IMF to shed staff and sell gold

IMF to shed staff and sell gold

By Daniel Pimlott in Washington

Published: April 8 2008 00:39 | Last updated: April 8 2008 00:39

The board of the International Monetary Fund voted on Monday to cut 15 per cent of its staff and sell about $11bn (€7bn, £5.5bn) in gold reserves in one of the biggest shake-ups of its funding since it was founded.

The IMF plan to cut 380 jobs and sell 403.3 tonnes of gold, about an eighth of its reserves, still has to be approved by other authorities. The reforms have the support of the US Treasury, but the gold sales must be approved by Congress, which is unlikely to happen until after the presidential elections this year. Other changes in the IMF’s funding structure would require legislation in some member countries.