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To: long-gone who wrote (32512)	4/25/1999 10:28:00 PM
From: Don Green	Respond to of 116927

Britain to call for 10 mln ounces IMF gold sale WASHINGTON, April 25 (Reuters) - Britain will call this week for the International Monetary Fund to sell 10 million ounces of gold from its reserves, a British Treasury official said on Sunday. ''(British finance minister) Gordon Brown will call for a doubling of the current proposal of five million ounces,'' the official told Reuters. Discussions on gold sales have focused on whether it will be five or 10 million ounces. ''We hope to get agreement in principle at this meeting,'' the official added. The gold sales have been proposed in order to increase the international funding available for poor country debt relief.

To: long-gone who wrote (32512)	4/25/1999 10:28:00 PM
From: goldsnow	Respond to of 116927

No German talks yet on IMF gold sales-Buba's Stark 06:02 p.m Apr 25, 1999 Eastern WASHINGTON, April 25 (Reuters) - Bundesbank Deputy President Juergen Stark said on Sunday there had been no official talks yet between the German central bank and the government on possible IMF gold sales to fund debt relief. Stark told reporters that the Heavily Indebted Poor Countries (HIPC) initiative, under which the IMF, World Bank and Paris Club offer debt write-offs to deserving poor countries, would be discussed by IMF policy-makers at a round of meetings in Washington this week. German Finance Minister Hans Eichel said on April 16 that Germany had slightly relaxed its opposition to sales of International Monetary Fund gold sales to help pay for HIPC. The Bundesbank has traditionally opposed gold sales and Eichel said internal German discussions were still needed on the issue. Asked whether Bundesbank President Hans Tietmeyer and Eichel had discussed the question over the past week, Stark said, 'There have been no official talks between the government and the Bundesbank.'' He declined to comment on whether such talks would take place during the IMF meetings. Stark, who took part in talks on Sunday on the international financial architecture with senior monetary officials from the Group of 33 industrial and developing countries, said there was reason to be more optimistic now on the world economy and its outlook than six months ago. ''The downturn in Latin America has not been as marked as was feared three months ago,'' Stark said. While cautioning against excessive optimism, he said market sentiment toward emerging markets had shifted over the last half-year. 'After the Russian (debt) moratorium, all emerging markets were assessed in the same way, now market participants are taking a more differentiated view,'' he said. ((David Crossland, IMF newsroom 202-623-9502)) Copyright 1999 Reuters Limited.

To: long-gone who wrote (32512)	4/25/1999 10:29:00 PM
From: goldsnow	Respond to of 116927

UK's Brown to urge doubling IMF gold sale-Guardian 09:09 p.m Apr 25, 1999 Eastern LONDON, April 26 (Reuters) - British Finance Minister Gordon Brown plans to call for a doubling in the size of the International Monetary Fund's auction of gold reserves to fund debt relief, the Guardian newspaper reported on Monday. The newspaper, citing an unnamed treasury official, said Brown's plan for sales of at least $2 billion of IMF gold will be the most generous proposed as G7 leaders meet in Washington to discuss new initiatives to help indebted poor countries. The original plan was for a five million-ounce gold sale worth about $1 billion, but the treasury source said a larger auction will be needed to secure faster and more generous debt relief, the Guardian reported. ''We would like to sell at least 10 million ounces as a first step. We are happy to do more,'' the treasury official was quoted as saying. On Friday, officials at international lending agencies said their flagship debt relief programme to help the world's most debt-ridden countries has failed to live up to expectations and needs much work. The IMF and World Bank said they are working to strengthen the Heavily Indebted Poor Countries (HIPC) initiative and fend off criticism. The debt issue will be discussed at the IMF/World Bank meetings in Washington this week and at the Group of Seven industrialised nations' June summit in Cologne. Copyright 1999 Reuters Limited