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A Touch of Gold: Gold mining’s importance to lower-income countries

Jill Leyland - Economic Adviser to the World Gold Council

 

The World Gold Council’s study ‘A Glittering Future? Gold mining’s importance to sub- Saharan Africa and Heavily Indebted Poor Countries’, published in 1999, was a pioneering work which had a major impact on perceptions held of the gold industry by policy-makers, the media and the public.

In particular, the study’s findings played a part in encouraging the International Monetary Fund (IMF) to revalue, rather than sell, a portion of its gold reserves for the purposes of debt-relief. This was because it showed that sales of gold by the IMF might very well disadvantage some of the poor countries that the IMF was trying to help.

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Resource Endowment Guide

The Challenge of Mineral Wealth: using resource endowments to foster sustainable development. April 2006.

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