2011年-IMF国际货币组织全球_The_Consolidated_Medium_39页_645kb

Summary of the IMF's Income Position Review for FY 2011 and FY 2012

I. Introduction

This document provides a review of the International Monetary Fund (IMF)'s income position for FY 2011 and FY 2012. It updates projections from the FY 2011 midyear review and outlines proposed decisions for the current and next financial years. A companion paper discusses the medium-term income and expenditure framework. The document also outlines the key elements affecting the income position and the disposition of net income.

II. Review of the FY 2011 Income Position

Core Content

• Net Operational Income: FY 2011 net operational income is projected at SDR 292 million, down from the midyear projection of SDR 328 million.
• Key Income Drivers:
  • Lending Income: Increased by SDR 8 million, primarily due to new arrangements and rephasing of purchases.
  • Investment Income: Decreased by SDR 31 million, as rising bond yields in the U.S. and European markets negatively impacted the Investment Account (IA) returns.
  • Interest-Free Resources: Projected returns are lower by about SDR 9 million due to the prevailing low interest rate environment.
• Expenses:
  • Net expenditures are expected to be slightly higher than anticipated by SDR 4 million.
  • The IAS 19 timing adjustment accounts for a SDR 44 million difference between actuarially determined expenses and budgeted funding, reducing net income.

Key Changes

• The Fund completed the limited gold sales in December 2010, generating SDR 6.85 billion in profits, of which SDR 3.1 billion were earned in FY 2011.
• The IA received a new tranche of SDR 6.85 billion from the gold profits, with a further SDR 172 million added from the GRA.
• The Fund's pension and employee benefits expenses are governed by IAS 19, which led to a timing difference of SDR 44 million.

Disposition of Net Income

• Gold Profits: SDR 3.1 billion in gold profits were allocated to the IA and will be used to build a permanent endowment.
• Surcharges: SDR 497 million in surcharges will be used to build precautionary balances.
• Restructuring Costs: These costs have been largely resolved, with SDR 15 million charged against the provision established in 2008.
• IA Investment Income: SDR 4 million in investment income from the gold-funded portion of the IA is retained within the IA portfolio.
• Transfer to GRA: The IA's non-gold-funded portion, generating SDR 52 million in income, will be transferred to the GRA to cover administrative expenses, increasing the GRA's net income to SDR 288 million.

Reserves and Balances

• The special reserve balance at the end of FY 2011 is estimated at SDR 2.9 billion.
• Total precautionary balances, including the general reserve and SCA-1, are projected to reach SDR 8.1 billion, still below the agreed minimum floor of SDR 10 billion.
• The general reserve balance at the end of FY 2011 is SDR 4.0 billion.

III. Disposition Decisions

Proposed Decisions

• Decision No. 5: Transfer IA non-gold-funded income (SDR 52 million) to the GRA to cover administrative expenses.
• Decision No. 6: Place the FY 2011 net operational income (SDR 288 million) into the special reserve, consistent with past practice.
• Decision No. 7: Transfer the full available amount of the increase in reserves (SDR 741 million) to the IA for investment, aligning with the objective of achieving returns exceeding the SDR interest rate.

IA and Gold Funded Endowment

• The IA has two distinct portfolios: one funded by gold profits and the other by currency transfers from the GRA.
• The Fund's long-standing practice is to place GRA net income into the special reserve, while surcharge income was previously directed to the general reserve.
• The gold profits placed into the special reserve are excluded from the computation of precautionary balances, as they are intended for a permanent endowment.

IV. FY 2012 Income Outlook

Income Projections

• The FY 2012 income outlook indicates a positive net operational income.
• The margin for the rate of charge is set at 100 basis points, consistent with the principles established in 2008.
• Intermediation costs are projected at US$117 million in FY 2012, with lending income expected to cover these costs, including the margin for the rate of charge.

Reserve Accumulation

• Reserve accumulation is projected to increase by SDR 1.5 billion in FY 2012, bringing precautionary balances to about SDR 9.6 billion.
• This is close to the recently agreed minimum floor of SDR 10 billion but still below the indicative medium-term target of SDR 15 billion.

Market Borrowing and Lending Rates

• Market borrowing costs for emerging markets rose sharply during the global financial crisis but have since fallen.
• Lending income is expected to remain strong, with commitment fees and service charges playing a key role in covering intermediation costs.

Rate of Charge Margin

• The margin is set at 100 basis points, reflecting the Fund's need to cover intermediation costs and build reserves.
• The margin is currently set under the exceptional circumstances clause of Rule I-6(4), but a new rule is expected to be introduced soon.

V. Review of Special Charges

• Special charges are shared equally between debtor and creditor members, as per the burden sharing mechanism established in 2000.
• This mechanism will continue unless amended by the Board.
• The Fund is also responsible for reimbursing administrative expenses for the PCDR Trust and MDRI-I Trust, with these expenses transferred to the GRA and the General Subsidy Account.

VI. Key Tables and Figures

• Table 1: Shows the updated projections for FY 2011 net operational income, including changes in lending, investment, and interest-free income.
• Table 2: Provides a detailed breakdown of income and expenses for FY 2011, including the impact of gold profits and IAS 19 timing adjustments.
• Table 3: Outlines the performance of the IA from FY 2007 to FY 2011, highlighting the gap between IA returns and SDR interest rates.
• Figure 1: Illustrates the trend in commitment fees, showing their increased importance due to the FCL (Flexible Credit Line) mechanism.
• Figure 2: Depicts the historical changes in market borrowing rates, particularly for emerging markets and advanced economies.

VII. Key Assumptions

• The margin for the rate of charge is based on the SDR interest rate and the Fund's intermediation costs.
• The IA's performance is sensitive to market conditions and the U.S. dollar/SDR exchange rate.
• The new income model aims to diversify the Fund's income sources and build a permanent endowment through gold profits.

VIII. Conclusion

The IMF's FY 2011 income position shows a slight decrease in net operational income due to lower investment returns and timing differences in pension and benefits expenses. However, the gold profits significantly contributed to the Fund's net income. The proposed disposition decisions aim to build precautionary balances and align with the new income model's principles. For FY 2012, the income outlook is positive, with the margin for the rate of charge set at 100 basis points, and the Fund is expected to continue its efforts to build reserves and ensure financial stability.