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Review of the Fund’s Income Position for FY 2024 and FY 2025-2026

2024-05-10IMF阿***

May2024 IMFPOLICYPAPER REVIEWOFTHEFUND’SINCOMEPOSITIONFOR FY2024ANDFY2025-2026 IMFstaffregularlyproducespapersproposingnewIMFpolicies,exploringoptionsforreform,orreviewingexistingIMFpoliciesandoperations.Thefollowingdocumentshavebeenreleasedandareincludedinthispackage: APressReleasesummarizingtheviewsoftheExecutiveBoardasexpressedduringitsApril26considerationofthestaffreport. TheStaffReport,preparedbyIMFstaffandcompletedonApril15fortheExecutive Board’sconsiderationonApril26. AStaffSupplement,titledReviewoftheFund'sIncomePositionforFY2024andFY2025–2026—RevisedProposedDecisions,settingouttherevisedproposeddecisions. TheIMF’stransparencypolicyallowsforthedeletionofmarket-sensitiveinformationandprematuredisclosureoftheauthorities’policyintentionsinpublishedstaffreportsandotherdocuments. ElectroniccopiesofIMFPolicyPapersareavailabletothepublicfrom http://www.imf.org/external/pp/ppindex.aspx InternationalMonetaryFundWashington,D.C. ©2024InternationalMonetaryFund PR24/153 IMFExecutiveBoardCompletes ReviewoftheFund'sIncomePositionforFY2024andFY2025–2026 FORIMMEDIATERELEASE Netoperationalincome,mainlycomprisingincomefromlendingandinvestments,remainedstrongforFY2024reflectingtheongoingelevateduseofFundcredit.ThetrendisexpectedtocontinueinFY2025–2026butsubjecttoongoinguncertainties.Precautionarybalancesareexpectedtoreachthemedium-termtargetofSDR25billionbyendFY2024. TheExecutiveBoardagreedtokeepthemarginfortherateofchargeonIMFlendingat100basispointsuntilcompletionofthereviewofsurcharges,butuntilnolaterthanendFY2025,atwhichtimetheBoardwouldsetthemarginfortherestofFY2025andFY2026. Washington,DC–May10,2024:OnApril26,2024,theExecutiveBoardoftheInternationalMonetaryFund(IMF)completeditsannualreviewoftheFund’sincomepositionforthefinancialyear(FY)endingApril30,2024. FY2024IncomePosition Netoperationalincome,ofaboutSDR2.5billion(US$3.3billion),isanticipatedforFY2024,reflectingmainlytheongoingelevateduseofFundcredit.AgainofaboutSDR1.3billion(US$1.8billion)fromtheactuarialremeasurementofstaffretirementplanassetsandliabilitieshasbeenestimatedfortheyear.1OverallnetincomeisexpectedtoreachSDR4.4billion(US$6.0billion)afterincludingtheestimatedinvestmentincomeintheEndowmentSubaccountofSDR0.6billion(US$0.8billion).Projectednetincome,excludingtheeffectsofIAS19gainsandlosses,isexpectedtobolstertheFund’sprecautionarybalancestoSDR 25.1billion(US$33.4billion)attheendofFY2024,thusachievingthemedium-termtargetofSDR25billion. TheExecutiveBoardalsoadoptedseveralotherdecisionsthatarerelevanttotheFund’sfinances.Theseincludeddecisionsto:(i)reimbursecoststotheGRAfortheexpensesofconductingthebusinessoftheSDRDepartmentandfortheoperationalcostofadministeringtheResilienceandSustainabilityTrust(RST);(ii)transferincomefromtheFixed-IncomeSubaccounttotheGeneralResourcesAccount(GRA)afterfullyoffsettingtheretainedlossincurredinFY2022andtoretaintheexpectednetincomefromtheEndowmentSubaccountforFY2024withintheEndowmentSubaccount;(iii)placethepension-relatedremeasurementgaininthespecialreserveandtheremainderofnetincomeequallyinthespecialandgeneral 1IAS19‘EmployeeBenefits’,requirestheactuarialremeasurementofpost-employmentobligations. 2 reserves;and(iv)transfercurrenciesequivalenttotheincreaseintheFund’sreservesfromtheGeneralResourcesAccount(GRA)totheInvestmentAccount. ProjectionsoftheFund’sincomeandprecautionarybalancesremainsusceptibletosomepotentialrisksanduncertaintiesincludingfinancialmarketvolatility.ChangesinkeyassumptionssuchasthediscountrateusedtomeasuretheFund’sretirementplanobligationsandassetreturnscanhavealargeimpactontheactualoutcome.TheFY2024annualfinancialstatementswillupdatefortheimpactofchangesinkeyassumptionsmadeatthetimeoftheAprilprojections. FY2025-2026IncomePositionandLendingRate Asnotedabove,operationalincomeforFY2025andFY2026isexpectedtoremainstrong,withprojectedannualnetincomeofSDR2.9billion(US$3.9billion)forFY2025andSDR2.8billion(US$3.8billion)forFY2026.However,theseprojectionsarevulnerabletouncertaintiesstemmingfromfinancialmarketvolatility,ongoinggeopoliticaltensions,andinflationarypressuresthatareexpectedtoimpacttheperformanceoftheFund’sinvestmentandretirementplanassetportfolios.Theprojectionsarealsosensitivetofuturedecisionsrelatingtothesurchargepolicyreviewandthemarginforthebasicrateofchargeasnotedbelow,as wellasthetimingandamountsofdisbursementsunderapprovedarrangements.Positive projectednetincomeshouldallowtheFundtocontinuetoaccumulateprecautionarybalances. TheIMF’sbasiclendingrateformembercountries’useofIMFcreditistheSDRinterestrateplusafixedmargin.TheExecutiveBoardagreedtokeepthemarginfortherateofchargeat100basispointsovertheSDRinterestrateuntilcompletionofthereviewofsurcharges,butuntilnolaterthanendFY2025,atwhichtimetheBoardwouldsetthemarginfortherestofFY2025andFY2026.ThiswouldprovideamoreholisticperspectiveonpoliciesthataffectthecostofFundcredit. April15,2024 REVIEWOFTHEFUND'SINCOMEPOSITIONFORFY2024ANDFY2025–2026 EXECUTIVESUMMARY ThispaperupdatestheprojectionsoftheFund’sincomepositionforFY2024and FY2025–2026andpropose

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