Money | IMF IMF OKs $11B Gold Sale Global lender will also cut staff, change biz model By Rob Quinn Posted Apr 8, 2008 2:40 AM CDT Copied International Monetery Fund Managing Director, France's Dominique Strauss-Kahn, left, shakes hands with his outgoing predecessor, Spain's Rodrigo de Rato, athe IMF's Washington headquarters. (AP Photo/Charles Dharapak) The International Monetary Fund has approved the sale of 400 tons of gold from its massive reserves for an expected $11 billion, the Financial Times reports. The global lender also plans to slash up to 15% of its workforce to improve its finances, which have been hit by falling demand for emergency loans. The IMF is aiming to move away from lending to take on a more advisory role. The sale, which must be approved by the US Congress and legislatures in other countries with IMF membership, will be carried out over several years to avoid playing havoc with the already volatile price of gold. The gold sale represents an eighth of IMF's reserves. One expert said the sale was "an encouraging move," although there is some disagreement on how the revenue should be spent. Read These Next Giuliani injured in high-speed highway crash. Iran's leaders ditched their phones. Their bodyguards didn't. It's an unexpected footnote in the life of Buford Pusser. Bobby Prevost's childhood home is a new pilgrimage site. Report an error