Sunday, October 4, 2009

Geithner Applauds IMF Gold Sales

On Sunday in Istanbul, Treasury Secretary applauded the IMF's planned gold sales. Geithner said:
As we in the United States strengthen our system, we urge other nations to take steps to strengthen their own systems and ensure that the global financial system is safer and more stable. The United States is undergoing an IMF Financial Sector Assessment Program, reflecting our commitment to accept the obligations and responsibilities of being an IMF member....We welcome IMF approval of a package of extraordinary measures to sharply increase the resources available to low-income countries. Resources from the planned sale of IMF gold and other internal sources will more than double the Fund’s medium-term concessional lending capacity and frontload these resources over the next two years.

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