CORRECTED: 42514 REVIEW OF THE
FUND’S INCOME POSITION FOR FY 2014 AND FY 2015-2016
24 INTERNATIONAL MONETARY FUND
FY2014 FY2016
A. Operational income 1 1,046
1,382 940
Lending income 957
1,358 824
Margin for the rate of charge 854
809 771
Service charges 74
57 41
Commitment fees 29
492 12
Investment income 35
-41 30
Reserves 35
-41 30
Interest free resources 2 5
14 34
SCA-1 and other 5
14 34
Reimbursements 49
51 52
MDRI-I, PCDR Trusts, and SDR Department 1
1 1
PRG Trust 48
50 51
B. Expenses 676
739 759
Net administrative expenditures 633
685 703
Capital budget items expensed 10
16 15
Depreciation 33
38 41
C. Net operational income position A-B 370
643 181
Surcharges 3 1,402
1,736 1,749
IAS 19 timing adjustment 4 976
Retained gold endowment investment income 5 6
44 125
Net income position 6 2,754
2,423 2,055
Fund credit average stock, SDR billions 85.4
80.9 77.1
SDR interest rate average, in percent 0.1
0.2 0.6
USSDR exchange rate average 1.53
1.50 1.50
Precautionary balances end of period, SDR billions 12.8
15.2 17.2
FY2015
Memorandum Items:
Table 4. Projected Income Sources and Uses —FY 2014–2016
in millions of SDRs
Source: Finance Department and Office of Budget and Planning 1 Surcharges are excluded from operational income.
2 I nterest free resources reduce the Fund’s costs and therefore provide implicit returns. Since the Fund invests its reserves in the
IA to earn a higher return, the interest free resources retained in the GRA are mainly attributable to the SCA-1, unremunerated reserve tranche positions not represented by gold holdings, and GRA income for the year not transferred to the IA. These resources
reduce members’ reserve tranche positions and the Fund’s remuneration expense resulting in implicit income for the Fund. 3 Surcharges are projected on the basis of current quotas and surcharge thresholds. .
4 The IAS 19 timing adjustment is actuarially determined and is finalized shortly after the end of the financial year. 5 The projections reflect the phase in of investments to the endowment with the gold profits being invested in short-term
deposits during the interim period. 6 Net income on the basis presented in the Funds IFRS annual financial statements.
INTERNATIONAL MONETARY FUND 25
Table 5. Sensitivity Analysis-Effect of Changes in Selected Assumptions in FY 2015 –2016
in millions of SDRs
1 Implicit returns on GRA interest-free resources. 2 Assumes May 1 transaction with full drawing of SDR 10 billion, access of 1,000 percent of quota and no change in current
quotas. Includes service charges, margin on the basic rate of charge and level based surcharges commitment fees are excluded.
28. Burden sharing adjustments are expected to remain low in FY 2015 see Table 6 below.
