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Politics : Dutch Central Bank Sale Announcement Imminent?
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To: Kaena™ who wrote (1362)10/5/1998 10:14:00 AM
From: jgibbs  Read Replies (1) of 81690
 
Kaena,

Here's some late news relating to your question. Hot off the wire.

JimG

WASHINGTON, Oct 5 (Reuters) - Britain will make no formal proposal at
this week's International Monetary Fund meeting that the IMF sell any of its gold reserves, officials close to Chancellor of the Exchequer Gordon Brown said on Monday.

Britain has long supported the sale of some of the IMF's 3.2 million kilos of gold reserves as a way of financing the Fund's Highly Indebted Poor Countries (HIPC) initiative of which Brown is a strong backer.

''We are not making any formal proposal this week,'' an official told Reuters, rebutting rumors that this was the case.

Brown told reporters on Sunday Britain had always felt the issue of gold sales would come back onto the agenda and that there were encouraging signs from the new German government that it may be sympathetic to the idea.

The former government of Helmut Kohl was always firmly against the idea.

Britain has expressed concern that the $8.2 billion of debt relief envisaged for the world's poorest countries under the HIPC initiative may be difficult to raise given the apparent reluctance of some Group of Seven industrial countries to stump up their share of the funds.
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