The International Monetary Fund has published the Executive Board’s annual review of the Fund’s income position for the financial year ending April 30, 2026, projecting GRA net income of about USD 2.5 billion before a proposed USD 1.90 billion distribution and related transfer into the IPAA. Total comprehensive income is projected at USD 5.2 billion, and precautionary balances are expected to rise to USD 35.9 billion, above the medium-term target of SDR 25 billion. The Board also agreed to keep the margin on the IMF’s basic lending rate at 60 basis points over the SDR interest rate for FY 2027–2028. Related decisions include reimbursing the GRA for SDR Department expenses of USD 4 million and Resilience and Sustainability Trust administration costs of USD 13 million, transferring estimated investment income of USD 1,008 million from the Fixed-Income Subaccount to the GRA, and paying out about USD 206 million from the Endowment Subaccount to meet FY 2026 administrative expenses. Any pension-related remeasurement gain and residual GRA net income will be placed in the Special Reserve. The Board also approved a USD 1.90 billion distribution from net income for placement in the IPAA to facilitate new PRGT subsidy contributions and authorized transfers of currencies from the GRA to the Investment Account for investment in the Fixed-Income Subaccount, subject to the Articles of Agreement. For FY 2027 and FY 2028, GRA net income is projected at about USD 2.6 billion in each year before the expected placement of GRA resources into the IPAA. The IMF said the FY 2026 annual financial statements will update the income position for changes in key assumptions, with projections remaining sensitive to lending levels, investment returns, discount rates, plan asset performance, geopolitical tensions, and financial market volatility.
International Monetary Fund 2026-05-08
International Monetary Fund projects USD 2.5 billion FY 2026 GRA net income and keeps FY 2027–2028 lending margin at 60 basis points
The IMF Executive Board completed its annual review of the Fund’s income position for the financial year ending April 30, 2026, projecting General Resources Account (GRA) net income of about USD 2.5 billion before a proposed USD 1.90 billion distribution to the Interim Poverty Reduction and Growth Trust Administered Account (IPAA), total comprehensive income of USD 5.2 billion, and precautionary balances of USD 35.9 billion, above the medium-term target of SDR 25 billion. The Board kept the 60 basis point margin on the IMF’s basic lending rate over the SDR interest rate for financial years 2027–2028 and approved related decisions on reimbursements, transfers among the GRA, Investment Account and subaccounts, and placing pension-related gains and residual net income in the Special Reserve.