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

flexibility for future Board judgments in light of evolving circumstances. Box 3. Recent Board Discussions on Income Allocation Directors have discussed the allocation of income between the special and general reserve on several recent occasions . 1 2015 Income Review : Staff proposed placing all GRA net income, including surcharges, to the special reserve for a period to help bring the special reserve closer to the floor for precautionary balances. While some Directors agreed with this proposal, others noted that more time was needed to consider this issue. It

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
The review of income for the year ended April 30, 2007 (FY07) builds on the midyear income review and the February 2007 meeting of the Committee on the Budget
International Monetary Fund

I. Introduction 1. This paper provides the basis for the Executive Board’s annual review of the Fund’s income position, the burden sharing mechanism, and the system of special charges. The paper also makes a proposal for the rate of charge in the Fund’s next financial year (FY08), as required under Rule I-6(4). 2. The review of income for the year ended April 30, 2007 (FY07) builds on the midyear income review and the February 2007 meeting of the Committee on the Budget. 1 At the midyear review, the Executive Board decided to leave the margin for the

International Monetary Fund. External Relations Dept.

Reviews William James Adams, editor , Singular Europe: Economy and Polity of the European Community After 1992 , reviewed by Sara Kane, December Etisham Ahmad and Nicholas Stern , The Theory and Practice of Tax Reform in Developing Countries , reviewed by Alan Tait, September Anthony B. Atkinson and John Micklewright , Economic Transformation in Eastern Europe and the Distribution of Income , reviewed by Branko Milanovic, September Jagdish Bhagwati , India in Transition: Freeing the Economy , reviewed by Anand Chandavarkar, December Richard M. Bird , Tax Policy and

International Monetary Fund. External Relations Dept.

.9 External training 37.9 4.1 Total excluding governance 844.5 90.8 Governance 1 85.8 9.2 Total administrative expenditures (gross basis) 930.3 100.0 Source: IMF Office of Budget and Planning. 1 Costs of the Board of Governors, the Office of Executive Directors, the Managing Director and the Deputy Managing Directors, the Independent Evaluation Office, and the Secretary’s Department. In parallel with the income review, the IMF continues to pursue cost-effectiveness and firm expenditure