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from staff in CSF, HRD, ICD, ITD are noted in the text in the relevant sections. Contents Abbreviation and Acronyms SECTION I. OVERVIEW SECTION II. FY22 DEVELOPMENTS A. FY22 Administrative Budget SECTION III. MEDIUM-TERM CONTEXT A. Calibrating the Pandemic Response B. Accelerating a Durable Transformation C. Adequately Resourced and Representative IMF D. Post-Pandemic Workplace E. Fund’s Income Position and Budget SECTION IV. FY23 ADMINISTRATIVE BUDGET A. Budget Overview B. Budget Change by Priority Topics C. Budget by Output