WASHINGTON - The International Monetary Fund (IMF) will sell about $11 billion in gold, representing about one-eighth of its reserves, an IMF spokesman said. The international financial organisation's board also voted on Monday to trim its workforce by 380 jobs, a cut of 15 percent. The plan to sell 403.3 tons of gold, which would be done without disrupting the market, has the backing of the US Treasury but requires the approval of other authorities, including the Congress. That is unlikely to happen before the presidential election in November, according to media reports. A spokesman for the World Gold Council said that 'no one I've spoken to is worried' about the planned sale. The fund's board is attempting to smooth out its financial situation, which has been adversely affected by financial crises in nations around the world. The fund is heading toward a $400 million shortfall by 2010 as revenue from loans has fallen off, the Times reported. IMF Managing Director Dominique Strauss-Kahn called the proposed gold sale 'a landmark agreement that would put the institution on solid financial footing'.