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Gold/Mining/Energy : Gold Price Monitor
GDXJ 98.59-2.8%Nov 13 4:00 PM EST
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To: goldsnow who wrote (32671)4/28/1999 5:49:00 AM
From: Alex  Read Replies (1) of 116759
 
Germany holds back from supporting IMF gold sale

Washington (Sapa-AFP) - Germany said on Tuesday that it would play a "constructive role" in discussions of whether to sell part of the IMF's gold reserves but held back from outright support of the plan.

Finance Minister Hans Eichel, attending his first meeting of the IMF's policy-making interim committee, acknowledged that extra funding would be needed to finance plans for greater debt relief for Highly Indebted Poor Countries (HIPC).

"Further options must be reviewed, including sales of gold by the IMF," to fund the programme, he said.

Germany wants the IMF board to "continue its discussion" on the issue and "will take a constructive role in these discussions," he said.

International Monetary Fund managing director Michel Camdessus has proposed selling five million ounces (150 tons) of IMF gold and using the money to help ease the debt burden carried by the world's poorest countries.

Major industrial powers including Britain, the US and Japan support the plan and have said they would be willing to see up to 10 million ounces of gold sold.

But Germany had fiercely opposed it until a new government took power late last year and hinted it might be willing to consider a gold sale.

British Chancellor of the Exchequer Gordon Brown said on Monday that there was growing consensus among the Group of Seven leading industrial nations, which includes Germany, for a gold sale.

from E-data

barney.co.za
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