{
  "title": "The Fund's Income Position for FY 2013 - Midyear Update",
  "publication": "Policy Papers, December 21, 2012",
  "sourceUrl": "https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/the-fund-s-income-position-for-fy-2013-midyear-update-pp4729",
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  "summary": "This paper presents updated projections on the Fund’s FY 2013 income position. The projected net income is now SDR 2.1 billion, slightly lower than the earlier projection of SDR 2.3 billion at the beginning of the year.",
  "sections": [
    {
      "heading": "Summary of projections",
      "content": "- Projected net income for FY 2013: SDR 2.1 billion.\n- Earlier projection at the beginning of the year: SDR 2.3 billion.\n- The projection has been revised slightly downward from the beginning-of-year estimate."
    },
    {
      "heading": "Key drivers of the revision",
      "content": "- Lower projected disbursements under approved arrangements owing to:\n  - delays in scheduled drawings; and\n  - arrangements expected to expire with substantial undrawn balances.\n- Expectation that funding of the gold endowment will not begin until FY 2014.\n- Lower implicit returns on the Fund’s interest-free resources due to the prevailing interest rate environment."
    },
    {
      "heading": "Publication metadata",
      "content": "- Publication date: December 21, 2012.\n- Format referenced: PDF.\n\nInternational Monetary Fund — The Fund's Income Position for FY 2013 - Midyear Update.\n\n---\n\n Content in this bundle\n\n- The Fund’s Income Position for FY 2013—Midyear Update; IMF Policy Paper; December 21, 2012\n  - The Fund’s Income Position for FY 2013—Midyear Update; IMF Policy Paper; December 21, 2012 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - The Fund’s Income Position for FY 2013—Midyear Update; IMF Policy Paper; December 21, 2012 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/the-fund-s-income-position-for-fy-2013-midyear-update-pp4729"
    }
  ],
  "bullets": [
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    "Published: December 21, 2012",
    "Series: Policy Papers",
    "Stock No: ISBN",
    "Projected net income for FY 2013: SDR 2.1 billion.",
    "Earlier projection at the beginning of the year: SDR 2.3 billion.",
    "The projection has been revised slightly downward from the beginning-of-year estimate.",
    "Lower projected disbursements under approved arrangements owing to:",
    "Expectation that funding of the gold endowment will not begin until FY 2014.",
    "Lower implicit returns on the Fund’s interest-free resources due to the prevailing interest rate environment.",
    "Publication date: December 21, 2012.",
    "Format referenced: PDF.",
    "**The Fund’s Income Position for FY 2013—Midyear Update; IMF Policy Paper; December 21, 2012**"
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