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International Monetary Fund. Finance Dept. and International Monetary Fund. Legal Dept.
The Fund’s total net income for FY 2018 is projected at about SDR 0.7 billion, broadly in line with the April 2017 estimate. The projections for total lending income are broadly unchanged. Most sources of lending income are lower, reflecting a lower level of credit outstanding as a result of advance repurchases and delayed disbursements. However, projected commitment fee income is higher following the early cancellation of a large FCL arrangement in November 2017. The paper recommends that GRA net income of SDR 0.7 billion for FY 2018 (excluding projected income of the gold sales profits-funded Endowment Subaccount) be placed to the special and general reserve. After the placement of GRA FY 2018 net income to reserves, precautionary balances are projected to reach SDR 17.4 billion at the end of FY 2018. The paper further proposes to transfer currencies equivalent to the increase in the Fund’s reserves from the GRA to the Investment Account. The paper also revisits options for the allocation of net income between the special and general reserve, and proposes that net income be allocated equally between the special and general reserve. In line with the recent Board discussion of a framework for guiding future payouts from the Endowment Subaccount, the paper presents a detailed proposal, which includes delaying payouts for three years to protect the real value of the Endowment. The paper also recommends that the margin for the rate of charge for the period FY 2019–2020 be kept unchanged at 100 basis points. The margin will again be set under the exceptional circumstances clause, as non-lending income continues to be constrained by the low interest rate environment and lending income will be used to finance a portion of the Fund’s non-lending activities. The projections for FY 2019 and FY 2020 point to a net income position of SDR 0.4 billion and SDR 1 billion, respectively. These projections are subject to considerable uncertainty and are sensitive to a number of assumptions.
International Monetary Fund. Finance Dept. and International Monetary Fund. Legal Dept.

-funded Endowment Subaccount) be placed to the special and general reserve. After the placement of GRA FY 2018 net income to reserves, precautionary balances are projected to reach SDR 17.4 billion at the end of FY 2018. The paper further proposes to transfer currencies equivalent to the increase in the Fund’s reserves from the GRA to the Investment Account. The paper also revisits options for the allocation of net income between the special and general reserve, and proposes that net income be allocated equally between the special and general reserve. In line with the recent

International Monetary Fund. Finance Dept. and International Monetary Fund. Legal Dept.

Endowment subaccount payout 2 0 0 Interest free resources 3 32 37 SCA-1 and other 32 37 Reimbursements 69 67 SDR Department 4 3 PRG Trust 65 64 B. Expenses 873 833 Net administrative expenditures 806 771 Capital budget items expensed 30 27 Depreciation 37 35 C. Net operational income including surcharges (A-B) 484 509 IAS 19 gains/(losses) 0 162 D. Net operational income after IAS 19 gains

International Monetary Fund
This paper reviews the Fund’s income position for FY 2020 and FY 2021–22. It updates the April 2019 projections and proposes decisions for the current year. The paper also includes a proposed decision to set the margin for the rate of charge for financial years 2021 and 2022. Projections of the Fund’s income are subject to larger than normal uncertainties related to the impact of the COVID-19 pandemic on key assumptions. For FY 2020, these uncertainties relate mainly to the discount rate used to measure the Fund’s retirement plan obligations at April 30, 2020 and to the full year asset returns on the retirement plan and the Endowment Subaccount (EA), given the recent volatility in financial markets. For FY 2021–22, a key additional uncertainty is the scale of new lending associated with the economic fallout from the COVID-19 pandemic.
International Monetary Fund

premature disclosure of the authorities’ policy intentions in published staff reports and other documents. Electronic copies of this document are available to the public from http://0-www-imf-org.library.svsu.edu/external/pp/ppindex.aspx International Monetary Fund Washington, D.C . Front Matter Page Rules and Regulations for the Investment Account Contents I. GENERAL PROVISIONS II. FIXED-INCOME SUBACCOUNT III. ENDOWMENT SUBACCOUNT

International Monetary Fund. Legal Dept.

Reserves, Distribution of Net Income, and Investment The Investment Account—Introducing Private Fixed Income in the Endowment Subaccount The Rules and Regulations for the Investment Account, adopted under Decision No. 15314-(13/16), January 23, 2013, as amended, are further amended as set forth in the Annex I of SM/19/80. (SM/19/80, 04/10/19) Decision No. 16507-(19/38), May 13, 2019 Annex I of SM/19/80 Rules and Regulations for the Investment Account 1. General Provisions Objective of The Investment Account 1. The objective

International Monetary Fund. Legal Dept.

, Section 12(g) of the Articles, in amounts up to the total amount of the Fund’s general and special reserves at the time of any decision authorizing such transfers; (c) the transfer of profits from the sale of post-Second Amendment gold in accordance with Article V, Section 12(k) of the Articles; and (d) income from the IA investment that is not transferred to the General Resources Account to meet the expenses of the Fund (Article XII, Section 6(f)(iv)). Investment Account Subaccounts 3. The IA shall have a Fixed-Income Subaccount and an Endowment Subaccount

International Monetary Fund. Legal Dept.

Allocation of Assets 3. The IA shall have a Fixed-Income Subaccount, an Endowment Subaccount, and a Temporary Windfall Profits Subaccount, each of which has its own investment objective and shall be managed in accordance with Sections I and II, I and III, and I and IV, respectively, of these Rules and Regulations. 4. The assets of the IA in existence at the time of the effectiveness of these Rules and Regulations shall be allocated to the subaccounts as follows: (a) the Fixed-Income Subaccount shall be funded with the IA assets that are attributed to past transfers of

International Monetary Fund

Account to meet the expenses of the Fund (Article XII, Section 6(f)(iv)). Investment Account Subaccounts 3. The IA shall have a Fixed-Income Subaccount and an Endowment Subaccount, each of which has its own investment objective and shall be managed in accordance with Sections I and II , and I and III , respectively, of these Rules and Regulations (Rules). 4. Transfers of assets between subaccounts may be made with the approval of the Executive Board. Responsibilities of the Managing Director 5. The Managing Director is responsible for

International Monetary Fund. Finance Dept.

investment that is not transferred to the General Resources Account to meet the expenses of the Fund (Article XII, Section 6(f)(iv)). Investment Account Subaccounts 3. The IA shall have a Fixed-Income Subaccount and an Endowment Subaccount, each of which has its own investment objective and shall be managed in accordance with Sections I and II, and I and III, respectively, of these Rules and Regulations (Rules). 4. Transfers of assets between subaccounts may be made with the approval of the Executive Board. Responsibilities of the Managing Director 5. The