The new head of the International Monetary Fund has revealed plans to cut up to 15% of the organisation’s workforce. Dominique Strauss-Kahn said between 300 and 400 jobs will go to save around 68 million euros a year. Strauss-Kahn said without the restructuring, the IMF faces an estimated budget deficit of around 270 million euros by 2010.

The International Monetary Fund has 185 member countries; its staff of 2,635 hail from over 140 nations. It has access to up to 235 billion euros to lend to countries.

Strauss-Kahn’s said his reform plan, which could include selling the IMF’s gold and investing the proceeds, is aimed at “the twin issues of the Fund’s relevance and legitimacy, and its financial soundness.” He also promised a rebalancing of member quotas to reflect emerging market economies.

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