Its main sources of income are its lending operations and investments. The base rate of charges (the interest rate on IMF loans) is defined as the interest rate on SDR holdings plus the mark-up, expressed in basis points. As in 2011 and 2012 fiscal years, the Council agreed to leave a markup to the rate of fees unchanged at 100 basis points. Within the framework of the new revenue model, this decision was guided by the principles that the surcharge should cover the fund's mediation costs and the accumulation of reserves and generally conform to the rates in the capital markets.
Additional fees of 200 basis points are levied for the use of large amounts of credit (over 300% of the quota of a member state) for credit tranches and under arrangements for extended lending; they are called additional fees, based on the amount of borrowing. The IMF also charges an additional 100-basis point-based fee for using large amounts of credit (with the same threshold as above) that remain outstanding for more than 36 months.
In addition to periodic and additional fees, the IMF also charges for services, charges for obligations and special charges. A service fee of 0.5% is charged for each loan provided with the COP. Reimbursable commission fees are levied on arrangements that provide for the repayment of funds from the GRA, such as "stand-by" agreements, as well as mechanisms for extended, flexible and preventive credit lines for each 12-month period. Charges for the obligation are charged in the amount of 15 basis points from the amounts provided in the amount up to 200% of the quota, 30 basis points from the allocated amounts in the range from 200 to 1000% of the quota, and 60 basis points from the allocated amounts of more than 1000% of the quota. These fees are reimbursed when using a loan in proportion to the amount received. In addition, the IMF collects special fees for arrears of principal and payments that are overdue by less than six months.
Reward and interest
In terms of costs, the IMF pays interest (remuneration) to member states on their creditor positions in the GRA (called reserve tranche positions). The articles of the agreement provide that the rate of remuneration should not exceed the interest rate on the assets in SDRs and should not be less than 80% of this rate. Currently, the interest rate is set at the interest rate on the assets in the SDR, which is also the interest rate for borrowing the IMF. As noted above, in 2009 the Executive Board decided to increase the IMF's financing capacity through loans in the first response to the global financial crisis. As of April 30, 2011, the IMF received loans from member states in the form of bilateral loans, bond purchase agreements and expanded new loan agreements, amounting to SDR 19.7 billion.
Rates of fees and remuneration of the IMF are adjusted in the framework of the established in the mid-1980s. a burden-sharing mechanism that evenly distributes the cost of overdue financial obligations between creditor and debtor member states. Quarterly interest fees that are overdue (unpaid) for six months or more are reimbursed by increasing the rate of fees and reducing the interest rate (adjusting the distribution of the financial burden). The amounts collected in this way are returned after the repayment of overdue fees. In fiscal year 2011, adjustments for unpaid quarterly interest rates averaged less than 1 basis point, reflecting an increase in the outstanding and outstanding IMF loan as a result of the global crisis affecting member states and the corresponding increase in the member countries' position on the reserve tranche. In fiscal year 2011, the adjusted fees and remuneration rates averaged 1.35 and 0.3%.
Net operating income of the IMF in FY2011, excluding profit from its gold sales, amounted to SDR 780 million, reflecting primarily revenue from a large volume of lending. The rate of return after deduction of payments on IMF investments was 0.8%, surpassing the control index for one to three years by 54 basis points. The profit from the sale of gold in fiscal year 2011 was 3.1 billion SDRs and was transferred to the Investment Account of the IMF for investment, as noted above.
As we have said in this chapter, the new IMF revenue model, approved in 2008, includes creating an investment fund on an investment account that will be financed from the sale of a limited portion of the IMF's gold holdings designed to invest these resources and make a profit to support the budget of the IMF while preserving the long-term real value of the security fund. In July 2009, the Executive Board decided that in addition to financing the support fund, part of the proceeds from the sale of gold could also be used to increase the IMF resources for concessional lending to low-income countries. In September 2009, the Council formally approved the sale of gold in volume of 403.3 metric tons, which was one-eighth of all the gold holdings of the fund at that time. The sale of gold began in October 2009. In accordance with the conditions to avoid disruption of the gold market, the fund first offered gold for sale outside the market to holders of the official sector, such as central banks (at market prices at the time of sale). Three central banks purchased a total of 212 tons of gold for several months after its offer, leaving 191.3 tons unrealized. In February 2010, the IMF announced plans to begin the second phase of gold sales on the market, making it clear that it could continue and over-the-counter sales and that further sales to official holders will reduce the amount of gold for sale on the market by the appropriate amount.
As sales to the market took place in September 2010, the IMF announced the sale of 10 metric tons of gold to the Bank of Bangladesh at current market prices. In December of the same year, the IMF announced the completion of a program of limited sales of gold. The total proceeds from the sale of IMF gold amounted to SDR 9.54 billion. Of this amount, 2.69 billion SDRs represent the book value of gold and 6.85 billion SDR - profit. As noted, all sales (outside the market and on the market) were made at market prices that were higher than anticipated during the approval of the new revenue model. Financing of the security fund at the expense of profits from the sale of gold at the level initially set at the time of approval of the new revenue model in 2008 and the increase in resources for concessional lending to the level agreed in July 2009 would have been secured with an average selling price of $ 935 US per ounce.
The actual average selling price was $ 1,144 per ounce, bringing an additional "unexpected profit" from the sale of gold.