Proposal to Distribute Remaining Windfall Gold Sales Profits and Strategy to Make the Poverty Reduction and Growth Trust Sustainable

Author: International Monetary Fund

This paper revisits the use of the remaining gold sales windfall profits (SDR 1.

Volume/Issue: Volume 2012 Issue 082

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Money and Monetary Policy , PP , SDR , fund , resource , financing , reserve , PRGT financing update papers , SDR Department participant , subsidy resource , contributions equivalent , reserve account , PRGT contribution , PRGT obligation , PRGT resource , LIC financing package , self-sustaining PRGT , subsidy account , PRGT lender , Gold , Currencies , Europe , Africa , Global

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Summary

This paper revisits the use of the remaining gold sales windfall profits (SDR 1.75 billion). Directors previously considered three main options: using them as part of a strategy to boost the capacity of the PRGT; counting them towards precautionary balances; or investing them in the Investment Account’s endowment. In past discussions, Directors expressed a wide range of views on these options, and the resources have continued to be held in the Investment Account pending a decision by the Executive Board.