Review of The Fund’s Income Position for FY 2021 and FY 2022


Book Description

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.




Review of the Fund’s Income Position for FY2023 and FY2024


Book Description

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.




International Monetary Fund Annual Report 2021


Book Description

A recovery is underway, but the economic fallout from the global pandemic could be with us for years to come. With the crisis exacerbating prepandemic vulnerabilities, country prospects are diverging. Nearly half of emerging market and developing economies and some middle-income countries are now at risk of falling further behind, undoing much of the progress made toward achieving the UN Sustainable Development Goals.




FY 2021-FY 2023 Medium-Term Budget


Book Description

On April 27, 2020, the Executive Board of the International Monetary Fund (IMF) approved the IMF’s administrative and capital budgets for financial year (FY) 2021, beginning May 1, 2020, and took note of indicative budgets for FY 2022–23.




Review of the Adequacy of the Fund’s Precautionary Balances


Book Description

On October 30, 2020, the IMF’s Executive Board reviewed the adequacy of the Fund’s precautionary balances. Precautionary balances, comprising the Fund’s general and special reserves and the Special Contingent Account (SCA-1), are one element of the IMF’s multi-layered framework for managing financial risks. These balances provide a buffer to protect the Fund against potential losses, resulting from credit, income, and other financial risks. This review of the adequacy of the Fund’s precautionary balances took place on the standard two-year cycle, although it was delayed by a few months to allow for an assessment of the impact of the COVID-19 pandemic on Fund financial risks. In conducting the review, the Executive Board applied the rules-based framework agreed in 2010.




Review of the Fund’s Income Position for FY 2024 and FY 2025-2026


Book Description

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.




The Fund’s Income Position for FY 2022—Actual Outcome


Book Description

This paper reports on the Fund’s income position for FY 2022 following the closing of the Fund’s accounts for the financial year and completion of the external audit.




Review Of The Fund’s Income Position For FY 2019 And FY 2020


Book Description

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.




Interim Review of The Adequacy of The Fund’s Precautionary Balances


Book Description

Precautionary balances are a key element of the Fund’s multilayered framework to mitigate financial risks. Overall financial risks remain elevated but have not increased significantly since the last review. Staff proposes to leave the medium-term target of SDR 25 billion, and the minimum floor of SDR 15 billion, unchanged at this time. With the projected increase in lending income, the pace of reserve accumulation is expected to remain adequate relative to the medium-term indicative target. The paper also reviews policy factors discussed in recent Board meetings that affect the level and accumulation of reserves.




The Fund's Income Position for FY 2021 - Actual Outcome


Book Description

This paper reports on the Fund’s income position for FY 2021 following the closing of the Fund’s accounts for the financial year and completion of the external audit. Overall FY 2021 net income amounted to SDR 4.8 billion or SDR 0.7 billion higher than estimated in April, mainly reflecting a larger than anticipated gain reported under IAS 19 (the accounting standard for employee benefits) and endowment returns exceeding earlier projections.