The International Monetary Fund said its executive board approved Friday the sale of 403.3 tonnes of gold, mainly aimed at boosting the institution's capacity to lend to poor countries.
The IMF said in a statement the sales would be "in a volume strictly limited to 403.3 metric tonnes, with these sales to be conducted under modalities that safeguard against disruption of the gold market."
The IMF said the decision was a central element of a new income model for the institution that had been approved by the executive board in April 2008.
The sale of gold "will also increase the fund's resources for lending to low-income countries," a strategy that won board backing in July.
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