IMF Will Fund Poor Countries With Gold Profits

Law360, New York (October 10, 2013, 6:16 PM EDT) -- The International Monetary Fund secured commitments from 151 member states to put their shares of windfall gold profits into a trust that makes zero interest rate loans to poor countries at a rate of $1.92 billion per year, IMF announced Thursday.

The IMF sold 403.3 metric tons of gold in 2009, which was one-eighth of its reserve at the time, for almost $15 billion, taking advantage of favorable gold market conditions. It agreed to disburse proceeds among member states if they agreed to reinvest the money...
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