The IMF on Friday gave the go-ahead to distribute $1.1 billion in gold sales profits to members on condition they return most of it to boost the IMF\'s lending resources to poor countries. The International Monetary Fund said in a statement its executive board approved the distribution of part of the $10.6 billion in proceeds from 2009-2010 gold sales. Because the windfall profits come from the IMF\'s general resources, the IMF said it had to first distribute them to members. But it wants the gains returned to build up the Poverty Reduction and Growth Trust, the lending program for low-income countries. \"Under the decision approved today, the distribution will be effected only when members provide satisfactory assurances that they would make new PRGT subsidy contributions equivalent to at least 90 percent of the amount distributed,\" or about $978 million, the 187-nation Fund said. The timeframe of the operation depends upon receiving such pledges from the IMF membership. \"I urge Fund members to quickly confirm their pledges so that we can move forward,\" said IMF managing director Christine Lagarde. \"This is particularly important at a time when global volatility threatens low-income countries\' hard-won gains in strengthening their economies and reducing poverty,\" she said. In 2008 the board decided to put at least $6.8 billion of the profits in an endowment to diversify the IMF\'s income away from lending returns. The executive board \"has yet to decide\" how to use the remaining $2.7 billion of profits on the gold sales, the IMF said.
GMT 09:43 2018 Tuesday ,23 January
Global unemployment down but working poverty rampantGMT 15:13 2018 Sunday ,21 January
All you need to know about Davos 2018GMT 22:33 2018 Saturday ,20 January
Calls for action over dirty money flowingGMT 04:42 2018 Saturday ,20 January
Storm caused 90 mn euros in damage: Dutch insurersGMT 07:06 2018 Friday ,19 January
China economy rebounds in 2017 with 6.9% growthGMT 11:35 2018 Thursday ,18 January
'Massive' infrastructure spending needed in AfricaGMT 14:29 2018 Wednesday ,17 January
GE takes one-off hit of $6.2 bn linked to insurance activitiesGMT 18:55 2018 Tuesday ,16 January
London stock market edges to new high

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor