The International Monetary Fund said that there have been no talks about selling additional gold than the proposed a year earlier. The leaders from the Group of 20 said that the revenue from the previously proposed IMF gold sales will be used to help the poorest countries to stimulate the world economies.
The board of IMF approved a proposal in April 2008 to sell 403.3 tons of bullion as part of a plan to close the Washington-based lenders annual deficit. "The gold sales are part of what we have already announced a year ago," IMF spokesman Bill Murray said.
Moreover, there have been no talks about sales of additional gold and the proposal is subject to the approval of US Congressional, he said. However, a decision to sell the gold requires the majority support of the executive board of IMF and the board representative from the US needs the approval of Congress to vote in favor of any sales, according to the bank.
The board of IMF approved a proposal in April 2008 to sell 403.3 tons of bullion as part of a plan to close the Washington-based lenders annual deficit. "The gold sales are part of what we have already announced a year ago," IMF spokesman Bill Murray said.
Moreover, there have been no talks about sales of additional gold and the proposal is subject to the approval of US Congressional, he said. However, a decision to sell the gold requires the majority support of the executive board of IMF and the board representative from the US needs the approval of Congress to vote in favor of any sales, according to the bank.
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