## The Fund's Income Position for FY 2013 - Midyear Update

_Policy Papers, December 21, 2012_

## Source details

**Canonical URL:** [The Fund's Income Position for FY 2013 - Midyear Update](https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/the-fund-s-income-position-for-fy-2013-midyear-update-pp4729)

## Other formats

- [Markdown version](/en/publications/policy-papers/issues/2016/12/31/the-fund-s-income-position-for-fy-2013-midyear-update-pp4729/index.md)
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## Bibliographic details
- Published: December 21, 2012
- Series: Policy Papers
- Stock No: ISBN

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### Summary of projections
- 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.

### Key drivers of the revision
- Lower projected disbursements under approved arrangements owing to:
  - delays in scheduled drawings; and
  - arrangements expected to expire with substantial undrawn balances.
- 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 metadata
- Publication date: December 21, 2012.
- Format referenced: PDF.

*International Monetary Fund — The Fund's Income Position for FY 2013 - Midyear Update.*

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## Content in this bundle

- **The Fund’s Income Position for FY 2013—Midyear Update; IMF Policy Paper; December 21, 2012**
  - [The Fund’s Income Position for FY 2013—Midyear Update; IMF Policy Paper; December 21, 2012 (Markdown version)](/-/media/websites/imf/imported-full-text-pdf/external/np/pp/eng/2012/_122112.pdf.md){rel="alternate" type="text/markdown"}
  - [The Fund’s Income Position for FY 2013—Midyear Update; IMF Policy Paper; December 21, 2012 (PDF)](/-/media/websites/imf/imported-full-text-pdf/external/np/pp/eng/2012/_122112.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/the-fund-s-income-position-for-fy-2013-midyear-update-pp4729_