## THE FUND'S INCOME POSITION FOR FY 2024—ACTUAL OUTCOME

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**Canonical URL:** [THE FUND'S INCOME POSITION FOR FY 2024—ACTUAL OUTCOME](https://www.imf.org/-/media/files/publications/pp/2024/english/ppea2024056.pdf)

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### Executive summary and headline results
- Comprehensive net income (FY 2024): SDR 4,684 million.
- This outcome was SDR 239 million higher than the April projection.
- Main drivers of the variance:
  - Pension-related remeasurement gain reported under IAS 19: SDR 286 million higher than projected.
  - Investment income from the Fixed-Income and Endowment Subaccounts: SDR 46 million lower-than-anticipated.
- Precautionary balances at end-FY 2024: SDR 25.1 billion (in line with the April projection).
- A net transfer of currencies of SDR 3,331 million is scheduled from the GRA to the Fixed-Income Subaccount during FY 2025.

### Income components and operational results
- Lending income (margin income, service charges, commitment fees, surcharges): SDR 2,682 million (in line with April estimates).
- Investment income:
  - Fixed-Income Subaccount (FI): SDR 783 million (projected SDR 803 million; -2%).
  - Endowment Subaccount (EA): SDR 570 million (projected SDR 596 million; -4%).
  - Drivers of lower investment income: increase in US treasury yields in April lowering mark-to-market gains; volatility and increased bond yields in last two months of financial year.
- Interest free resources: SDR 183 million (1% above projection).
- Reimbursements: SDR 11 million (0% change vs. projection).
- Total expenses: SDR 1,185 million (broadly in line with April estimates; slight increase due to variance between projected and actual USD/SDR exchange rates).
- Net operational income before remeasurement gain: SDR 2,474 million (April projection SDR 2,495 million; -1%).

### Pension-related remeasurement and actuarial factors
- Pension-related remeasurement gain (IAS 19): SDR 1,640 million (actual) vs. SDR 1,354 million (projection); 21% higher.
- Key contributors to the remeasurement gain difference:
  - Increase in the discount rate from the April estimate of 5.19 percent to the actual year-end rate of 5.53 percent, which increased the remeasurement gain by SDR 478 million.
  - Higher-than-estimated plan experience loss and other adjustments of about SDR 168 million (reflecting higher actual inflation and salary increase rates).
  - Weaker-than-anticipated plan asset returns reducing portfolio gains by about SDR 24 million (bond yields increased and global equity markets experienced slight declines in the last month).
- Net periodic pension cost reported (see reconciliation): SDR 36 million (equivalent to US$48 million) included in administrative expense reconciliation.

### Reserves, allocation decisions, and transfers
- GRA net income placement and allocations:
  - Income from the Endowment Subaccount of SDR 570 million is retained in the subaccount.
  - Income from the Fixed-Income Subaccount of SDR 777 million, after offsetting the remaining retained loss of SDR 6 million from FY 2022, will be transferred to the GRA for meeting administrative expenses.
  - A portion of FY 2024 GRA net income equivalent to the pension-related remeasurement gain was placed to the Fund’s special reserve.
  - The remainder of GRA net income was allocated equally between the Fund’s general reserve and special reserve.
- No decision to distribute GRA net income has been taken for FY 2024.
- Net transfer of currencies scheduled from the GRA to the Fixed-Income Subaccount during FY 2025: SDR 3,331 million.

### Expenses reconciliation highlights
- Total expenses in U.S. dollars (presented): US$1,410 million plus adjustments producing US$1,576 million total expenses in U.S. dollars.
- Total expenses in SDR millions (per Table 1 / audited financial statements): SDR 1,185 million.
- Reconciliation items (selected):
  - Capital budget items expensed and depreciation included in total expenses.
  - Net periodic pension cost (SDR millions) reflected in the audited financial statements and reconciled to the net administrative budget outturn.
  - Reimbursements from RST Trust and SDR Department reduce total administrative expenses per audited financial statements.

### Key statistics and comparisons (Actual vs. April projection; all figures in SDR millions unless noted)
- Lending income: 2,682 (Actual) vs. 2,683 (Projection); 0% change.
- Investment income (FI): 783 vs. 803; -2% change.
- Investment income (EA): 570 vs. 596; -4% change.
- Interest free resources: 183 vs. 181; 1% change.
- Reimbursements: 11 vs. 11; 0% change.
- Expenses: 1,185 vs. 1,183; 0% change.
- Net operational income before remeasurement gain: 2,474 vs. 2,495; -1% change.
- Pension-related remeasurement gain: 1,640 vs. 1,354; 21% change.
- Net income (total comprehensive): 4,684 vs. 4,445; 5% change.

*Prepared by the Finance Department; review based on audited financial statements and FY 2024 external audit.*

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_Source: https://www.imf.org/-/media/files/publications/pp/2024/english/ppea2024056.pdf_