The financial results that topped expectations stemmed primarily from the income on the Fund’s investment portfolio, which is made up largely of fixed-income securities, and an increase in lending income reflecting greater demand from members for Fund financing.

The Fund’s net income comes after an 89mln-dollar loss in FY 2007-2008. A year ago, the fund was severely affected by the decision of Argentina and Brazil to repay the IMF loans before due.

A baseline scenario gives a projected FY 2010 net operational income position of about 446 million dollars. Under a high-lending scenario based on possible new loans, a net operational income position of about 1.1 million dollars is projected.

Since its establishment, in 1945, the Fund’s earnings stem from the lending to countries in financial distress. In times of economic boom, IMF financings are less attractive, but came back in the country’s attention in the light of global economic crisis.