IMF: Planning for Use of Gold Sales Profits Under Way, but No Decision Made for Using a Portion of the Profits

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Correspondence issued by the Government Accountability Office with an abstract that begins "The IMF is proceeding with its plan for creating an endowment for operations and increasing its resources for low-income country lending using the approximately $8 billion in gold sales profits it had projected earning from the 2009–2010 sales. First, the IMF is working to establish the approximately $7 billion endowment to partially fund IMF operations. The Board is expected to finalize the endowment’s investment strategy and governance structure in calendar year 2012 with implementation in financial year 2013,6 according to IMF documents and staff. IMF and U.S. Treasury ... continued below

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United States. Government Accountability Office. July 26, 2012.

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Correspondence issued by the Government Accountability Office with an abstract that begins "The IMF is proceeding with its plan for creating an endowment for operations and increasing its resources for low-income country lending using the approximately $8 billion in gold sales profits it had projected earning from the 2009–2010 sales. First, the IMF is working to establish the approximately $7 billion endowment to partially fund IMF operations. The Board is expected to finalize the endowment’s investment strategy and governance structure in calendar year 2012 with implementation in financial year 2013,6 according to IMF documents and staff. IMF and U.S. Treasury officials said the Board understood that it would require some time to take the needed actions, including adopting new rules and regulations, to create the endowment for operations. The Board is discussing various aspects of the endowment’s investment strategy, such as acceptable risk levels, and governance structure, such as using external managers to help avoid potential conflicts of interests. Second, the Board approved a strategy for the use of about $1 billion in gold sales profits to subsidize concessional lending to low-income countries through the PRG Trust. Implementation of the Board decision depends on the IMF receiving sufficient assurances from member countries. Before the decision will go into effect, members representing at least 90 percent of the $1 billion distribution intended for the PRG Trust must first indicate that amounts equivalent to their share of the distribution should be transferred by the IMF, or will otherwise be provided to the PRG Trust. As of July 9, 2012, the United States and 105 other countries, representing about 79 percent of the proposed distribution, have indicated that they would support subsidizing lending to low-income countries. The IMF is investing the gold sales profits in short-term official deposits pending implementation of the endowment for operations and funding of the PRG Trust. Returns earned on this investment are in the IMF Investment Account."

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Government Accountability Office Reports

The U.S. Government Accountability Office (GAO) is an independent, nonpartisan agency that works for the U.S. Congress investigating how the federal government spends taxpayers' money. Its goal is to increase accountability and improve the performance of the federal government. The Government Accountability Office Reports Collection consists of over 13,000 documents on a variety of topics ranging from fiscal issues to international affairs.

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  • July 26, 2012

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  • June 12, 2014, 7:50 p.m.

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United States. Government Accountability Office. IMF: Planning for Use of Gold Sales Profits Under Way, but No Decision Made for Using a Portion of the Profits, text, July 26, 2012; Washington D.C.. (digital.library.unt.edu/ark:/67531/metadc296474/: accessed December 18, 2017), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.