2009年-IMF国际货币组织全球_Review_of_the_Fund39s_Income_Position_for_FY_2009_and_FY_2010_32页_597kb

Summary of the IMF's Income Position Review for FY 2009 and FY 2010

I. Introduction

• This document reviews the IMF's income position for the financial years 2009 and 2010.
• The analysis is based on the new income model, the framework for precautionary balances, and the recent reform of the Fund's lending toolkit.
• It includes discussions on the disposition of investment income, the burden sharing mechanism, and special charges.

II. Review of the FY 2009 Income Position

• The projected net operational income for FY 2009 is about SDR 80 million, compared to SDR 7 million at the midyear review.
• The improved income position is mainly due to the Investment Account (IA) performance, which generated SDR 345 million in income, up from SDR 236 million at midyear.
• The IA return of 5.6% in the first ten months exceeded the three-month SDR interest rate by 388 basis points.
• Lending income increased by SDR 12 million, driven by new arrangements with Armenia, Belarus, and Latvia, as well as commitment fees from precautionary arrangements that expired.
• Reimbursements to the GRA for the PRGF-ESF Trust were delayed until FY 2010, reducing FY 2009 income by SDR 43 million.
• Expenditures increased slightly, with the budget underrun now projected at US$50 million, up from US$35 million at midyear due to the SDR depreciation against the U.S. dollar.
• The restructuring costs for FY 2009 remain at SDR 39 million.

III. Disposition Decisions

• The net operational income for FY 2009 is SDR 82 million, comprising SDR 345 million from the IA and a deficit of SDR 263 million in the GRA.
• Staff proposes transferring the IA investment income to the GRA, consistent with the Fund's objective to use IA income to meet expenditure needs.
• The Executive Board is advised to place the net income of FY 2009 into the Special Reserve after the end of the financial year.
• The reimbursement of the GRA for the SDR Department and MDRI-I Trust expenses is proposed to be adopted, with estimated costs of SDR 1.601 million and SDR 2.142 million, respectively.

IV. FY 2010 Income Outlook

• The income outlook for FY 2010 is uncertain, with increased demand for Fund financing due to the global financial crisis.
• Two scenarios are considered: a baseline and a high lending scenario.
• The lending margin is proposed to remain at 100 basis points for FY 2010, based on the following considerations:
  • Consistency with the principles of stability and predictability.
  • Ability to cover intermediation costs and support reserve accumulation.
  • Alignment with long-term credit market conditions, rather than short-term fluctuations.
• Surcharge income is expected to rise significantly due to high access programs and new arrangements.
• Investment income is projected to decline due to the low interest rate environment, with an assumed 50 basis point spread over the SDR rate.
• Gold sales are expected to be phased over a three-year period starting in the second half of FY 2010, with profits retained in the endowment.
• The baseline net operational income for FY 2010 is SDR 290 million, while the high lending scenario projects SDR 740 million.
• Net income for FY 2010 is estimated at SDR 1,010 million under the baseline and SDR 1,458 million under the high lending scenario.

V. Burden Sharing

• The burden sharing mechanism, established in 1986, is used to offset the impact of unpaid charges (deferred charges) and protect the Fund's income position.
• The mechanism involves equal adjustments in the rate of charge and remuneration, with costs shared between debtors (members with Fund credit outstanding) and creditors (members with remunerated reserve tranche positions).
• The SDR interest rate has fallen significantly, from 2.75% in March 2008 to 1.81% in FY 2009, and is projected to be 0.90% in FY 2010.
• The burden sharing adjustments are based on the current level of Fund credit and RRTPs.
• The Special Contingent Accounts (SCAs), particularly SCA-1, have been used to absorb losses from unpaid charges, with a balance of SDR 1.2 billion as of the time of the review.
• SCA-1 was suspended in November 2006 and later partially refunded in the context of Liberia's debt relief.

VI. Special Charges

• The document includes a review of special charges, though the details are less emphasized compared to other sections.
• The burden sharing contributions are made quarterly, with equal shares from debtors and creditors.
• SDR 2.0 billion has been collected through burden sharing, with SDR 1.3 billion refunded upon settlement of overdue obligations.