The Fund's Income Position for FY 2011 - Midyear Review

The Fund's Income Position for FY 2011 - Midyear Review PDF 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).

The Fund's Income Position for FY 2011 - Midyear Review

The Fund's Income Position for FY 2011 - Midyear Review PDF 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).

Review of the Fund's Income Position for FY 2011 and FY 2012

Review of the Fund's Income Position for FY 2011 and FY 2012 PDF 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.

The Fund's Income Position for FY 2012--Midyear Review

The Fund's Income Position for FY 2012--Midyear Review PDF 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).

Review of the Fund’s Income Position for FY 2010 and FY 2011

Review of the Fund’s Income Position for FY 2010 and FY 2011 PDF 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.

Review of the Fund's Income Position for FY 2012 and FY 2013-14

Review of the Fund's Income Position for FY 2012 and FY 2013-14 PDF Author: International Monetary Fund. Finance Dept.
Publisher: International Monetary Fund
ISBN: 1498340709
Category : Business & Economics
Languages : en
Pages : 40

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Book Description
This paper reviews the Fund’s income position for FY 2012 and FY 2013?14.1 The paper updates projections provided at the FY 2012 midyear review and proposes decisions for the current and next two financial years. These decisions include setting the margin for the rate of charge under the new Rule I-6(4) that the Executive Board adopted in December 2011.2 The new rule is based on principles endorsed by the Executive Board in April 2008 and that have guided decisions on setting the margin since FY 2009. Section II reviews the FY 2012 income position and main changes from the midyear projections; Section III makes proposals on the disposition of net income, and placement to reserves; Section IV discusses the margin on the rate of charge for FY 2013?14, the income outlook for that period, and projected burden sharing adjustments; and Section V reviews special charges.

The Fund's Income Position for FY 2009-Midyear Review

The Fund's Income Position for FY 2009-Midyear Review PDF 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

The Fund's Income Position for FY 2013 - Midyear Update

The Fund's Income Position for FY 2013 - Midyear Update PDF Author: International Monetary Fund. Legal Dept.
Publisher: International Monetary Fund
ISBN: 1498339530
Category : Business & Economics
Languages : en
Pages : 8

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Book Description
This paper presents updated projections on the Fund’s FY 2013 income position. The projected net income is now SDR 2.1 billion, slightly lower than the earlier projection of SDR 2.3 billion at the beginning of the year. The changes reflect lower projected disbursements under approved arrangements owing to delays in scheduled drawings and arrangements expected to expire with substantial undrawn balances, the expectation that funding of the gold endowment will not begin until FY 2014, and lower implicit returns on the Fund’s interest-free resources due to the prevailing interest rate environment.

Selected Decisions and Selected Documents of the International Monetary Fund

Selected Decisions and Selected Documents of the International Monetary Fund PDF Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1616352434
Category : Business & Economics
Languages : en
Pages : 1017

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Book Description
Selected Decisions and Selected Documents of the International Monetary Fund includes decisions, interpretations, and resolutions of the Executive Board and Board of Governors of the IMF, as well as selected documents to which frequent reference is made in the current activities of the Fund. In addition, it includes certain documents pertaining to the relations between the Fund and other international organizations.

Review of the Fund’s Income Position for FY 2013 and FY 2014

Review of the Fund’s Income Position for FY 2013 and FY 2014 PDF Author: International Monetary Fund. Finance Dept.
Publisher: International Monetary Fund
ISBN: 149834187X
Category : Business & Economics
Languages : en
Pages : 35

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Book Description
This paper reviews the Fund’s income position for FY 2013 and FY 2014. The paper updates projections provided at the FY 2013 midyear review and proposes decisions for the current and next financial year. The paper includes a comprehensive review of the Fund’s income position as required under the new Rule I-6(4) adopted in December 2011 (see Box 1). Based on this review, no change in the margin for the rate of charge is proposed. The paper is structured as follows: The first section reviews the FY 2013 income position and the main changes from the midyear projections; the second section makes proposals on the disposition of FY 2013 net income, and placement to reserves; the third section discusses the margin on the rate of charge for FY 2014, updates the income projections, and reviews the projected burden sharing adjustments; and the last section reviews special charges.

Review of the Fund's Income Position for FY 2017 and FY 2018

Review of the Fund's Income Position for FY 2017 and FY 2018 PDF 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.