The Executive Board of the International Monetary Fund (IMF) has completed its review of the Fund’s income position for the financial year ending April 30, 2025, and for FY 2026. On April 18, 2025, this annual review was concluded, outlining income expectations and related decisions.
For FY 2025, the Gross Reserves Account (GRA) net income, prior to transfers and distributions, is anticipated to be around US$3.0 billion (SDR 2.3 billion). The total comprehensive income, factoring in pension-related remeasurement gains and income retained in the investment account, is expected to amount to US$4.5 billion (SDR 3.4 billion). This financial performance will boost the Fund’s precautionary balances to US$34.4 billion (SDR 25.9 billion) by the fiscal year’s end.
According to the IMF, the Executive Board made several financial decisions. These include the reimbursement of the GRA for expenses related to the SDR Department and the Resilience and Sustainability Trust, transfer of a fraction of income from specific subaccounts to cover administrative costs for FY 2025, and allocation of pension-related gains to the Special Reserve. Additionally, a distribution of US$1.81 billion (SDR 1.38 billion) from net income aims to support new subsidy contributions to the PRGT, and remaining GRA net income will be allocated to the Special Reserve.
Despite the strong income figures, projections remain at risk due to potential global economic uncertainties and financial market volatility. The Fund’s final income position will be subject to changes from these assumptions by the time the FY 2025 annual financial statements are released.
Looking ahead to FY 2026, the GRA net income is projected to remain strong at US$2.3 billion (SDR 1.7 billion) before distribution. Yet, these projections also face risks related to market volatility, potential impacts on global growth, and shifts in the global interest rate environment. The timing and amounts of disbursements under lending arrangements add another layer of uncertainty.
The Executive Board of the IMF has decided to maintain the basic lending rate for member countries, which combines the SDR interest rate with a fixed margin. This margin is set to remain at 60 basis points over the SDR interest rate, continuing from the decision taken in October 2024 for the upcoming fiscal periods.