Twenty-five years ago

WASHINGTON (June 14): THE Finance Ministers meeting in Washington this week are expected to approve, in principal, a plan for gold sales by the International Monetary Fund.

The British Chancellor of the Exchequer, Mr Dennis Healey, said 'all of this is coming to a head very quickly'.

Mr Healey said that the plan put forward by IMF Managing Director, Dr Johannes Witteveen, for the IMF to begin sales of some of its US$6,500 million in gold holdings into the free market will be discussed by the Finance Ministers and central bankers at the IMF's 'Committee of 20' meetings in Washington today and tomorrow.

The British official said that he expected strong support for the proposal.