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Harry S. Truman

Abstract

Secretary of the Treasury, Governors from France, and Members of the International Bank for Reconstruction and Development and the International Monetary Fund:

International Monetary Fund. External Relations Dept.

This paper highlights that IMF activities in the first three months of 1977 were marked by a number of “firsts.” In addition to approving the largest stand-by arrangement in its history—the SDR 3.36 billion for the United Kingdom—the IMF welcomed its first new member of the year: Guinea-Bissau; held its first gold auction on behalf of the Trust Fund under the new schedule of monthly auctions; made its first loan disbursements as a Trustee of the Trust Fund; and held the first sale of gold for “restitution.”

International Monetary Fund. Secretary's Department

Abstract

Gentlemen, it is not without emotion that I open our Fourth Annual Conference. First of all, I should like to thank my friend, Mr. Maurice Petsche, Finance Minister of my country and Chairman of the Board of Governors of the International Bank, for having requested me to speak on both our behalf. His gesture was doubtless prompted by the thought that I have had the honor of taking part in all our conferences since Bretton Woods, and that it would give me great pleasure indeed to preside at the first session of an important meeting in the history of our institutions.

International Monetary Fund
In December 2010, the Fund concluded the limited gold sale (403 metric tons) approved by the Board in September 2009. The main purpose of the sale was to generate profits to fund an endowment that would diversify the Fund’s income sources away from lending income. In addition, the Board agreed in July 2009, before approving the sale, to a strategy pursuant to which resources linked to the gold sale would contribute to boosting the Fund’s concessional lending capacity. Total profits from the gold sale were SDR 6.85 billion. The profits significantly exceeded those assumed in April 2008 when agreement was reached on the key features of the new income model, and in July 2009 at the time of the discussions on a financing package to support reform of the Fund’s concessional lending activities. This reflects the substantial increase in the market price of gold throughout the period of the gold sales. With the gold sale complete, it is timely for the Board to revisit the issues relating to the use of the profits. This paper seeks to provide a basis for initial Board consideration of this topic. It focuses primarily on the options for use of the windfall profits above a price of US$935 per ounce, which was the average price required to generate resources for the endowment at the assumed gold price underlying the new income model and to implement the agreed strategy to provide SDR 0.5–0.6 billion in resources linked to gold sales as part of the 2009 concessional financing package.
Mr. Camille Gutt

Abstract

Mr. Chairman, the situation described in this fourth report of the Executive Directors of the International Monetary Fund is not an unexpected one. The situation which has now emerged was mentioned and commented upon in the very first report issued by the Executive Directors.

Mr. Camille Gutt

Abstract

Mr. Chairman and Gentlemen, this year the Governors began what I believe is a practice of considerable promise. They came together in informal discussion groups to exchange views on the subjects which are of importance to them and to the Fund. This, I believe, carries forward the first purpose assigned to the Fund — “To promote international monetary cooperation through a permanent institution which provides the machinery for consultation and collaboration on international monetary problems.”

International Monetary Fund. Secretary's Department

Abstract

Under date of June 7, 1948, the Republic of Liberia applied for membership in the Fund. The Executive Board resolved on October 6, 1948, that action on the application should not be postponed until the next regular meeting of the Board of Governors.

International Monetary Fund. Secretary's Department

Abstract

The speeches made by officials attending the IMF–World Bank Annual Meetings are published in this volume, along with the press communiqués issued by the International Monetary and Financial Committee and the Development Committee at the conclusion of the meetings.