2015年-IMF国际货币组织全球_The_Fund39s_Income_Position_for_FY_2015_7页_343kb

IMF Fund's Income Position for FY 2015 - Actual Outcome Summary

Core Content

This document provides an overview of the International Monetary Fund (IMF) Fund's income position for the financial year 2015 (FY 2015), based on the closing of the Fund's accounts and the completion of the external audit by PricewaterhouseCoopers. It highlights the actual financial results compared to the April projections, and outlines the implications for the Fund's reserves and precautionary balances.

Main Points

1. Net Income for FY 2015

• The Fund's net income for FY 2015 was SDR 1.6 billion, which is about SDR 133 million more than the April projection.
• The main contributor to this increase is a reduced net loss in the valuation under the revised IAS 19 accounting standard for employee benefits.

2. Income Components

• Lending Income: Amounted to SDR 2.77 billion, consistent with the April estimate.
• Investment Income:
  • Fixed-Income Subaccount: Generated SDR 84 million, slightly above the earlier estimate of SDR 82 million.
  • Endowment Subaccount: Returned SDR 181 million, reflecting income from newly invested endowment portions (compared to the earlier estimate of SDR 174 million).

3. Expenses

• Total Expenses: Reached SDR 765 million, SDR 11 million more than projected in April.
• Net Administrative Expenses: Increased by SDR 17 million, primarily due to the appreciation of the US$/SDR exchange rate (SDR 23 million), partially offset by lower spending under the net administrative budget (SDR 6 million).
• Capital Budget Items Expensed: Slightly lower than projections, at SDR 28 million.

4. IAS 19 Timing Difference

• The IAS 19 timing difference for FY 2015 was SDR 694 million, reduced by SDR 153 million from the April estimate of SDR 847 million.
• This difference includes:
  • Actuarial expense vs. funding: A timing difference (loss) of SDR 149 million (IAS 19 expense: SDR 265 million; actual funding: SDR 116 million).
  • Actuarial gains and losses: SDR 545 million of actuarial losses, which is SDR 146 million less than the April estimate.
  • The discount rate used for IAS 19 calculations remained largely unchanged, but updated demographic and financial assumptions (e.g., salary scale, healthcare costs, pension increases) led to a lower net present value of pension obligations.

5. Precautionary Balances

• Precautionary balances at the end of FY 2015 reached SDR 14.2 billion, higher than the earlier projection of SDR 14.0 billion.
• The increase is mainly due to the reduced IAS 19 timing difference (from SDR 847 million to SDR 694 million).

6. Income Transfers

• Investment income from the Fixed-Income Subaccount (SDR 84 million) was transferred to the General Resource Account (GRA) in August 2015 and used to cover the Fund's administrative expenses.
• Endowment Subaccount investment income (SDR 181 million) remains in the Investment Account (IA).
• SDR 1.5 billion of GRA net income was placed into the Fund's general reserves.

Key Information

• No decisions are required from the Executive Board at this time.
• The Executive Board had already approved necessary decisions in April 2015 during the review of the Fund's income position for FY 2015 and FY 2016.
• The option to retain currencies in the GRA does not require a Board decision.
• SDR 2.7 billion in currencies, comprising SDR 1.2 billion from FY 2014 and SDR 1.5 billion from FY 2015, are retained in the GRA pending the Executive Board's review of the investment strategy for the Fixed-Income Subaccount.

Tables Summary

Table 1: Income and Expenditures for FY 2015

• Operational Income: SDR 1,453 million (April: SDR 1,455 million).
• Expenses: SDR 765 million (April: SDR 754 million).
• Net Operational Income: SDR 688 million (April: SDR 701 million).
• Surcharges: SDR 1,463 million (April: SDR 1,464 million).
• IAS 19 Timing Adjustment: SDR -694 million (April: SDR -847 million).
• Endowment Subaccount Investment Income: SDR 181 million (April: SDR 174 million).
• Contribution to CCR Trust: SDR -13 million.
• Net Income Position: SDR 1,625 million (April: SDR 1,492 million).

Table 2: Reconciliation of Administrative Expenses

• Net administrative budget outturn: SDR 1,010 million.
• IAS 19 timing difference: SDR 246 million.
• Depreciation: SDR 45 million.
• Capital budget items expensed: SDR 41 million.
• Reimbursements: SDR -83 million.
• Total administrative expenses (SDR): SDR 857 million.

Table 3: Reconciliation of IAS 19 Adjustments

• Accrual vs. Funding: SDR -149 million (April: SDR -156 million).
• Pension cost accrual: SDR -265 million.
• Pension funding: SDR 116 million (April: SDR 109 million).
• Actuarial losses: SDR -545 million (April: SDR -691 million).
• Total IAS 19 timing difference: SDR -694 million (April: SDR -847 million).

Conclusion

The Fund's FY 2015 income position was slightly above projections, driven by reduced IAS 19 timing losses and slightly higher investment income. The precautionary balances were strengthened, and the Executive Board had already approved necessary decisions in April 2015. The retention of investment income in the GRA and the transfer of Fixed-Income Subaccount income to the GRA reflect the Fund's ongoing financial management and strategic planning.