Download or read book The Consolidated Medium Term Income and Expenditure Framework written by International Monetary Fund. Finance Dept. and published by International Monetary Fund. This book was released on 2012-12-04 with total page 9 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper updates the consolidated income and expenditure outlook and the projected accumulation of precautionary balances over the medium-term. The paper incorporates and extends the income and budget projections in the companion papers; these projections are also in line with those discussed in the recent paper on the review of precautionary balances.

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 2014-04-22 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: The medium-term income projections have been updated since the last estimate provided to the Executive Board in April 2013. Lending income is higher compared with the earlier estimates as a result of new arrangements approved since April 2013. Non-lending income is lower primarily due to revised projections for investment income. The updated expenditure path assumes the net administrative budget remains constant in real terms at the FY 2014 level, implying a nominal medium-term path that is somewhat higher than in the April 2013 projections. Precautionary balances are projected to reach the current target of SDR 20 billion in FY 2018. The projections also illustrate a broad balance between income and expenditures even if lending were to return to pre-crisis levels.

Download or read book The Consolidated Medium Term Income and Expenditure Framework written by Internationaler Währungsfonds and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The medium-term income projections have been updated since the last estimate provided to the Executive Board in April 2013. Lending income is higher compared with the earlier estimates as a result of new arrangements approved since April 2013. Non-lending income is lower primarily due to revised projections for investment income. The updated expenditure path assumes the net administrative budget remains constant in real terms at the FY 2014 level, implying a nominal medium-term path that is somewhat higher than in the April 2013 projections. Precautionary balances are projected to reach the current target of SDR 20 billion in FY 2018. The projections also illustrate a broad balance between income and expenditures even if lending were to return to pre-crisis levels.

Download or read book The Consolidated Medium Term Income and Expenditure Framework written by International Monetary Fund. Finance Dept. and published by International Monetary Fund. This book was released on 2013-04-30 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: The medium-term projections of Fund income and precautionary balances accumulation have been updated since the April 2012 projections. The overall income outlook remains positive with continued high lending income expected in the medium-term. The projections indicate a downward shift in the income path primarily due to lower non-lending income as a result of the low global interest rates and the agreement to phase in investments under the new gold-sales funded endowment. The updated expenditure path has not changed significantly. The projections also illustrate a broad balance between income and expenditures when lending returns to pre-crisis levels. The accumulation of precautionary balances remains strong in the medium-term. The indicative medium-term target of SDR 20 billion is now expected to be reached by FY18–FY19.

Download or read book The Medium Term Expenditure Framework MTEF for and the Annual Estimates for written by Ghana and published by . This book was released on 2011 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Guidelines for Public Expenditure Management written by Mr.Jack Diamond and published by International Monetary Fund. This book was released on 1999-07-01 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditionally, economics training in public finances has focused more on tax than public expenditure issues, and within expenditure, more on policy considerations than the more mundane matters of public expenditure management. For many years, the IMF's Public Expenditure Management Division has answered specific questions raised by fiscal economists on such missions. Based on this experience, these guidelines arose from the need to provide a general overview of the principles and practices observed in three key aspects of public expenditure management: budget preparation, budget execution, and cash planning. For each aspect of public expenditure management, the guidelines identify separately the differing practices in four groups of countries - the francophone systems, the Commonwealth systems, Latin America, and those in the transition economies. Edited by Barry H. Potter and Jack Diamond, this publication is intended for a general fiscal, or a general budget, advisor interested in the macroeconomic dimension of public expenditure management.

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 Use of Windfall Gold Sale Profits Further Considerations written by International Monetary Fund. Finance Dept. and published by International Monetary Fund. This book was released on 2011-05-08 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: In April 2011, Executive Directors held a preliminary discussion on the use of the profits of SDR 6.85 billion from the Fund’s limited gold sale. They noted their expectation that at least SDR 4.4 billion of the profits would be placed in an endowment within the Investment Account, and affirmed their support for the 2009 financing package for low-income countries (LICs), including the distribution to the Fund’s membership of up to SDR 0.7 billion from the profits linked to gold sales, with the expectation that most members will return equivalent funds to the Poverty Reduction and Growth Trust (PRGT). There was a wide range of views among Directors on the three main options presented for the windfall of SDR 1.75 billion, but no consensus favoring a single option. The main options presented included use of resources linked to the windfall to boost the capacity of the PRGT, counting the windfall towards precautionary balances, or investing the windfall profits as part of the Investment Account’s endowment. Many Directors indicated that they could support a combination of two or more of the main options.

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 Proposal to Distribute Remaining Windfall Gold Sales Profits and Strategy to Make the Poverty Reduction and Growth Trust Sustainable written by International Monetary Fund. Finance Dept. and published by International Monetary Fund. This book was released on 2012-09-17 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper revisits the use of the remaining gold sales windfall profits (SDR 1.75 billion). Directors previously considered three main options: using them as part of a strategy to boost the capacity of the PRGT; counting them towards precautionary balances; or investing them in the Investment Account’s endowment. In past discussions, Directors expressed a wide range of views on these options, and the resources have continued to be held in the Investment Account pending a decision by the Executive Board.

Download or read book Beyond the Annual Budget written by World Bank and published by World Bank Publications. This book was released on 2012-11-12 with total page 261 pages. Available in PDF, EPUB and Kindle. Book excerpt: Beyond the Annual Budget is a comprehensive review of country experience with Medium Term Expenditure Frameworks (MTEFs) worldwide. It looks at countries both with and without MTEFs over the period 1990 to 2008 to obtain results about their impact on fiscal performance.

Download or read book Review of the Adequacy of the Fund s Precautionary Balances written by International Monetary Fund and published by International Monetary Fund. This book was released on 2016-01-26 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the adequacy of the Fund’s precautionary balances, using the framework approved by the Board in 2010. The review takes place on the standard two-year cycle. The paper discusses developments since the last review in 2014 and revisits several issues discussed at that time. The framework provides an indicative range for the target for precautionary balances linked to credit outstanding, and allows for judgment in setting this target. A reserve coverage ratio of 20-30 percent draws on approaches in other IFIs, adapted to the circumstances of the Fund, and is a guide for determining the target. At the same time, Directors have emphasized the continued importance of judgment and Board discretion in light of a broad assessment of financial risks facing the Fund.

Download or read book FY2016 FY2018 Medium Term Budget written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-03-30 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt: For the net administrative budget, the FY 16–18 medium-term budget (MTB) proposal includes: In FY 16, an unchanged budget envelope in real terms, for the fourth year in a row. To accommodate new and ongoing strategic priorities of the Fund within a flat envelope, efforts to reallocate resources away from lower-priority activities and achieve efficiency gains were stepped up both at the departmental level and across the institution. Savings measures implying a reallocation of resources of close to 5 percent of the net administrative budget were identified through this process. The bulk of these savings would be used to help meet the new priorities highlighted in the Global Policy Agenda and in Management’s Key Goals, while preserving room at the departmental level to further reduce work pressures, phase in the new streamlining measures and, more generally, cope with business uncertainties and unanticipated demands. This robust prioritization effort implies difficult trade-offs and the willingness to cut lower-priority activities in order to create space for new initiatives. For FY 17–18, as a baseline assumption, a flat real budget envelope as well. Against the backdrop of a robust income position, the Fund’s medium-term budget formulation is guided primarily by considerations of prudence and credibility. The medium-term spending path will depend on new demands placed on the institution, and the scope for further reprioritization, and will be reassessed in the context of the FY 17–19 budget.

Download or read book FY2015 FY2017 Medium Term Budget written by International Monetary Fund and published by International Monetary Fund. This book was released on 2014-01-04 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: The proposed FY 15–17 Medium-Term Budget (MTB) was formulated within the Fund’s strategic planning framework to align allocation of resources to the delivery of institutional priorities.

Download or read book Review of the Fund s Income Position for FY2023 and FY2024 written by International Monetary Fund. Finance Dept. and published by International Monetary Fund. This book was released on 2023-06-16 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper updates the projections of the Fund’s income position for FY 2023 and FY 2024 and proposes related decisions for the current and next financial year. The paper also includes a proposed decision to keep the margin for the rate of charge unchanged for financial year 2024. The Fund’s overall net income for FY 2023 is projected at about SDR 1.8 billion, slightly lower than the April 2022 estimate.

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 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.