2013年-IMF国际货币组织全球_The_Fund39s_Income_Position_for_FY_2013Actual_Outcome_5页_273kb

Summary of the Fund's Income Position for FY 2013—Actual Outcome

Core Content

This document provides a detailed analysis of the Fund's income position for the fiscal year (FY) 2013, including the actual outcome of net income, expenses, and the impact of various income sources and accounting adjustments. The report is based on the closing of the Fund's accounts and the completion of the external audit by Deloitte & Touche.

Main Points

• Net Income for FY 2013: The Fund's net income for FY 2013, including surcharge income, amounted to SDR 2.0 billion, which is consistent with the April estimate.
• Income Breakdown:
  • Lending Income: SDR 1,444 million, slightly below the April estimate of SDR 1,457 million due to lower commitment fees and re-phased disbursements.
  • Investment Income:
    • Fixed-Income Subaccount (Reserves Portfolio): SDR 61 million, close to the earlier estimate of SDR 58 million.
    • Endowment Subaccount: SDR 6 million.
    • Temporary Windfall Profits Subaccount: SDR 0.4 million.
  • Surcharge Income: SDR 1,240 million, in line with earlier estimates.
• Expenses:
  • Total expenses amounted to SDR 664 million, consistent with the earlier estimate.
  • These include net administrative expenditures (SDR 628 million), depreciation (SDR 31 million), and capital budget items expensed (SDR 5 million).
• IAS 19 Timing Difference:
  • The timing difference for FY 2013 was SDR 141 million, compared to the April estimate of SDR 147 million.
  • This difference arises from the difference between the actuarially determined IAS 19 expense (SDR 248 million) and the actual funding (SDR 107 million), thus reducing net income.
• Transfer of Funds:
  • A transfer of SDR 1.9 billion was made from the General Reserve Account (GRA) to the Investment Account (IA) in August 2013.
  • The net income of SDR 2 billion from the GRA was placed into the Fund's general and special reserves.
  • Income from the Endowment and Temporary Windfall Profits Subaccounts is retained in the IA, while income from the Fixed-Income Subaccount is transferred to the GRA for administrative expenses.

Key Information

• Precautionary Balances: Reached SDR 11.5 billion at the end of FY 2013, indicating a strengthened financial cushion.
• Interest-Free Resources: These resources reduce the Fund's costs and provide implicit returns. They are mainly attributable to the SCA-1, unremunerated reserve tranche positions not represented by gold holdings, and GRA income not yet transferred to the IA.
• Exchange Rates and Interest Rates:
  • Average US$/SDR exchange rate: 1.51
  • Average SDR interest rate: 0.1%
• Outstanding Fund Credit: Average balances amounted to SDR 91.8 billion.
• Reconciliation of Administrative Expenses:
  • The reconciliation (Table 2) shows that total administrative expenses in the audited financial statements amounted to SDR 751 million.
  • This includes net administrative budget outturn (SDR 948 million), capital budget items (SDR 8 million), and depreciation (SDR 47 million).
  • The IAS 19 timing difference (SDR 141 million) and reimbursements (SDR -53 million) are also accounted for.

Conclusion

The Fund's financial performance for FY 2013 was in line with projections, with a net income of SDR 2.0 billion. The transfer of funds from the GRA to the IA and the strengthening of precautionary balances highlight the Fund's financial stability. The IAS 19 timing difference had a notable impact on net income, but no further decisions were required at this time as all necessary actions were taken in April 2013.