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International Monetary Fund (IMF): Planning for Use of Gold Sales Profits under Way, but No Decision Made for Using a Portion of the Profits
International Monetary Fund (IMF): Planning for Use of Gold Sales Profits under Way, but No Decision Made for Using a Portion of the Profits
 
Our Price: $20.00
By Thomas Melito (au)
Year: 2012
Pages: 22
Binding Paperback
ISBN 978-1-4578-3707-4

Product Code: 1457837072

Description
 
The International Monetary Fund (IMF) has historically financed its operating costs with income earned from the interest that member governments pay to borrow its funds. However, a rapid reduction in IMF lending in the mid-2000s significantly decreased the IMF's income. In response, in 2008 the IMF Executive Board (Board) endorsed a new income model that moved away from relying primarily on lending income to generate revenue and, among other things, called for the IMF to sell 403.3 metric tons of gold to help finance its operations. In 2009, the Board approved a plan to use projected gold sales profits of roughly $8 billion for two purposes: (1) to create an approx. $7 billion endowment for operations that would generate investment income to partially finance IMF operations and (2) to provide about $1 billion to subsidize concessional, or below-market rate, lending to low-income countries through the Poverty Reduction and Growth Trust (PRG Trust). The IMF concluded the gold sales in 2010 and earned $10.8 billion in profits from the sales, including unanticipated additional windfall profits of about $2.8 billion. In addition, since 2009, the IMF's income position has greatly improved due to increased income earned from dramatically higher new lending during the global economic crisis. In June 2009, Congress authorized the Secretary of the Treasury to instruct the U.S. Executive Director to the IMF to vote in favor of the gold sales and to seek to ensure that the IMF provide additional resources for lending to low-income countries.This report examined (1) the status of the IMF's plan for using profits from the gold sales; and (2) the IMF's proposed options for using the additional windfall profits from the sales. Figures and tables. This is a print on demand report.

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