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Europe > Ukraine

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Cover Policy Papers
Review of the Fund’s Income Position for FY2023 and FY2024
International Monetary Fund. Finance Dept.
This paper updates the projections of the Fund’s income position for FY 2023 and FY 2024 and proposes related decisions for the current and next financial year. The paper also includes a proposed decision to keep the margin for the rate of charge unchanged for financial year 2024. The Fund’s overall net income for FY 2023 is projected at about SDR 1.8 billion, slightly lower than the April 2022 estimate.
Keywords:
Income Position; Lending Income; Investment Income; Expenditures; Margin for the Rate of Charge; Reserve Accumulation; Precautionary Balances; Pension; Provisioning; Payout; Reimbursement; GRA FY; end FY; transparency policy; retirement plan obligation; income outlook; Income; SDR interest rate; Reserves accumulation; Discount rates; Credit risk; Global
Cover Policy Papers
Review of The Fund's Income Position for FY 2022 and FY 2023–2024
International Monetary Fund. Finance Dept.
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.
Keywords:
income outlook; GRA FY; FY 2022; EA asset value; transparency policy; net income position; retirement plan obligation; Income; Reserves accumulation; SDR interest rate; Credit risk; Discount rates; Global
Cover Policy Papers
Review of the Fund's Income Position for FY 2015 and FY 2016
International Monetary Fund
FY 2015 net income is now projected at SDR 1.5 billion. Lending continues to be the main source of income, although advance repurchases have lowered projected lending income in FY 2015 by SDR 0.3 billion. Investment income remains constrained in the low interest environment but the returns were somewhat stronger than projected. A revaluation of pension obligations, required under accounting standard IAS 19 and stemming from a further fall in the discount rate, is projected to entail an adjustment to FY 2015 net income of about SDR 0.8 billion. The paper proposes that GRA net income of SDR 1.3 billion, which excludes the retained earnings of the gold endowment, be placed to the special reserve.* After the placement to reserves, precautionary balances are projected at SDR 14.0 billion at the end of FY 2015. The paper further proposes to retain currencies available for transfer to the Investment Account in the GRA, pending completion later this year of the Board’s review of the mandate for the Fixed-Income Subaccount.
Keywords:
PP; SDR; net income of SDR; income; SDR billion; intermediation cost; staff calculation; GRA net income; meeting FY; fund's Income position; Personal income; SDR interest rate; Reserves accumulation; Financial statements; Discount rates; Global
Cover IMF Policy Discussion Papers
Considerations in the Choice of the Appropriate Discount Rate for Evaluating Sovereign Debt Restructurings
Ms. Julie A Kozack
Assessments regarding the effectiveness of sovereign debt restructurings are often summarized by comparisons of the net present value of debt service before and after the restructuring. These calculations are inherently sensitive to the choice of discount rate. This paper explores issues that arise in selecting discount rates when evaluating sovereign debt restructurings. It suggests using a range of discount rates and centering the analysis around the internal rate of return to assess whether the debt restructuring has generated net present value savings or costs to the debtor.
Keywords:
PDP; NPV calculation; NPV saving; debt-service payment; Discount rate; sovereign debt restructuring; financial crisis; net present value; discount rate range; uniform discount rate; NPV cost; default premium; NPV estimate; stock concept; calculations to the choice; savings from the perspective; associated NPV calculation; NPV neutral; Discount rates; Debt restructuring; Debt service; Debt sustainability; Yield curve; Global
Cover IMF Working Papers
Haircuts: Estimating Investor Losses in Sovereign Debt Restructurings, 1998-2005
Mr. Jeromin Zettelmeyer
and
Mr. Federico Sturzenegger
This paper estimates bond-by-bond "haircuts"-realized investor losses-in recent debt restructurings in Russia, Ukraine, Pakistan, Ecuador, Argentina, and Uruguay. We consider both external and domestic retructurings. Haircuts are computed as the percentage difference between the present values of old and new instruments, discounted at the yield prevailing immediately after the exchange. We find average haircuts ranging from 13 percent (Uruguay external exchange) to 73 percent (2005 Argentina exchange). We also find within-exchange variations in haircuts, depending on the instrument tendered. With exceptions, domestic residents do not appear to have been treated systematically better (or worse) than foreign residents.
Keywords:
WP; U.S. dollar; discount rate; secondary market; yield to maturity; par bond; Sovereign Debt; Debt Restructuring; Defaults; Financial Crises; Brady bond; cash payment; coupon bond; maturity date; Bonds; Options; Discount rates; Public expenditure review; Currencies; Global