International Monetary Fund (IMF) : financial reform and the possible sale of IMF gold / Martin A. Weiss, Jonathan E. Sanford.

Format:

Book

Government document

Author/Creator:

Weiss, Martin A., author.

Sanford, Jonathan E., author.

Series:

CRS report for Congress.

CRS report for Congress

Language:

English

Subjects (All):

International finance.

Banks and banking, International.

Physical Description:

1 online resource (6 pages).

Place of Publication:

Washington, District of Columbia : Congressional Research Service, 2008.

Summary:

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. [...] As the Crockett Report illustrates, the IMF's income derives largely from a single source-the difference between the rate the IMF charges when it lends and the rate the IMF pays countries for use of their quota resources. [...] To meet these goals, the Committee recommends (1) revising the IMF's investment operations; (2) creating an endowment fund; (3) charging separately for IMF services; and (4) eliminating the IMF's waiver on reimbursement of the administrative charges for the IMF's concessional lending 5 Transcript of a Press Briefing on the Final Report by the Committee to Study Sustainable Long-term Financing of t [...] According to the Committee: "subjecting the Fund's administrative expenditure to national budgetary procedures might indirectly threaten the independence of the Fund's policy advice."7 The Committee made two recommendations regarding the IMF's existing investment options: (1) broaden the IMF's investment mandate for existing reserves by extending portfolio duration beyond the current 1-3 year benc [...] In 1995, the IMF Executive Board undertook a review of the role of gold in the IMF in a post- gold standard international economy.

Notes:

Description based on publisher supplied metadata and other sources.