Download or read book Review of the Fund s Income Position for FY 2010 and FY 2011 written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2010-04-23 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Review of the Fund s Income Position for FY 2010 and FY 2011 written by and published by . This book was released on with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Review of the Fund s Income Position for FY 2011 and FY 2012 written by International Monetary Fund. Finance Dept. and published by International Monetary Fund. This book was released on 2011-07-04 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Review of the Fund s Income Position for FY 2010 and FY 2011 written by Internationaler Währungsfonds and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Securing the recovery. The global recovery has been better than expected. The WEO projections see global output expanding by about 4u 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.

Download or read book The Fund s Income Position for FY 2011 Midyear Review written by International Monetary Fund. Finance Dept. and published by International Monetary Fund. This book was released on 2010-06-12 with total page 11 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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).

Download or read book Review of The Fund s Income Position for FY 2022 and FY 2023 2024 written by International Monetary and published by International Monetary Fund. This book was released on 2022-05-27 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper updates the projections of the Fund’s income position for FY 2022 and FY 2023–2024 and proposes related decisions for the current financial year. The paper also includes a proposed decision to set the margin for the rate of charge for financial years 2023 and 2024.

Download or read book Review of the Fund s Income Position for FY 2013 and FY 2014 written by International Monetary Fund. Finance Dept. and published by International Monetary Fund. This book was released on 2013-04-30 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Review of the Fund s Income Position for FY 2011 and FY 2012 written by and published by . This book was released on with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Review of the Fund s Income Position for FY 2018 and FY 2019 20 written by International Monetary Fund. Finance Dept. and published by International Monetary Fund. This book was released on 2018-06-13 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The Fund’s total net income for FY 2018 is projected at about SDR 0.7 billion, broadly in line with the April 2017 estimate. The projections for total lending income are broadly unchanged. Most sources of lending income are lower, reflecting a lower level of credit outstanding as a result of advance repurchases and delayed disbursements. However, projected commitment fee income is higher following the early cancellation of a large FCL arrangement in November 2017. The paper recommends that GRA net income of SDR 0.7 billion for FY 2018 (excluding projected income of the gold sales profits-funded Endowment Subaccount) be placed to the special and general reserve. After the placement of GRA FY 2018 net income to reserves, precautionary balances are projected to reach SDR 17.4 billion at the end of FY 2018. The paper further proposes to transfer currencies equivalent to the increase in the Fund’s reserves from the GRA to the Investment Account. The paper also revisits options for the allocation of net income between the special and general reserve, and proposes that net income be allocated equally between the special and general reserve. In line with the recent Board discussion of a framework for guiding future payouts from the Endowment Subaccount, the paper presents a detailed proposal, which includes delaying payouts for three years to protect the real value of the Endowment. The paper also recommends that the margin for the rate of charge for the period FY 2019–2020 be kept unchanged at 100 basis points. The margin will again be set under the exceptional circumstances clause, as non-lending income continues to be constrained by the low interest rate environment and lending income will be used to finance a portion of the Fund’s non-lending activities. The projections for FY 2019 and FY 2020 point to a net income position of SDR 0.4 billion and SDR 1 billion, respectively. These projections are subject to considerable uncertainty and are sensitive to a number of assumptions."

Download or read book Review of the Fund s Income Position for FY 2024 and FY 2025 2026 written by International Monetary Fund. Finance Dept. and published by International Monetary Fund. This book was released on 2024-05-10 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper updates the projections of the Fund’s income position for FY 2024 and FY 2025-2026 and proposes related decisions for the current and the following financial years. The paper also includes a proposed decision to keep the margin for the rate of charge unchanged until completion of the review of surcharges, but until no later than end FY 2025, at which time the Board would set the margin for the rest of FY 2025 and FY 2026. The Fund’s overall net income for FY 2024 is projected at about SDR 4.4 billion after taking into account pension-related remeasurement gain and estimated retained investment income of the Endowment Account.

Download or read book Review of the Fund s Income Position for FY 2015 and FY 2016 written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-06-04 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Review of the Fund s Income Position for FY 2012 and FY 2013 14 written by International Monetary Fund. Finance Dept. and published by International Monetary Fund. This book was released on 2012-12-04 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Review of the Fund s Income Position for FY 2016 and FY 2017 2018 written by International Monetary Fund. Finance Dept. and published by International Monetary Fund. This book was released on 2016-08-04 with total page 67 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Fund’s total net income for FY 2016 including surcharges is projected at about SDR 1.0 billion or some SDR 0.15 billion higher than expected in April 2015. Lending income continues to be the main source of income and is in line with April 2015 estimates. Investment income has fallen reflecting the decline in equity markets that exceeded the modest returns on fixed income securities. As a result of the 5-yearly review of key actuarial assumptions, the IAS 19 adjustment (relating to reporting of employee benefits) is expected to contribute about SDR 0.3 billion to net income in FY 2016. The paper recommends that GRA net income of SDR 1.1 billion for FY 2016 (which excludes projected losses of the gold endowment), be placed equally to the special and general reserve. After the placement to reserves, precautionary balances are projected to reach SDR 15.2 billion at the end of FY 2016. Following the completion of the Board’s review of the investment strategy for the Fixed-Income Subaccount, the paper further proposes to transfer currencies equivalent to the increase of the Fund’s reserves for FY 2014 and FY 2015 (totaling SDR 2.6 billion) and FY 2016 (estimated at SDR 1.1 billion), from the GRA to the Investment Account. The paper proposes that the margin for the rate of charge be set at 100 basis points for the two years FY 2017 and FY 2018. This follows a comprehensive review of the underlying factors relevant for the establishment of the margin this year and also takes into account the impact of the inclusion of the renminbi in the SDR basket on Fund income and borrowing costs. The projections for FY 2017 and FY 2018 point to a net income position of SDR 1 billion and SDR 0.7 billion, respectively. These projections are subject to considerable uncertainty and are sensitive to a number of assumptions.

Download or read book Review of The Fund s Income Position for FY 2021 and FY 2022 written by International Monetary Fund and published by International Monetary Fund. This book was released on 2021-05-28 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper updates the projections of the Fund’s income position for FY 2021 and FY 2022 and proposes decisions for the current and next financial year. The Fund’s overall net income for FY 2021 is projected at about SDR 4.1 billion, higher than both the interim estimate of SDR 3.2 billion and the April 2020 estimate.

Download or read book Review Of The Fund s Income Position For FY 2019 And FY 2020 written by International Monetary Fund. Finance Dept. and published by International Monetary Fund. This book was released on 2019-06-28 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the Fund’s income position for FY 2019 and FY 2020. The paper updates projections provided in April 2018 and proposes decisions for the current year. The paper includes a comprehensive review of the Fund’s income position as required under Rule I-6(4). No change is proposed in the margin for the rate of charge that was established under this rule in April 2018 for the period FY 2019–20.

Download or read book The Consolidated Medium Term Income and Expenditure Framework written by International Monetary Fund and published by International Monetary Fund. This book was released on 2011-04-14 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper updates the Fund’s consolidated income and expenditure outlook from the projections in January 2011. The paper incorporates and extends the income and budget projections in the companion papers, Review of the Fund’s Income Position for FY 2011 and FY 2012 (4/7/11) and FY 2012–FY 2014 Medium-Term Budget (3/31/11). The paper also provides an update on the projected accumulation of precautionary balances over the medium term. This responds to a request made during the September 2010 discussion of the adequacy of precautionary balances that progress towards targets be assessed also in the context of the annual income discussion.

Download or read book Review of the Fund s Income Position for FY 2011 and FY 2012 written by Internationaler Währungsfonds and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.