2006年-IMF国际货币组织全球_Review_of_the_Fund39s_Income_Position_for_FY2006_and_FY2007_42页_484kb

Summary of the IMF's Income Position Review for FY 2006 and FY 2007

I. Introduction

This document outlines the IMF's annual review of its income position, burden-sharing mechanism, and special charges system for FY 2006 and FY 2007. It also includes proposals for the rate of charge for FY 2007, in line with Rule I-6(4). The paper complements the recent budget paper and focuses on immediate steps to address the projected income shortfall in FY 2007, while long-term issues will be addressed by an external committee.

II. Review of FY 2006 Income Position

Core Content

• Regular Net Income: Projected at SDR 115 million, which is SDR 75 million below the original target of SDR 188 million. The shortfall is attributed to lower-than-expected use of Fund resources and higher administrative expenses, partially offset by higher SDR interest rates.
• Key Factors:
  • Lower Use of Fund Resources: Due to early repayments by Argentina and Brazil, the average use of Fund credit dropped from SDR 44.2 billion to SDR 35.6 billion.
  • Higher SDR Interest Rate: Increased from 2.45% to 2.81%, contributing positively to income.
  • Administrative Expenses: Increased by SDR 13 million, with GRA administrative expenses net of reimbursements rising by SDR 18 million.

Table 1: Projected Regular Income—FY 2006

Other Income

• Projected Other Income: SDR 107 million.
• Components:
  • Surcharge income (after PRGF-ESF Trust administration costs): SDR 243 million.
  • IAS 19 post-retirement expenses: SDR 136 million.
• Impact of Argentina and Brazil Repurchases: Surcharge income was reduced by SDR 108 million due to early repayments.

Reserve Accumulation

• Total Fund Reserves: Projected to grow by over SDR 220 million to around SDR 5.9 billion.
• SCA-1 Accumulation: Expected to increase by SDR 94 million, bringing total precautionary balances to SDR 7.6 billion.
• Burden Sharing Adjustments: SDR 94 million was previously allocated to SCA-1 to offset the impact of off-market gold transactions.

III. Income Outlook

Core Content

• FY 2007 Income Projections:
  • Total Income (after remuneration): SDR 625 million.
  • Income Sources:
    • Income from Charges: SDR 187 million (rate of charge margin of 108 basis points) and SDR 19 million from service charges.
    • Investment Income: SDR 205 million from implicit returns on reserves, plus SDR 30 million from the Investment Account.
    • Income from Surcharges: SDR 118 million.
    • Other Income: SDR 66 million, primarily from implicit returns on remaining net interest-free resources.

Expenditure Projections

• Total Administrative and Capital Expenses: SDR 684 million for FY 2007.
• Budget Adjustments:
  • Real terms cuts of 1 percentage point in the administrative budget for FY 2008 and FY 2009.
  • These cuts suggest that the income shortfall is expected to widen over the medium term.

Income Shortfall

• Projected Income Shortfall: Around SDR 60 million for FY 2007.
• Options for Closing the Gap:
  • Suspension of SCA-1 accumulations.
  • Use of surcharge income to cover GRA administrative expenses.
  • Reintroduction of reimbursement from the PRGF-ESF Trust for its expenses.

Proposed Decisions

• Reintroduction of Reimbursement: Staff proposes not to seek reimbursement for PRGF-ESF Trust expenses (Decision No. 6).
• SCA-1 Accumulation: SDR 60 million is proposed to be accumulated in FY 2007, requiring an average rate of charge adjustment of 17 basis points.
• Income Disposition: Decisions for FY 2007 will be made ex post, concerning the Investment Account earnings and the actual income (or shortfall) in the GRA.

IV. Review of Special Charges

• Annual Review Requirement: The system of special charges is reviewed annually to ensure timely settlement of financial obligations.
• Key Considerations:
  • Rule I-6(4): Proposes that the rate of charge be set as the SDR interest rate plus a margin, determined based on estimated income and expenses and a net income target (5% of beginning-of-year reserves).
  • Amendment Proposal: To allow for the margin to be set on a different basis in exceptional circumstances, such as when the Fund's income position is not aligned with the original target.
  • Decision No. 3: Amends Rule I-6(4) to permit the Board to decide on margin adjustments during the mid-year review based on income developments.
  • Maximum Potential Shortfall: If all credit outstanding was repaid on May 1, 2006, the shortfall could reach SDR 380 million, or about 6% of reserves.

V. Key Decisions and Proposals

• Decision No. 1: Place actual regular income to the Special Reserve after the financial year.
• Decision No. 3: Amend Rule I-6(4) to allow for the margin to be set on a basis other than income and expenses and a net income target in exceptional circumstances.
• Decision No. 4: Maintain the margin for the rate of charge at 108 basis points.
• Decision No. 6: Not seek reimbursement for PRGF-ESF Trust expenses.
• Decision No. 7: Maintain the current treatment of FY 2007 as a transitional year, with decisions on income disposition made ex post.

Summary of Main Points

• The Fund's income for FY 2006 was SDR 115 million, below the target of SDR 188 million due to lower credit use and higher expenses.
• FY 2007 projections indicate a potential income shortfall of SDR 60 million.
• A two-pronged strategy is proposed: immediate steps to address the shortfall and a long-term work plan.
• The rate of charge margin is set at 108 basis points, and the use of surcharge income to cover GRA administrative expenses is supported.
• The burden-sharing mechanism is proposed to be used for SCA-1 accumulation, with a target of SDR 60 million.
• Rule I-6(4) is to be amended to provide flexibility in setting the margin under exceptional circumstances.
• The Fund is expected to maintain a transitional approach for FY 2007, with decisions on income disposition made after the year ends.