The Fund's Income Position for FY 2010—Midyear Review PDF Download
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Author: International Monetary Fund. Finance Dept.
Publisher: International Monetary Fund
ISBN: 1498335071
Category : Business & Economics
Languages : en
Pages : 14
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Book Description
This paper updates the outlook for the Fund's income position for FY 2010, taking into account developments in the first half of the financial year. The FY 2010 income outlook has improved relative to the baseline projections at the beginning of the year,1 mainly as a result of the combination of higher projected lending income, and lower expenditures, in SDR terms, reflecting the depreciation of the U.S. dollar and a projected underrun in the budget. Net operational income for FY 2010 is projected at about SDR 440 million compared with the previous baseline projection of SDR 290 million in April 2009. However, the actual outcome is subject to considerable uncertainty related to the timing and amounts of disbursements under current and potential new arrangements and the performance of the Investment Account.
Author: International Monetary Fund. Finance Dept.
Publisher: International Monetary Fund
ISBN: 1498335071
Category : Business & Economics
Languages : en
Pages : 14
Get Book Here
Book Description
This paper updates the outlook for the Fund's income position for FY 2010, taking into account developments in the first half of the financial year. The FY 2010 income outlook has improved relative to the baseline projections at the beginning of the year,1 mainly as a result of the combination of higher projected lending income, and lower expenditures, in SDR terms, reflecting the depreciation of the U.S. dollar and a projected underrun in the budget. Net operational income for FY 2010 is projected at about SDR 440 million compared with the previous baseline projection of SDR 290 million in April 2009. However, the actual outcome is subject to considerable uncertainty related to the timing and amounts of disbursements under current and potential new arrangements and the performance of the Investment Account.
Author: International Monetary Fund. Strategy, Policy, & Review Department
Publisher: International Monetary Fund
ISBN: 149833752X
Category : Business & Economics
Languages : en
Pages : 39
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Book Description
Securing the recovery. The global recovery has been better than expected. The WEO projections see global output expanding by about 41⁄4 percent in 2010 and 2011. Extraordinary and coordinated policy intervention since the crisis has all but eliminated the risk of another Great Depression, laying the foundation for recovery. Nevertheless, the recovery is proceeding at varying speeds—it is tepid and policy-dependent in many advanced economies, but solid in most emerging and developing economies.
Author: International Monetary Fund. Finance Dept.
Publisher: International Monetary Fund
ISBN: 1498336493
Category : Business & Economics
Languages : en
Pages : 11
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Book Description
This paper updates the outlook for the IMF’s income position for the financial year 2011 taking into account developments in the first half of the year. The outlook has improved primarily reflecting additional lending activity, which raised the projected average credit outstanding in FY 2011 by about SDR 3 billion to SDR 54 billion. Net operational income for FY 2011 is projected at SDR 328 million, some SDR 126 million higher than the projection in April 2010.1 The actual outcome is subject to considerable uncertainty related to the timing and amounts of disbursements under current and potential new arrangements and the performance of the Investment Account (IA).
Author: International Monetary Fund. Finance Dept.
Publisher: International Monetary Fund
ISBN: 1498338178
Category : Business & Economics
Languages : en
Pages : 11
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Book Description
This paper updates the outlook for the Fund’s income position for FY 2012. The overall outlook is broadly unchanged, with the FY 2012 net operational income now projected at SDR 500 million compared with the projection of SDR 482 million in April 2011. This primarily reflects additional lending activity, which is partially offset by lower implicit returns on the Fund’s interest-free resources owing to the prevailing interest rate environment.1 The actual outcome is subject to considerable uncertainty in light of conditions in the global economy, which could affect the timing and amounts of disbursements under current and potential new arrangements and the performance of the Investment Account (IA).
Author: International Monetary Fund. Finance Dept.
Publisher: International Monetary Fund
ISBN: 1498333893
Category : Business & Economics
Languages : en
Pages : 14
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Book Description
This paper reviews the outlook for the Fund’s income position for the financial year 2009 taking into account developments through the first half of the year. The FY 2009 income outlook has improved, mainly as a result of new lending activity associated with the turmoil in global financial markets, together, to a lesser extent, with stronger-than-projected returns in the Investment Account (IA) in the first half of the financial year. The updated projections indicate that the net income position would be slightly positive in FY 2009. However, the actual outcome remains subject to considerable uncertainty related to the timing and amounts of disbursements under current arrangements, as well as potential new arrangements and the performance of the IA
Author: International Monetary Fund. Finance Dept.
Publisher: International Monetary Fund
ISBN: 1498339050
Category : Business & Economics
Languages : en
Pages : 40
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Book Description
This paper reviews the Fund’s income position for FY 2011 and FY 2012. The paper updates projections provided at the FY 2011 midyear review and sets out related proposed decisions for the current and next financial years. A companion paper provides an update on the consolidated medium-term income and expenditure framework.
Author: International Monetary Fund. Finance Dept.
Publisher: International Monetary Fund
ISBN: 1498336078
Category : Business & Economics
Languages : en
Pages : 33
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Book Description
This paper reviews the Fund’s income position for FY 2009 and FY 2010. The proposals build on previous discussions relating to implementation of the new income model, the framework for accumulating precautionary balances, and the recent reform of the Fund’s lending toolkit. The paper is structured as follows: Section II reviews the income position for FY 2009 and explains the main changes from the projections at the midyear review; Section III makes proposals that pertain to the FY 2009 income position, including the disposition of investment income, the overall income position of the General Resources Account (GRA), and the annual reimbursement of the GRA for the expenses of conducting the business of the SDR Department and the MDRI-I Trust; Section IV reviews the FY 2010 income outlook, including the margin for the rate of charge; Section V reviews the burden sharing mechanism; and Section VI reviews special charges.
Author: International Monetary Fund. Legal Dept.
Publisher: International Monetary Fund
ISBN: 1498331963
Category : Business & Economics
Languages : en
Pages : 16
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Book Description
In March and April this year, Executive Directors had wide-ranging discussions on the Fund’s income outlook, which has changed significantly following the recent sharp decline in credit outstanding. Directors supported the proposal for a two-pronged strategy that would involve, first, immediate steps to address the projected income shortfall in FY2007 under current policies and within the framework of the FY2007 budget and, second, development of a broader work plan on the options to ensure a stable and sustainable income base.
Author: International Monetary Fund. Finance Dept.
Publisher: International Monetary Fund
ISBN: 1498346774
Category : Business & Economics
Languages : en
Pages : 49
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Book Description
The Fund’s total net income for FY 2017, including surcharges, is projected at about SDR 1.7 billion or some SDR 0.7 billion higher than expected in April 2016. This mainly reflects the IAS 19 adjustment (relating to reporting of employee benefits), which is expected to contribute about SDR 0.4 billion to net income, and higher investment income. Lending income is expected to be modestly lower than the April 2016 estimates. The paper recommends that GRA net income of SDR 1.2 billion for FY 2017 (which excludes projected income of the gold endowment), be placed equally to the special and general reserve. After the placement of GRA FY 2017 net income to reserves, precautionary balances are projected to reach SDR 16.4 billion at the end of FY 2017. The paper further proposes to transfer currencies equivalent to the increase in the Fund’s reserves from the GRA to the Investment Account. In April 2016, the margin for the rate of charge was set at 100 basis points for the two years FY 2017 and FY 2018. The margin may be adjusted before the end of the first year of this two-year period (i.e., FY 2017) but only if warranted by fundamental changes in the underlying factors relevant for the establishment of the margin at the start of the two-year period. Staff does not propose a change in the margin. The projections for FY 2018 point to a net income position of SDR 0.7 billion. These projections are subject to considerable uncertainty and are sensitive to a number of assumptions.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 149834478X
Category : Business & Economics
Languages : en
Pages : 47
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Book Description
FY 2015 net income is now projected at SDR 1.5 billion. Lending continues to be the main source of income, although advance repurchases have lowered projected lending income in FY 2015 by SDR 0.3 billion. Investment income remains constrained in the low interest environment but the returns were somewhat stronger than projected. A revaluation of pension obligations, required under accounting standard IAS 19 and stemming from a further fall in the discount rate, is projected to entail an adjustment to FY 2015 net income of about SDR 0.8 billion. The paper proposes that GRA net income of SDR 1.3 billion, which excludes the retained earnings of the gold endowment, be placed to the special reserve.* After the placement to reserves, precautionary balances are projected at SDR 14.0 billion at the end of FY 2015. The paper further proposes to retain currencies available for transfer to the Investment Account in the GRA, pending completion later this year of the Board’s review of the mandate for the Fixed-Income Subaccount.
