2025财年基金收入状况——实际结果（英）

September2025 IMF staff regularly produces papers proposing new IMF policies, exploring options forreform, or reviewing existing IMF policies and operations.The following document has •TheStaff Reportprepared by IMF staff and completed onAugust4,2025,for theinformation of the Executive Board. The paper was prepared following completion TheIMF’s transparency policy allows for the deletion of market-sensitive informationand premature disclosure of the authorities’ policy intentions in published staff reports Electronic copies of IMF Policy Papersare available to the public from International Monetary Fund THE FUND’S INCOME POSITION FOR FY 2025—ACTUAL EXECUTIVE SUMMARY This paper reports on the Fund’s income position for FY 2025 following the closing ofthe Fund’s accounts for the financial year and completion of the external audit. Totalcomprehensive 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), GRA net income, after taking into account the placement of SDR 1.38 billion from theGeneral Resources Account (GRA) to the newly established Interim PlacementAdministered Account (IPAA), increased Fund reserves by about SDR 0.9 billion.Remeasurement gains contributed a further SDR 0.3 billion to reserves. In accordance The Fund’s precautionary balances, following the placement of net income to theFund’s reserves and the pension-related adjustments for the year, reached Approved ByBernard Lauwers (FIN) Prepared by the Finance Department (Diviesh Nana, Emer Fleming,Karin Glinton, Ewa Gradzka, Jesse Jinyong Yang, and Wenyue Yangunder the guidance of Amadou Ndiaye and Jeannie Khaw), in CONTENTS REVIEW OF THE INCOME POSITION FOR FY 2025_____________________________________________3 FIGURE 1.FY 2025 Highlights _____________________________________________________________________________ 9 TABLES 1.Income and Expenditures for FY 2025 __________________________________________________________ 42.Reconciliation of Administrative Expenses—FY 2025 ___________________________________________ 63.Reconciliation of Pension-Related Gains/Losses—FY 2025 _____________________________________ 74.Net Transfer of Currencies from the GRA to the Fixed-Income Subaccount for FY 2025 ________ 8 ANNEX I.Impact of FY 2025 Decisions __________________________________________________________________________ 10 REVIEW OF THE INCOME POSITION FOR FY 2025 1.This paper presents the Fund’s net income position for FY 2025.The actual outcomereported in this paper follows the closing of the Fund’s accounts for the financial year and 2.Net operational income, before pension-related remeasurement gains and retainedincome in the Investment Account (IA), was SDR 2.3 billion, in line with the April estimate (Table 1).Returns from the respective IA subaccounts were mixed, with retained income decliningto SDR 0.7 billion. The pension-related remeasurement rose marginally above earlier expectations ofSDR 0.1 billion, to SDR 0.3 billion. As a result, total comprehensive income for FY 2025 including theretained investment income and the IAS 19 remeasurement gain, reached SDR 3.3 billion (Table 1), •Lending income.Lending income—which includes margin income, service charges,commitment fees, and surcharges—totaled SDR 2,163 million for the year, in line with the April •Income of the Investment Account.In FY 2025, part of the investment income from both theFixed-Income (FI) and Endowment (EA) Subaccounts was transferred to the GRA, while the oFixed-Income Subaccount:The FI earned SDR 1,284 million for the year, SDR 44 millionmore than the projected SDR 1,240 million, as portfolio assets performed better, supportedby declining short-term SDRi yields in March and April. Since the income transfer amount tothe GRA is capped and expenses were lower than expected (see Expenses section below), ¹ SeeReview of the Fund’s Income Position for FY 2025 and FY 2026. ² Commencement of payouts with an initial value of US$200 million (about SDR 147 million), approximately 2 percent of the EA’smost recent NAV. FI transfer amount is capped to the level of expenses incurred during the year, net of the reimbursements, andafter taking into account the payout from the EA.3Interest free resources reduce the Fund’s costs and therefore provide implicit returns. Since the Fund invests its reserves in theInvestment Account to earn a higher return, the interest free resources retained in the GRA are mainly attributable to unremuneratedreserve tranche positions not represented by gold holdings and GRA income for the year not yet transferred to the InvestmentAccount. These resources reduce members' reserve tranche positions and the Fund's remuneration expense or increase interestincome if reflected in SDR holdings of the GRA, resulting in implicit income for the Fund.4See Table 2 for a reconciliation to the administrative expenses reported in the financial statements for