of the Margin for the Rate of Charge
1. EA Payout Policy Framework—Key Features
1. Summary of Proposed Disposition Decisions
2. EAAssetValue and Retained Investment Income Cushion
3. Reserve Allocation and Net Income Losses, 1958–2021
4. Reserve Composition and Special Reserve as a Percentage of Total Reserves, 1958–2021
5. Projected Reserve Accumulation Under Different Allocation Options
6. Projected Precautionary Balances Accumulation
7. EMBIG Spreads: Total Composite and Bottom Quartile
8. Projected Non-Lending Operational
This paper updates the projections of the Fund’s income position for FY 2022 and FY 2023–2024 and proposes related decisions for the current financial year. The paper also includes a proposed decision to set the margin for the rate of charge for financial years 2023 and 2024.
monetary policy. The mid-March EA NAV is estimated to be US$8.9 billion, down significantly from the high of US$9.5 billion in December 2021.
EAAssetValue and Retained Investment Income Cushion 1
1 Source: State Street data through end February 2022, staff estimates for mid-March 2022. EA portfolio was fully vested in 2017.
14. Staff has evaluated several options for commencing the payout on the basis of the criteria set forth in the policy framework and developments described above. 27 The EA’s cushion as of end-February was close to the