2011年-IMF国际货币组织全球_Review_of_the_Fund39s_Income_Position_for_FY_2011_and_FY_2012_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 the financial years 2011 and 2012. It updates the income projections made during the FY 2011 midyear review and outlines proposed decisions for the current and next financial years. A companion paper updates the consolidated medium-term income and expenditure framework.

II. Review of the FY 2011 Income Position

Core Content

• Net Operational Income: The FY 2011 net operational income is projected at SDR 292 million, down from the midyear projection of SDR 328 million.
• Key Income Components:
  • Lending Income: Increased by SDR 8 million due to new arrangements and delayed purchases.
  • Investment Income: Decreased by SDR 31 million as bond yields rose, especially in the U.S. and European markets.
  • Interest-Free Resources: Lower by SDR 9 million due to the prevailing low interest rate environment.
  • Reimbursements: Unchanged from midyear projections, covering expenses for the SDR Department, MDRI-I, and PCDR Trusts.

Expenses

• Net Administrative Expenditures: Projected at SDR 603 million, slightly higher than midyear projections.
• IAS 19 Timing Adjustment: A SDR 44 million difference between actuarially determined pension expenses and budgeted funding, reducing net income.
• Restructuring Costs: Reduced to SDR 0 million from SDR 15 million in the first three quarters, as the provision was fully utilized.

Special Items

• Gold Profits: Total gold profits from FY 2011 amounted to SDR 3.1 billion, with SDR 6.85 billion transferred to the Investment Account (IA) in March 2011.
• Surcharges: Projected at SDR 497 million, helping build precautionary balances.
• Net Income: Total net income for FY 2011 is SDR 3.8 billion, including SDR 292 million net operational income, SDR 3.1 billion gold profits, and SDR 497 million surcharges.

Disposition of Income

• IA Investment Income: IA income from the non-gold funded tranche (SDR 52 million) is proposed to be transferred to the General Resources Account (GRA) to cover administrative expenses.
• Placement to Reserves: The net operational income from the GRA (SDR 288 million) is proposed to be placed in the special reserve, following the Fund’s long-standing practice.
• Precautionary Balances: These are expected to increase to SDR 8.1 billion at the end of FY 2011, still below the agreed minimum floor of SDR 10 billion.

III. FY 2012 Income Outlook

Key Projections

• Positive Net Income: The FY 2012 income outlook is positive, with a net operational income projected at SDR 500 million.
• Reserve Accumulation: Precautionary balances are expected to increase by SDR 1.5 billion, reaching about SDR 9.6 billion by year-end.
• Margin on Rate of Charge: The margin is proposed to remain at 100 basis points, consistent with the principles set in 2008, to cover intermediation costs and support reserve accumulation.

Lending Income

• Service Charges and Commitment Fees: These are projected to be more than sufficient to cover intermediation costs, with commitment fee income increasing significantly due to the Flexible Credit Line (FCL) and its extended term.
• Rate of Charge Margin: The margin is set to be based on the SDR interest rate, ensuring it aligns with market conditions and supports reserve building.

Investment Account (IA)

• IA Performance: The IA's performance has been mixed, with a return of 67 basis points in FY 2011, below the SDR interest rate of 0.3 percent.
• Gold Funded Endowment: A permanent endowment is being established with gold profits, with SDR 4.4 billion expected to be placed in the special reserve by the end of FY 2012.
• Future Transfers: The staff proposes that the full available amount of increased reserves (SDR 741 million) be transferred to the IA for investment, in line with the goal of achieving returns above the SDR rate.

IV. Proposed Decisions

• Decision No. 5: Transfer IA investment income (SDR 52 million) to the GRA to cover administrative expenses.
• Decision No. 6: Place GRA net operational income (SDR 288 million) into the special reserve, consistent with past practice.
• Decision No. 7: Transfer the full available amount of increased reserves (SDR 741 million) to the IA for investment.

V. Special Charges and Burden Sharing

• Burden Sharing for Deferred Charges: Income losses from unpaid charges are shared equally between debtor and creditor members, as per the 2000 decision.
• PCDR and MDRI-I Trusts: Reimbursements for administrative expenses of these trusts are made to the GRA, excluding those already attributed to other accounts.
• PRGT Administrative Expenses: No reimbursement is made to the GRA for PRGT administrative costs; instead, these are transferred to the PRGT General Subsidy Account.

VI. Conclusion

The document outlines the financial performance and proposed actions for the IMF in FY 2011 and FY 2012, emphasizing the importance of reserve accumulation, the role of the Investment Account, and the alignment of the rate of charge with market conditions. It also highlights the ongoing development of the new income model and the establishment of a gold-funded endowment to diversify the Fund's income sources.