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THE FUND’S INCOME POSITION FOR FY 2021-ACTUAL OUTCOME
November 22, 2021
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The Staff Report prepared by IMF staff and completed on September 7, 2021 for the information of the Executive Board. The paper was prepared following completion of the IMF’s FY 2021 external audit.
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Title page
THE FUND’S INCOME POSITION FOR FY 2021—ACTUAL OUTCOME
September 7, 2021
EXECUTIVE SUMMARY
This paper reports on the Fund’s income position for FY 2021 following the closing of the Fund’s accounts for the financial year and completion of the external audit. Overall FY 2021 net income amounted to SDR 4.8 billion or SDR 0.7 billion higher than estimated in April, mainly reflecting a larger than anticipated gain reported under IAS 19 (the accounting standard for employee benefits) and endowment returns exceeding earlier projections.
The GRA net income of about SDR 4 billion increases the Fund’s reserves. In accordance with decisions taken in April 2021, a net transfer of currencies from the GRA to the Investment Account amounting to SDR 2.4 billion will be made in the second quarter of FY 2022. The placement of the net income to the Fund’s reserves has strengthened the Fund’s precautionary balances which reached SDR 20 billion at the end of FY 2021.
Approved By
Bernard Lauwers (FIN)
Prepared by the Finance Department (Amadou Ndiaye, Diviesh Nana, Breno Oliveira, Jessie Yang, and Jesse Jinyong Yang under the guidance of Simon Bradbury and Maria Manno), in consultation with the Legal Department and the Office of Budget and Planning.
Contents
REVIEW OF THE INCOME POSITION FOR FY 2021
FIGURE
1. FY 2021 Highlights
TABLES
1. Income and Expenditures for FY 2021
2. Reconciliation of IAS 19 Gains—FY 2021
3. Reconciliation of Administrative Expenses—FY 2021
4. Net Transfer of Currencies from the GRA to the Fixed-Income Subaccount for FY 2021