{
  "title": "Press Release: IMF Executive Board Reviews Fund's Income Position and Sets Lending Rate for 2011 Financial Year",
  "publication": "IMF News, May 19, 2010",
  "sourceUrl": "https://www.imf.org/en/news/articles/2015/09/14/01/49/pr10204",
  "canonical": "https://www.imf.org/en/news/articles/2015/09/14/01/49/pr10204",
  "overlayPath": "/en/news/articles/2015/09/14/01/49/pr10204/index.md",
  "summary": "FY 2010 net operational income position is projected at SDR 365 million (US$534 million), compared with SDR 290 million (US$424 million) envisaged at the beginning of the financial year.",
  "publishDate": "2010-05-19",
  "sections": [
    {
      "heading": "FY 2010 Income Position",
      "content": "- FY 2010 net operational income position is projected at SDR 365 million (US$534 million), compared with SDR 290 million (US$424 million) envisaged at the beginning of the financial year.\n- Improved outlook primarily attributed to:\n  - higher than expected earnings on the Fund’s investment portfolio, which is made up largely of fixed-income securities; and\n  - lower net administrative expenditures, in SDR terms, reflecting movements in the U.S. dollar/SDR exchange rate.\n- FY 2010 net income will include gold profits estimated at about SDR 3.5 billion (US$5.1 billion) from part of the limited sale of the Fund’s gold.\n- Purpose of the gold sales:\n  - fund an endowment; and\n  - increase the Fund’s resources for lending to low-income countries under a strategy endorsed by the IMF Executive Board in July 2009.\n- Note on the endowment: the endowment to provide a sustainable source of income has not yet been established pending approval by the membership of the proposed amendment to the Articles of Agreement to broaden the investment mandate."
    },
    {
      "heading": "FY 2011 Lending Rate and Income Position",
      "content": "- The Executive Board agreed to maintain the margin on the rate of charge unchanged at 100 basis points above the SDR interest rate for FY 2011.\n- Projections for FY 2011:\n  - net operational income position of about SDR 202 million (US$295 million), before taking account of income from surcharges;\n  - income from surcharges applied to higher access borrowing estimated at SDR 499 million (US$730 million).\n- Projections subject to a high degree of uncertainty given:\n  - difficulty of predicting future demand for Fund financing;\n  - sensitivity to the timing and amounts of disbursements under arrangements included in the assumptions;\n  - possible new arrangements; and\n  - performance of the Fund’s investment portfolio."
    },
    {
      "heading": "Other Decisions Affecting IMF Finances",
      "content": "- Use FY 2010 investment income to meet expenses of conducting the business of the Fund during FY 2010.\n- Transfer amounts attributable to FY 2010 net operational income to the Fund’s investment portfolio.\n- Continue special charges on certain overdue obligations.\n\nPress Release No. 10/204 — May 19, 2010\n\n---\n\n Content in this bundle\n\n- 041410pdf (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- Press Releases\n- Review of the Fund’s Income Position for FY 2010 and FY 2011\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2015/09/14/01/49/pr10204"
    }
  ],
  "bullets": [
    "[Markdown version](/en/news/articles/2015/09/14/01/49/pr10204/index.md)",
    "[Structured JSON version](/en/news/articles/2015/09/14/01/49/pr10204/index.json)",
    "[Bundle manifest](/en/news/articles/2015/09/14/01/49/pr10204/bundle-manifest.json)",
    "Published: May 19, 2010",
    "FY 2010 net operational income position is projected at SDR 365 million (US$534 million), compared with SDR 290 million (US$424 million) envisaged at the beginning of the financial year.",
    "Improved outlook primarily attributed to:",
    "FY 2010 net income will include gold profits estimated at about SDR 3.5 billion (US$5.1 billion) from part of the limited sale of the Fund’s gold.",
    "Purpose of the gold sales:",
    "Note on the endowment: the endowment to provide a sustainable source of income has not yet been established pending approval by the membership of the proposed amendment to the Articles of Agreement to broaden the investment mandate.",
    "The Executive Board agreed to maintain the margin on the rate of charge unchanged at 100 basis points above the SDR interest rate for FY 2011.",
    "Projections for FY 2011:",
    "Projections subject to a high degree of uncertainty given:",
    "Use FY 2010 investment income to meet expenses of conducting the business of the Fund during FY 2010.",
    "Transfer amounts attributable to FY 2010 net operational income to the Fund’s investment portfolio.",
    "Continue special charges on certain overdue obligations.",
    "[041410pdf (PDF)](/-/media/websites/imf/imported/external/np/pp/eng/2010/_041410pdf.pdf){rel=\"external\" type=\"application/pdf\"}",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[Review of the Fund’s Income Position for FY 2010 and FY 2011](http://www.imf.org/external/pp/longres.aspx?id=4453)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
  ],
  "related": [
    {
      "title": "041410pdf",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported/external/np/pp/eng/2010/_041410pdf.pdf",
      "binary": {
        "path": "/-/media/websites/imf/imported/external/np/pp/eng/2010/_041410pdf.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/news/articles/2015/09/14/01/49/pr10204/index.md",
    "json": "/en/news/articles/2015/09/14/01/49/pr10204/index.json",
    "bundleManifest": "/en/news/articles/2015/09/14/01/49/pr10204/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-26T18:00:31.932Z"
}