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To: PaulM who wrote (35504)	6/18/1999 5:36:00 PM
From: Alex	Read Replies (2) \| Respond to of 116790

6/18/99 - G7 says IMF should sell "up to" 10 mln oz gold for debt relief <Picture> --G7 says IMF gold sales should be "cautiously phased" By Bridge News Cologne--Jun 18--The heads of state and government forming the Group of 7 today said they support the sale of "up to 10 million ounces" of International Monetary Fund gold reserves "in a cautiously phased" manner to mobilize resources to help the world"s most heavily indebted poor countries. The G7 in their statement also noted that the IMF should "maintain an appropriate level of reserves." Member countries had pledged substantial bilateral government contributions to the existing trust fund for the poor nations, the G7 said, adding that private sector contributions to a Millennium Fund would also be welcomed. Concrete proposals on the scope and timing of the debt relief should be agreed upon by the time of the next annual meetings of the IMF and the World Bank in the autumn, the G7 said. Send comments to gennews@bridge.com