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The International Monetary Fund (IMF) has historically financed its operating costs with income earned from the interest that member governments pay to borrow its funds.1 However, a rapid reduction in IMF lending in the mid-2000s significantly decreased the IMFs income. In response, in 2008 the IMF Executive Board (Board) endorsed a new income model that moved away from relying primarily on lending income to generate revenue and, among other things, called for the IMF to sell 403.3 metric tons of gold to help finance its operations. In 2009, the Board approved a plan to use projected gold sales profits of roughly $8 billion for two purposes: (1) to create an approximately $7 billion endowment for operations that would generate investment income to partially finance IMF operations and (2) to provide about $1 billion to subsidize concessional, or below-market rate, lending to low-income countries through the Poverty Reduction and Growth Trust (PRG Trust). The IMF concluded the gold sales in 2010 and earned $10.8 billion in profits from the sales, including unanticipated additional windfall profits of about $2.8 billion. In addition, since 2009, the IMFs income position has greatly improved due to increased income earned from dramatically higher new lending during the global economic crisis.