Saturday September 19, 2009, 7:54 am
The International Monetary Fund has approved the sale of a limited amount of its gold to help provide loans to poor countries and shore up its finances.
The fund's executive board said it decided on Friday to sell 403.3 tonnes in a way that does not disrupt the sale of gold in commodity markets.
The head of the IMF, Dominique Strauss-Kahn, expressed satisfaction with the board's decision. He said it would enable the fund to step up lending to poor countries and put the fund's finances on a sound, long-term footing.
The IMF says it is ready to sell the gold to its member nations if any are interested or on the open market in phases over a period of time.
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