The International Monetary Fund (IMF) will sell one-eighth of its gold reserves and the money raised will in part be used to assist low-income countries, the IMF said.

"The Board approved the sale of up to 403.3 metric tonnes, or about one-eighth of the Fund's total gold holdings. The proceeds will help finance a new income model for the IMF, making the 186-member institution less dependent on its lending revenue to cover expenses," the global financial institution said.