International Monetary Fund (IMF): Financial Reform and the Possible Sale of IMF Gold (CRS Report for Congress)
| Release Date |
Revised Jan. 29, 2008 |
| Report Number |
RS22729 |
| Report Type |
Report |
| Authors |
Martin A. Weiss and Jonathan E. Sanford, Foreign Affairs, Defense, and Trade Division |
| Source Agency |
Congressional Research Service |
| Older Revisions |
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Summary:
The International Monetary Fund [IMF] faces a unique set of challenges in the current economic environment. With the continuing growth in the emerging market economies, the demand for IMF assistance has shrunk dramatically. In order to prevent a future need for an IMF-bailout, many emerging market countries are accumulating vast amounts of foreign exchange reserves. In 2006, IMF Managing Director Rodrigo de Rato created a panel of 'eminent persons'to advise the IMF about reform of its income model, given the lower demand for IMF lending. The panel proposed the creation of an endowment that would be funded either with quota resources or through the sale of gold from the IMF reserves. This has raised questions among Members of Congress about the benefits of selling IMF gold and the presumed need for reform of the IMF's income model. This report discusses these issues and will be updated as events warrant.
