IMF approves gold sales profits to help low-income countries

The International Monetary Fund (IMF) has approved distribution of USD 2.7 billion in remaining "windfall gold sales profits as part of a strategy to bolster the IMF's concessional lending vehicle for low-income countries and make it sustainable." IMF Managing Director Chrsitine Lagarde considered this a "major step towards putting our important concessional lending operations for low-income members on a sustainable footing." Lagarde said in a statement, late on Friday, that "during the 2009 financial crisis, we were able to boost financial assistance to our low-income country members, helping them weather the storm and preserve their hard-fought gains in the battle against poverty." "The strategy endorsed today by the Executive Board ensures the IMF is better positioned to help our low-income members absorb future shocks and underpin their efforts to achieve stronger and sustainable economic growth," she affirmed. According to the IMF, the resources are in addition to USD 1.1 billion "that have already been approved for a similar but separate operation to support low-income countries during the global financial crisis." Lagarde thanked and recognized "all those member countries that have stepped up to enable us to support our low-income members during the crisis, and call on our membership to demonstrate their commitment again by completing this global effort to provide the resources for our continued support in years to come."