US Congressional leader pledges to block IMF gold sale

WASHINGTON - A US congressional leader pledged Tuesday to block any effort by the International Monetary Fund to sell IMF gold for debt relief for poor nations.
Jim Saxton, chairman of the Joint Economic Committee of Congress, said the move is opposed by US lawmakers as well as the administration of President George W. Bush.
"The potential profits on IMF gold sales rightfully belong to the original donor countries and their taxpayers," Saxton said in a statement.
"Thus, these IMF gold sales would amount to a hidden appropriation from the donor countries that were the original source of the gold."
Saxton, who said he supports other means for debt relief, said congressional approval would be required for any IMF gold sale.

04/05/2005 18:22 GMT