Australian News

May 7, 2008

The International Monetary Fund has approved the sale of 403.3 tonnes of IMF gold reserves, in a financial overhaul which is hoped to boost its coffers.

Governors from 176 of the Fund’s 185 member countries cast votes to sell the gold, in order to create an endowment to helps provide a steadier source of income to the international organisation.

The new income and expenditure framework is expected to cover a 400 million-dollar shortfall projected in the medium term.

An IMF austerity program, announced April 7th, also calls for a 13.5 percent cutback in IMF spending over the next three years.

The IMF was created over 60 years ago with a mission to foster global financial stability.

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