Payments are made to the International Monetary Fund (IMF), under the International Monetary Agreements Act 1947, to promote international monetary cooperation, exchange stability and orderly exchange arrangements; to foster economic growth and high levels of employment; and to provide temporary financial assistance to countries to help ease balance of payments adjustments.
Payments are made to other international financial institutions, as required, to facilitate the achievement of government objectives in international forums, including strengthening the international financial system, support for development objectives through the multilateral development banks, and multilateral debt relief.
Please see Part 5 Appendices — Australia and the International Financial Institutions for more information regarding the IMF and the World Bank Group.
Payments to international financial institutions, including the IMF, are made with due regard to minimising cost and risk for Australia.
Key performance indicators
Financial transactions with the international financial institutions, including the IMF, are timely and accurate.
Analysis of performance
Australia makes substantial financial payments to international financial institutions to support their operations.
The Treasury manages most of Australia’s financial relations with the IMF and capital contributions to the World Bank Group (the International Bank for Reconstruction and Development, the Multilateral Investment Guarantee Agency, the International Development Association and the International Finance Corporation), the Asian Development Bank and the European Bank for Reconstruction and Development.
In 2013-14, the Treasury conducted routine financial transactions to manage existing obligations. These were timely and efficient (see Table 1 over).
|Nature of transaction||Number of transactions||Total $’000|
|IMF net remuneration||Revenue||4||1,299|
|IMF new arrangements to borrow — interest||Revenue||4||880|
|IMF special drawing rights allocation charges(b)||Expense||4||4,878|
|IMF new arrangements to borrow|
|— loans||Financing transaction||6||209,461|
|IMF maintenance of value||Financing transaction||1||455,936|
|Asian Development Bank general capital increase||Investing transaction||1||16,510|
|International Bank for Reconstruction and Development general capital increase||Investing transaction||1||10,534|
Transactions are reported on a cash basis. There were no transactions relating to the European Bank for Reconstruction and Development, the International Finance Corporation or Multilateral Investment Guarantee Agency. Australia is a participant in the IMF’s Financial Transactions Plan. More information on Australia’s financial transactions with international financial institutions, including the IMF, is at Part 5 Appendices — Australia and the International Financial Institutions.
This amount includes the annual assessment fee paid to the SDR Department.