The International Monetary Fund is considering selling its gold holdings to fund countries

The International Monetary Fund said on Thursday it is considering selling its gold holdings as well as other options to boost lending programs linked to the pandemic.

Washington – Sputnik. “Several directors have recommended early exploration of all financing options, including mobilizing internal financing resources and exploring gold sales before the second phase,” the IMF added in a statement on pandemic lending programmes.

But he also noted the lack of overwhelming support for the idea, saying: “A number of board members did not endorse the proposals to use gold, citing the complexity and length of time required to complete the process as well as potential impacts on the strength of the fund’s balance sheet.”

The fund said it needed to consider different lending options given that its commitments to low-income countries rose eightfold in 2020, to $13.2 billion, and there were no signs of slowing down over the next few years.

“It is expected that the bulk of future financial assistance will be provided through multi-year lending arrangements – a shift from the approach of 2020, when most assistance was provided through the Fund’s Emergency Financing Facility,” the statement read.

The International Monetary Fund holds about 90.5 million ounces, or 2,814.1 metric tons, of gold in designated warehouses, according to the fund’s fact sheet.

Based on historical cost, the IMF’s total gold holdings are valued at about $4.6 billion using exchange rates at the end of January 2021. But at current market prices, they are worth about $168.6 billion, using the exchange rates at the end of January as well.

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