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IMF proposes selling 403 tonnes of gold to raise $11 billion

Section: Daily Dispatches

From Agence France-Presse
via Yahoo News
Monday, April 7, 2008

WASHINGTON -- The International Monetary Fund Monday proposed the sale of 403.3 tonnes of gold for about $11 billion as part of a wide-ranging financial overhaul, managing director Dominique Strauss-Kahn said.

Proceeds from the sale would partly finance a proposed expansion of the fund's investment authority, requiring a charter amendment that would need legislative action in most member countries, the IMF said in a statement.

Strauss-Kahn hailed the executive board's proposal for a new and sustainable income and expenditure framework for the fund, calling it "a landmark agreement that will put the institution on solid financial footing and modernize the IMF's structure and operations."

"We have made difficult but necessary choices to close the projected income shortfall and put the fund's finances on a sustainable basis, but in the end it will make the fund more focused, efficient, and cost-effective in serving the needs of our members," he said.

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