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IMF approves FY2018–FY2020 medium-term budget

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World economy remain stronger – IMF

The Executive Board of the International Monetary Fund (IMF) has approved the IMF’s administrative and capital budgets for financial year (FY) 2018, beginning May 1, 2017, and took note of indicative budgets for FY2019–20.

This is contained in a statement made available to NEWSVERGE on Friday.

The net administrative budget for FY2018, which covers all administrative expenses net of receipts (primarily from external sources to help support capacity building activities and excluding lending income), has been set at US$1,104 million. Barring a small (0.6 percent) increase in FY2017 to meet rising information technology (IT) and physical security costs, the FY2018 budget is based on an unchanged resource envelope in real terms for the sixth year in a row.

To enable the maintenance of a flat budget while accommodating new institutional priorities, reallocation and savings measures amounting to 3½ percent of the previous year’s budget are planned for implementation. As is customary, the nominal dollar budget includes an adjustment to accommodate price increases, 3 percent for FY2018.

The FY2018 capital budget, set at US$66.4 million, provides financing for new capital projects for building facilities and IT.

See summary of the budget: The FY2018–FY2020 Medium-Term Budget.

 

Kayode Adelowokan - New York

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