IMF Says Weighing Gold Sales To Boost COVID-Related Lending
Fahad Shabbir (@FahadShabbir) Published July 23, 2021 | 12:30 AM
WASHINGTON (UrduPoint News / Sputnik - 23rd July, 2021) The International Monetary Fund (IMF) on Thursday said it was considering sales of its gold holdings as well as other options to boost COVID-related lending programs.
"Many directors recommended an early exploration of all financing options, including mobilizing internal fund resources and exploring gold sales ahead of the second stage," the IMF said in a statement regarding their pandemic-related lending programs.
But it also noted that there was no overwhelming support for the idea.
"A few directors did not support proposals for gold sales or a gold pledge, noting the complexity and length of time required to complete the process as well as possible impacts on the strength of the fund's balance sheet," the IMF said.
The fund said it needed to consider various options for lending given that its obligations to low-income countries had risen an eightfold in 2020, reaching $13.
2 billion, and there were no signs of a slowdown over the next few years.
"The bulk of future financial assistance is expected to be provided through multi-year lending arrangements - a shift from 2020, when most assistance was provided through the Fund's emergency financing facilities," the statement said.
The IMF holds around 90.5 million ounces or 2,814.1 metric tons of gold at designated depositories, according to a fact sheet of the fund.
Based on historical cost, the IMF's total gold holdings are valued at around $4.6 billion using end-January 2021 exchange rates. At current market prices, their value is about $168.6 billion, using end-January 2021 exchange rates.
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