IMF Secures Windfall Gold Sales Profits for Concessional Lending to Low-Income Nations (tags)
On October 10, 2013, the International Monetary Fund announced that member countries have approved their commitment to fund the Poverty Reduction and Growth Trust (PRGT) for concessional lending. Financing comes from windfall profits made from the IMF selling part of their gold reserves that currently totals $3.4 billion. Currently, the IMF provides zero-interest financing to low-income nations through this fund.