§ Mr. Tom Clarke
To ask the Chancellor of the Exchequer what commitments were made at the Naples economic summit of 8 to 10 July on the sale of part of the International Monetary Fund's gold reserves to assist debt relief for developing countries; and if he will make a statement.
§ Mr. Nelson
Decisions on the sale of the IMF's gold reserves require an 85 per cent. majority of the board of governors of the IMF. No commitments were therefore made at the Naples G7 economic summit.
The G7 did agree to explore ways of mobilising more effectively the existing resources of the International Financial Institutions to respond to, among others, the needs of the poorest most indebted countries. As my right hon. Friend the Prime Minister made clear in his statement to the House on the Naples summit, sales of IMF gold could be one way of helping such countries.