G7 Mulls IMF Gold Sales to Help Poor
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The International Monetary Fund will  look into using its huge gold reserves to help finance debt  relief for the world's poorest countries on the urging of the  Group of Seven rich nations, ministers said on Saturday.
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Wealthy nations will discuss absolving poor countries of loan payments at Friday's G-7 summit.
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LONDON, Feb 2 (IPS) - Bold new proposals for debt relief for the poorest  countries will be put to the test at the G7 finance ministers  summit in London this weekend.
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With global economic growth waning and a credit crunch threatening, finance chiefs from rich nations were gathering on Friday to mull how to control strains in financial markets and keep expansion going.
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The Bush administration is exploring proposals to significantly expand debt relief to some of the world&#39;s poorest countries, including forgiving all existing debt, Treasury Secretary John Snow said Thursday.
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A global fund designed to shrink the technology gap between rich and poor is to be launched in November.
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The Group of Seven wealthy nations on  Saturday pledged to help rid the world's poorest countries of  their crippling debt, launching a program that fell short of  the immediate action demanded by Africa.
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Finance ministers from the Group of Seven (G7) wealthy nations gather in London to discuss the global economy.
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The UK and other developed countries are meeting to plan ways to spend aid more effectively in poor countries.
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The International Monetary Fund agreed to keep studying the possibility of revaluing its gold reserves as a way to raise money for debt-relief programs, Britain&#39;s Chancellor of the Exchequer, Gordon Brown, said.
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The G24 group of developing nations demands a bigger say at the International Monetary Fund and World Bank.
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GENEVA : China called on the World Bank and the International Monetary Fund (IMF) to help small textile and clothing exporting countries that are threatened by the end of import quotas at the end of the year.
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The head of the International Monetary Fund on Tuesday urged developed countries to do more for Africa, including opening their markets to trade.
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The International Monetary Fund may release to Kenya a $35 million loan in December after the country reins in spending on salaries and sets up an anti-corruption commission, a fund official said Friday.
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Developed countries should do more for Africa, including opening their markets to trade, the head of the International Monetary Fund said Tuesday.
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The board of the International Monetary Fund (IMF) meets today to decide whether Kenya should get Sh18 billion funding under the Poverty Reduction Growth Facility (PRGF).
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Nearly a decade ago, the International Monetary Fund drew rebukes for prescribing drastic reforms during the Asian economic crisis that erupted in 1997. Today, the IMF is again battling controversy, with some saying its efforts to give more say to emerging economies are not enough.