This paper updates the projections of the Fund’s income position for FY 2021 and FY 2022 and proposes decisions for the current and next financial year. The Fund’s overall net income for FY 2021 is projected at about SDR 4.1 billion, higher than both the interim estimate of SDR 3.2 billion and the April 2020 estimate.
International Monetary Fund. Finance Dept., International Monetary Fund. Strategy, Policy, &, and Review Department
This paper reviews the Poverty Reduction and Growth Trust (PRGT) interest rate structure for the period July 2019–June 2021.
Since the interest rate mechanism was first established in 2009, no interest has been charged on PRGT credit.
In line with the package of reforms proposed in the parallel Review of LIC Facilities, this paper proposes to align interest rates on the SCF with those on the ECF.
Based on the average SDR rate over the most recently observed 12-month period, the proposed revised interest rate mechanism would result in zero interest rates on both ECF and SCF credit for the period July 2019–June 2021.
International Monetary Fund, World Bank, International Monetary Fund. Strategy, Policy, &, Review Department, International Monetary Fund. African Dept., International Monetary Fund. Legal Dept., International Monetary Fund. Middle East and Central Asia Dept., and International Monetary Fund. Monetary and Capital Markets Department
This paper provides a proposal to incorporate the Core Principles for Islamic Finance Regulation (Banking Sector) issued by the Islamic Financial Services Board