24 Feb '12, 6pm

IMF eyes gold profits to help poor countries

IMF eyes gold profits to help poor countries

WASHINGTON: 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 programme 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 1...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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(o ̄∀ ̄)ノ{CL2425!!): How to elongate your eyes

(o ̄∀ ̄)ノ{CL2425!!): How to elongate your eyes

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