G7 ministers discuss IMF gold sales

"There was an acceptance among the G7 that resources should be raised by selling gold," said Tomasso Padoa-Schioppa, Italy's finance minister, who is also the head of the International Monetary Fund's (IMF) steering committee (IMFC).

Speaking to reporters after the G7 meeting in Tokyo on 9 February, he said the agreement for the Fund to sell gold could even be finalised in April and would complement spending cuts being drawn up by the IMF under its new managing director, Dominique Strauss-Kah