What question did this study set out to answer?

This paper aims to update projections for the Fund's income position across the specified fiscal years and proposes decisions for resource allocation.

May 10, 2026

Review of the Fund's Income Position for FY 2026 and FY 2027-2028

Key Points

This paper aims to update projections for the Fund's income position across the specified fiscal years and proposes decisions for resource allocation.
Projected income for FY 2026 at SDR 3.8 billion, considering pension-related adjustments and retained income.
Recommended transferring SDR 1.38 billion to the Interim Placement Administered Account and utilizing Fixed Income income for expenses.
Set the rate of charge margin at 60 basis points for FY 2027-2028.
Executive Board approved proposed transfers and decisions on April 28, 2026.
Projected comprehensive income includes pension-related gains and retained investment earnings.
Maintaining a stable rate of charge supports financial decisions for upcoming fiscal years.

Abstract

This paper updates the projections of the Fund’s income position for FY 2026 and FY 2027–2028 and proposes related decisions for the current and the following financial years. The paper includes proposed decisions to transfer SDR 1.38 billion of GRA resources to the Interim Placement Administered Account and to transfer estimated Fixed Income income and a payout from the Endowment Subaccount to help meet administrative expenses. It also includes a proposed decision to keep the margin for the rate of charge unchanged at 60 basis points for FY 2027–2028. The Fund’s total comprehensive income for FY 2026 is projected at about SDR 3.8 billion; reflecting an estimated pension-related remeasurement gain and retained income in the Investment Account. The Executive Board approved these decisions on April 28; 2026.

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