US Treasury supports IMF gold sales, urges reform

The US Treasury has shifted its stance on International Monetary Fund (IMF) gold, saying it will now back the sale of about 8% of the Fund's reserves.

David McCormick, the undersecretary for international affairs, said that the Treasury "will help ensure that the IMF has adequate resources to fulfil its vital global mission by seeking authority from Congress for a limited sale of IMF gold."

The amount in question would be consistent with the Crockett report on the long-term financing of the Fund

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