The International Monetary Fund's executive board has approved the sale of up to one-eighth of its gold holdings for a new income model and financing for low-income nations. According to a statement from the IMF, the sale of about 403.3 metric tons of gold would be done in a responsible and transparent manner to avoid disruptions of the international gold market. The new income model would make the IMF less dependent on lending revenue to cover administrative expenses. The 186-member institution is the third largest official holder of gold after the United States and Germany.