US says no need to sell off IMF's gold

There is no need for the International Monetary Fund to sell some of its gold stocks to fund debt relief for poor countries, a US treasury spokesperson said Thursday.

He set out the US Treasury's position as the IMF's board of shareholder governments met on Wednesday to discuss how to finance debt relief, including the possible sale or revaluation of the fund's stockpile of gold.

The global lender's gold stock of 103.4 million ounces is worth about $42.3 billion but is valued on the balance sheet

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