administration is not eager to fight for gold sales with Congress while it is trying to settle a tough budget. Obtaining congressional approval for IMF gold sales might be an additional burden for the White House.

However, all the disputes about debts and policies of the IMF and its sister organization, the World Bank, do not handle the problem. In order to settle the issue, the G7 has agreed to organize a “work programme” to investigate the variety of schemes offered by different countries.
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