April 29, 2009 / 6:49 PM / 10 years ago

US Rep Frank wants $4 bln of IMF gold sales for poor

WASHINGTON, April 29 (Reuters) - A senior U.S. House of Representatives Democrat, Rep. Barney Frank, said on Wednesday he supported authorization from the U.S. Congress of planned gold sales by the International Monetary Fund, but only if $4 billion of the proceeds go to loans for poor countries.

“I am for gold sales only if it allows $4 billion for poor countries,” Frank, chairman of the House Financial Services Committee, told Reuters. “I will not support it if it doesn’t say that.” He said the U.S. Treasury Department also supported this condition.

The IMF plans to sell about 403 tonnes of its gold reserves to finance administrative expenses and give financial aid to poor countries. But the U.S. Congress has to authorize the sales.

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