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IMF sells some gold reserves to improve finances
Australian News.Net
Wednesday 7th May, 2008
The International Monetary Fund has approved the sale of 403.3 tonnes of IMF gold reserves, in a financial overhaul which is hoped to boost its coffers.
Governors from 176 of the Fund's 185 member countries cast votes to sell the gold, in order to create an endowment to helps provide a steadier source of income to the international organisation.
The new income and expenditure framework is expected to cover a 400 million-dollar shortfall projected in the medium term.
An IMF austerity program, announced April 7th, also calls for a 13.5 percent cutback in IMF spending over the next three years.
The IMF was created over 60 years ago with a mission to foster global financial stability.
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Comments on this story
Maggie
05-07-08, 01:58 PM |
IMF gold
IMF cannot, under it’s bylaws, sell 1 oz of gold unless both houses of the US Congress approve the sale. 85% of weighted members must approve and the US has a 17% weighting. Even if all other 184 countries vote for it the sale is moot if the US doesn’t. US law requires the majority of both Houses of Congress approve the sale. This approval will never happen. It will be killed by members from gold mining states SORRY NO SALE
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nga
05-07-08, 06:44 AM |
IMF sells some gold reserves to improve finances
gold can rise or down ? can i buy gold? gold in this week
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Manikandan.N
05-07-08, 07:58 AM |
GOLD
gold can rise or down ? can i buy gold? gold in this week
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irg
05-07-08, 10:34 AM |
foresee the future of gold in thursday
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fxKnight.com
05-07-08, 12:28 PM |
Confirmed?
Has this been confirmed? Reuters, AP, etc?
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