The Fund's Income Position for FY2007 - Midyear Review PDF Download
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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. 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: 1498333109
Category : Business & Economics
Languages : en
Pages : 12
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Book Description
This paper provides the basis for the Executive Board’s midyear review of the Fund’s income position based on developments in the first half of FY 2008. Under Rule I-6(4) of the Fund’s Rules and Regulations, the Executive Board should consider whether the margin over the SDR interest rate used to calculate the rate of charge as determined at the beginning of the year should be changed in light of the actual income position for the first six months.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 149833363X
Category : Business & Economics
Languages : en
Pages : 39
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Book Description
The review of income for the year ended April 30, 2007 (FY07) builds on the midyear income review and the February 2007 meeting of the Committee on the Budget
Author: International Monetary Fund. Finance Dept.
Publisher: International Monetary Fund
ISBN: 1498332730
Category : Business & Economics
Languages : en
Pages : 43
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Book Description
This paper provides the basis of the Executive Board's annual review of the Fund's income position, the burden-sharing mechanism, and the system of special charges, and makes proposals for the rate of charge in FY07.
Author: International Monetary Fund. Finance Dept.
Publisher: International Monetary Fund
ISBN: 1498333044
Category : Business & Economics
Languages : en
Pages : 5
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Book Description
This paper provides updated information on the Fund’s income position. The regular midyear review of the Fund’s income for FY 2006 was completed by the Executive Board on December 9, 2005. That review projected a small shortfall of SDR 18 million from the regular net income target of SDR 188 million. The projection was based on the usual set of assumptions, including that repurchases would be made as scheduled.
Author: International Monetary Fund. Finance Dept.
Publisher: International Monetary Fund
ISBN: 1498334628
Category : Business & Economics
Languages : en
Pages : 26
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Book Description
This paper provides the basis for the annual review of the Fund’s income position, including a review of the system of special charges. The paper also sets out proposed decisions relating to the Fund’s income position for FY 2008 and FY 2009. The review takes account of the recent discussions in the Executive Board on the new income model for the Fund. The paper is structured as follows: Section II reviews the Fund’s FY 2008 income position, provides an explanation of key variances from projections, and discusses the impact of restructuring costs on the income position; Section III makes proposals for the disposition of investment income and the General Resources Account (GRA) income position; Section IV outlines updated projections and proposes a margin for the rate of charge for FY 2009; Section V provides an update on the burden sharing mechanism; and Section VI reviews special charges.
Author: International Monetary Fund. Finance Dept.
Publisher: International Monetary Fund
ISBN: 1498330800
Category : Business & Economics
Languages : en
Pages : 10
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Book Description
This paper presents the Fund’s actual outcome for the first half of FY 2006 together with updated income projections for the year as a whole.
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
Publisher:
ISBN:
Category : International finance
Languages : en
Pages : 948
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Book Description
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1498342663
Category : Business & Economics
Languages : en
Pages : 25
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Book Description
The SDR interest rate is at historic lows. Under the current Rule T-1, the SDR interest rate is calculated as the weighted average of interest rate instruments in the SDR basket, and stood at just 3 basis points for the week of October 13th. Market rates could decline further, which could reduce the SDR interest rate to zero or negative levels under the formula of the current Rule T-1. However, there is no authority under the Articles of Agreement for the Fund to establish a zero or negative SDR interest rate. The wording of the relevant provisions in the Articles does not leave room for a zero or negative rate, and nothing in the legislative history of the First and Second Amendments suggests that zero or negative rates were ever contemplated. Negative SDR interest rates would also have adverse implications for the Fund’s finances. Moreover, very low SDR interest rates affect the functioning of the burden sharing mechanism for deferred charges. Under current Board decisions, the equal burden sharing, where creditors and debtors as a group generate equal amounts to cover deferred charges, requires a minimum positive SDR interest rate to operate. The SDR interest rate has now fallen below that minimum level. This paper proposes technical amendments to Rule T-1 and the burden sharing mechanism to address these issues. In particular, the paper proposes setting a 5 basis point floor on the SDR interest rate, changing the rounding rules on the SDR interest rate and the burden sharing adjustment, and reducing the 1 basis point minimum of the burden sharing adjustment to 0.1 basis point. These measures would preserve a minimal capacity of equal burden sharing aimed at protecting the Fund’s balance sheet, while limiting potential departures of the SDR interest rate from market interest rates.
