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Japan and South Korea say they won''t change composition of FX reserves

Section: Daily Dispatches

By Heather Stewart
The Observer, London
Sunday, April 10, 2005

http://politics.guardian.co.uk/election/story/0,15803,1456397,00.html

Gordon Brown's year-long anti-poverty crusade is in jeopardy this
week as the US prepares to block his plans for a sale of
International Monetary Fund gold reserves to raise cash for debt
relief.

Striking a deal to sell or revalue some of the IMF's $9 billion of
gold reserves in Washington, at the spring gathering of the IMF and
World Bank, was meant to be the first victory in Brown's campaign to
increase spending on aid and offer debt relief to the poorest
countries. But the Treasury is playing down prospects for a deal,
and it is thought Brown could even give Washington a miss this week,
to concentrate on the election campaign.

"Clearly, the US is the blockage on this," said Jonathan Glennie,
senior policy adviser at Christian Aid. But he accused the
chancellor of overplaying the chance of a debt deal in February,
after he chaired a fractious meeting of G7 finance ministers. An IMF
feasibility study, commissioned by G7 finance ministers, has given
the thumbs-up to gold sales. But the US Treasury has been urged to
oppose the idea by gold-mining firms who fear that a sell-off could
depress global prices for the metal.

Henry Northover, policy analyst at Cafod, said the US preferred its
own debt relief plans, under which poor countries' debts would be
written off against aid flows. "I think there is little appetite for
the gold plan in the US. They feel they've done enough."

Failure to reach a deal this week will leave Britain with a tough
timetable for agreement on its other anti-poverty proposals by the
G7 summit at Gleneagles in July. A Treasury spokesman
insisted: "We've got lots of other meetings between now and then.
The agenda's on track."

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