The Consolidated Medium Term Income And Expenditure Framework
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The Consolidated Medium Term Income And Expenditure Framework
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Author : International Monetary Fund. Finance Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2016-08-04
The Consolidated Medium Term Income And Expenditure Framework written by International Monetary Fund. Finance Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-08-04 with Business & Economics categories.
The medium-term income projections have been updated from the April 2015 outlook and the February review of the adequacy of precautionary balances. The main changes to the outlook stem from a more gradual rise in the SDR interest rates and lower surcharge income following the lowering of the surcharges threshold. The revised projections still show a positive forecast for net operational income (and surcharges) over the medium term, albeit lower than projected a year ago. Lending income (excluding surcharges) is marginally higher compared with earlier estimates. Surcharge income is estimated to be lower, reflecting the adjustment of the surcharges thresholds following the implementation of quota increases under the 14th General Review. Projected income from the Fixed-Income Subaccount of the Investment Account and interest-free resources are expected to increase more gradually over the medium-term as market indicators now point to a slower rise in interest rates from their current low levels. The expenditure path includes an increase in real terms of about 1⁄2 percent in the net administrative budget for FY 2017 to accommodate rising costs for physical and IT security. Moreover, reflecting further upward pressure over the medium term and uncertainty about the scope for offsetting savings, the traditional baseline assumption of a constant real spending envelope in the outer years is complemented by an alternative scenario with a further moderate spending increase of 11⁄2 percent, phased in over FY 2018–19. In addition, a lower projected U.S. dollar/SDR exchange rate increases the expenses in SDR terms.
The Consolidated Medium Term Income And Expenditure Framework
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2014-04-22
The Consolidated Medium Term Income And Expenditure Framework written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-04-22 with Business & Economics categories.
The medium-term income projections have been updated since the last estimate provided to the Executive Board in April 2013. Lending income is higher compared with the earlier estimates as a result of new arrangements approved since April 2013. Non-lending income is lower primarily due to revised projections for investment income. The updated expenditure path assumes the net administrative budget remains constant in real terms at the FY 2014 level, implying a nominal medium-term path that is somewhat higher than in the April 2013 projections. Precautionary balances are projected to reach the current target of SDR 20 billion in FY 2018. The projections also illustrate a broad balance between income and expenditures even if lending were to return to pre-crisis levels.
Fy2012 Fy2014 Medium Term Budget
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Author : International Monetary Fund. Office of Budget and Planning
language : en
Publisher: International Monetary Fund
Release Date : 2011-03-30
Fy2012 Fy2014 Medium Term Budget written by International Monetary Fund. Office of Budget and Planning and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-03-30 with Business & Economics categories.
With the global financial landscape still unsettled, temporary spending looks set to remain at current levels over the next few years. Lending commitments and crisis-management activities have surged since the onset of the crisis: by the end of December 2010, there were 60 program and financial arrangements in place, compared with 40 at the time of the Fund’s restructuring in early 2008. The higher lending has generated a sharp but temporary rise in income, but has also required an increase in temporary spending. This expenditure will unwind over time, but only marginally over the FY 12–14 MTB period
Review Of The Fund S Income Position For Fy 2016 And Fy 2017 2018
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Author : International Monetary Fund. Finance Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2016-08-04
Review Of The Fund S Income Position For Fy 2016 And Fy 2017 2018 written by International Monetary Fund. Finance Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-08-04 with Business & Economics categories.
The Fund’s total net income for FY 2016 including surcharges is projected at about SDR 1.0 billion or some SDR 0.15 billion higher than expected in April 2015. Lending income continues to be the main source of income and is in line with April 2015 estimates. Investment income has fallen reflecting the decline in equity markets that exceeded the modest returns on fixed income securities. As a result of the 5-yearly review of key actuarial assumptions, the IAS 19 adjustment (relating to reporting of employee benefits) is expected to contribute about SDR 0.3 billion to net income in FY 2016. The paper recommends that GRA net income of SDR 1.1 billion for FY 2016 (which excludes projected losses of the gold endowment), be placed equally to the special and general reserve. After the placement to reserves, precautionary balances are projected to reach SDR 15.2 billion at the end of FY 2016. Following the completion of the Board’s review of the investment strategy for the Fixed-Income Subaccount, the paper further proposes to transfer currencies equivalent to the increase of the Fund’s reserves for FY 2014 and FY 2015 (totaling SDR 2.6 billion) and FY 2016 (estimated at SDR 1.1 billion), from the GRA to the Investment Account. The paper proposes that the margin for the rate of charge be set at 100 basis points for the two years FY 2017 and FY 2018. This follows a comprehensive review of the underlying factors relevant for the establishment of the margin this year and also takes into account the impact of the inclusion of the renminbi in the SDR basket on Fund income and borrowing costs. The projections for FY 2017 and FY 2018 point to a net income position of SDR 1 billion and SDR 0.7 billion, respectively. These projections are subject to considerable uncertainty and are sensitive to a number of assumptions.
Review Of The Adequacy Of The Fund S Precautionary Balances
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2016-01-26
Review Of The Adequacy Of The Fund S Precautionary Balances written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-01-26 with Business & Economics categories.
This paper reviews the adequacy of the Fund’s precautionary balances, using the framework approved by the Board in 2010. The review takes place on the standard two-year cycle. The paper discusses developments since the last review in 2014 and revisits several issues discussed at that time. The framework provides an indicative range for the target for precautionary balances linked to credit outstanding, and allows for judgment in setting this target. A reserve coverage ratio of 20-30 percent draws on approaches in other IFIs, adapted to the circumstances of the Fund, and is a guide for determining the target. At the same time, Directors have emphasized the continued importance of judgment and Board discretion in light of a broad assessment of financial risks facing the Fund.
Fy2016 Fy2018 Medium Term Budget
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2015-03-30
Fy2016 Fy2018 Medium Term Budget written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-03-30 with Business & Economics categories.
For the net administrative budget, the FY 16–18 medium-term budget (MTB) proposal includes: In FY 16, an unchanged budget envelope in real terms, for the fourth year in a row. To accommodate new and ongoing strategic priorities of the Fund within a flat envelope, efforts to reallocate resources away from lower-priority activities and achieve efficiency gains were stepped up both at the departmental level and across the institution. Savings measures implying a reallocation of resources of close to 5 percent of the net administrative budget were identified through this process. The bulk of these savings would be used to help meet the new priorities highlighted in the Global Policy Agenda and in Management’s Key Goals, while preserving room at the departmental level to further reduce work pressures, phase in the new streamlining measures and, more generally, cope with business uncertainties and unanticipated demands. This robust prioritization effort implies difficult trade-offs and the willingness to cut lower-priority activities in order to create space for new initiatives. For FY 17–18, as a baseline assumption, a flat real budget envelope as well. Against the backdrop of a robust income position, the Fund’s medium-term budget formulation is guided primarily by considerations of prudence and credibility. The medium-term spending path will depend on new demands placed on the institution, and the scope for further reprioritization, and will be reassessed in the context of the FY 17–19 budget.
Fy2015 Fy2017 Medium Term Budget
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2014-01-04
Fy2015 Fy2017 Medium Term Budget written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-01-04 with Business & Economics categories.
The proposed FY 15–17 Medium-Term Budget (MTB) was formulated within the Fund’s strategic planning framework to align allocation of resources to the delivery of institutional priorities.
Fy2014 Fy2016 Medium Term Budget
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Author : International Monetary Fund. Office of Budget and Planning
language : en
Publisher: International Monetary Fund
Release Date : 2013-03-28
Fy2014 Fy2016 Medium Term Budget written by International Monetary Fund. Office of Budget and Planning and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-03-28 with Business & Economics categories.
The proposed FY 14–16 Medium-Term Budget was formulated within the Fund’s strengthened strategic planning framework and seeks to align the allocation of resources to the delivery of institutional priorities. Despite the additional resources that have been provided to meet crisis demands, crisis related work and overall work pressures remain elevated. At the same time, available resources are not being fully utilized. Therefore, the budget strategy—instead of asking for further additional resources—is geared toward making more efficient use of existing resources to reduce work pressures and meet new demands.
Beyond The Annual Budget
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Author : World Bank
language : en
Publisher: World Bank Publications
Release Date : 2012-11-12
Beyond The Annual Budget written by World Bank and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-11-12 with Business & Economics categories.
Beyond the Annual Budget is a comprehensive review of country experience with Medium Term Expenditure Frameworks (MTEFs) worldwide. It looks at countries both with and without MTEFs over the period 1990 to 2008 to obtain results about their impact on fiscal performance.
Fy2013 Fy2015 Medium Term Budget
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Author : International Monetary Fund. Office of Budget and Planning
language : en
Publisher: International Monetary Fund
Release Date : 2012-03-29
Fy2013 Fy2015 Medium Term Budget written by International Monetary Fund. Office of Budget and Planning and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-03-29 with Business & Economics categories.
The FY 13–15 Medium-Term Budget presented in this paper reflects the following main features: Unchanged administrative budget in real terms for FY 13. Overall spending (structural plus crisis/temporary) will be kept unchanged in real terms in FY 13 relative to the FY 12 budget (excluding the one-off additional cost of the 2012 Annual Meetings in Tokyo).Broadly unchanged administrative envelope in nominal terms for FY 13. This reflects the impact of the Executive Board’s decision in March to grant no increase in the staff salary structure in the context of the 2012 Compensation Review. The “structure increase” is the main component in the budget deflator applied to map the real total envelope into nominal terms. A capital budget dominated by the impact of the HQ1 Renewal Program. The final appropriation for this project, approved by the Executive Board in March 2011, is reflected in the proposed capital budget for FY 13.