Policy Papers

This paper reports on the Fund’s income position for FY 2025 following the closing of the Fund’s accounts for the financial year and completion of the external audit. Total comprehensive income of the General Department was SDR 3.3 billion (or about $4.4 billion) comprising General Resources Account (GRA) net income (SDR 2.3 billion), retained investment income (SDR 0.7 billion) and remeasurement gains reported under IAS 19 (SDR 0.3 billion). GRA net income, after taking into account the placement of SDR 1.38 billion from the General Resources Account (GRA) to the newly established Interim Placement Administered Account (IPAA), increased Fund reserves by about SDR 0.9 billion. Remeasurement gains contributed a further SDR 0.3 billion to reserves. In accordance with decisions taken by the Executive Board in April 2025, a net transfer of currencies equivalent to SDR 0.3 billion will be made from the GRA to the Investment Account during FY 2026. The Fund’s precautionary balances, following the placement of net income to the Fund’s reserves and the pension-related adjustments for the year, reached SDR 25.9 billion at the end of FY 2025, in line with the April projection.