The IMF said on Wednesday that its profit for the current fiscal year would be better than expected at US$688 million, lifted by crisis lending and favorable exchange rates.
The IMF, which had been losing money before the global economic crisis, increased its forecast for the fiscal year to April 30 from a projection in June of US$453 million in net income.
The Fund’s midyear review said income from lending would be about US$180 million more than anticipated as a result of the vast expansion of its lending during the global crisis.
HELPED
The IMF said its financial position was also helped by the lower value of the dollar against the IMF unit known as a Special Drawing Right, based on a basket of currencies.
Because IMF business is conducted in SDRs, its administrative expenses would be lower than anticipated because of the weaker dollar.
The IMF said gold sales authorized this year to help diversify the fund’s asset base have yielded profits so far of around US$4.7 billion.
Some 212 metric tonnes were sold in October and last month of a total of 403.3 metric tonnes authorized for sale.
The IMF has been investing these profits in an endowment “to generate income on a sustainable long-term basis,” the IMF statement said.
INVESTMENTS
The Washington-based international organization said it expects to earn a total of US$150 million in the current fiscal year from its investments.
In the prior fiscal year the IMF closed its books with a profit of US$126 million, compared with a loss of US$89 million a year earlier.
MORE VISITORS: The Tourism Administration said that it is seeing positive prospects in its efforts to expand the tourism market in North America and Europe Taiwan has been ranked as the cheapest place in the world to travel to this year, based on a list recommended by NerdWallet. The San Francisco-based personal finance company said that Taiwan topped the list of 16 nations it chose for budget travelers because US tourists do not need visas and travelers can easily have a good meal for less than US$10. A bus ride in Taipei costs just under US$0.50, while subway rides start at US$0.60, the firm said, adding that public transportation in Taiwan is easy to navigate. The firm also called Taiwan a “food lover’s paradise,” citing inexpensive breakfast stalls
TRADE: A mandatory declaration of origin for manufactured goods bound for the US is to take effect on May 7 to block China from exploiting Taiwan’s trade channels All products manufactured in Taiwan and exported to the US must include a signed declaration of origin starting on May 7, the Bureau of Foreign Trade announced yesterday. US President Donald Trump on April 2 imposed a 32 percent tariff on imports from Taiwan, but one week later announced a 90-day pause on its implementation. However, a universal 10 percent tariff was immediately applied to most imports from around the world. On April 12, the Trump administration further exempted computers, smartphones and semiconductors from the new tariffs. In response, President William Lai’s (賴清德) administration has introduced a series of countermeasures to support affected
CROSS-STRAIT: The vast majority of Taiwanese support maintaining the ‘status quo,’ while concern is rising about Beijing’s influence operations More than eight out of 10 Taiwanese reject Beijing’s “one country, two systems” framework for cross-strait relations, according to a survey released by the Mainland Affairs Council (MAC) on Thursday. The MAC’s latest quarterly survey found that 84.4 percent of respondents opposed Beijing’s “one country, two systems” formula for handling cross-strait relations — a figure consistent with past polling. Over the past three years, opposition to the framework has remained high, ranging from a low of 83.6 percent in April 2023 to a peak of 89.6 percent in April last year. In the most recent poll, 82.5 percent also rejected China’s
PLUGGING HOLES: The amendments would bring the legislation in line with systems found in other countries such as Japan and the US, Legislator Chen Kuan-ting said Democratic Progressive Party (DPP) Legislator Chen Kuan-ting (陳冠廷) has proposed amending national security legislation amid a spate of espionage cases. Potential gaps in security vetting procedures for personnel with access to sensitive information prompted him to propose the amendments, which would introduce changes to Article 14 of the Classified National Security Information Protection Act (國家機密保護法), Chen said yesterday. The proposal, which aims to enhance interagency vetting procedures and reduce the risk of classified information leaks, would establish a comprehensive security clearance system in Taiwan, he said. The amendment would require character and loyalty checks for civil servants and intelligence personnel prior to
RSS