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International Monetary Fund. Office of Budget and Planning

by Output and Issue Area 15. FY23 New Budget Allocations by Department 16. FY23 Augmentation Allocation by Department and Issue Area 17. Capital Spending, FY03-25 TABLES 1. FY22 Crisis Funding 2. FY22 Utilization 3. Administrative and Capital Budget Envelopes, FY22-25 4. Budget Envelope, FY22–23 5. Administrative Budget by Major Expense Category, FY23 6. FY23 Budget Space 7. Carryforward—FY23 8. Budget Augmentation: from Strategy to FY23 9. Budget Adjustments by Department, FY22–23 10. FTE Changes by Department, FY22–23 11. Capital

International Monetary Fund. Office of Budget and Planning
Amidst the unfolding COVID-19 crisis, the Fund faces twin challenges. Signs of early crisis recovery are uneven across countries, and many face daunting crisis legacies. At the same time, longer term challenges from climate change, digitalization and increasing divergence within and between countries demand stepped up effort by the Fund within its areas of expertise and in partnership with others. FY 22-24 budget framework. Considering these challenges and following a decade of flat real budgets, staff will propose a structural augmentation for consideration by fall 2021 to be implemented over two to three years beginning in FY 23. Recognizing the importance of ongoing fiscal prudence, the budget would remain stable thereafter on a real basis at a new, higher level. FY 22 administrative budget. The proposed FY 22 budget sustains crisis response and provides incremental resources for long-term priorities within the flat real budget envelope. The budget is built on extensive reprioritization; savings, including from modernization; and a proposed temporary increase in the carry forward ceiling to address crisis needs during the FY 22 to FY 24 period. Capital budget. Large-scale business modernization programs continue to be rolled out, strengthening the agility and efficiency of the Fund’s operations. In response to the shift towards cloud-based IT solutions, staff propose a change in the budgetary treatment of these expenses. Investment in facilities will focus on timely updates, repairs, and modernization, preparing for the post-crisis Fund where virtual engagement and a new hybrid office environment play a larger role. Budget sustainability. The FY 22–24 medium-term budget framework, including assumptions for a material augmentation, is consistent with a projected surplus in the Fund’s medium-term income position and with continued progress towards the precautionary balance target for coming years. Budget risks. In the midst of a global crisis, risks to the budget remain elevated and above risk acceptance levels, including from uncertainty around the level of demand for Fund programs and ensuing staffing needs, as well as future donor funding for CD. Enterprise risk management continues to be strengthened with this budget.
International Monetary Fund
The Fund has been operating under a flat real resource envelope for the past six years. With continued efforts to maximize the use of available resources, spending in FY 17 is projected to reach 99 percent of the net administrative budget, and a low vacancy rate has helped stabilize overtime at 11 percent. Internal savings and reallocations have allowed the Fund to dedicate more resources to country work, including capacity development, without requiring an increase in the approved budget—apart from $6 million provided in FY 17 to cover rising security costs. An unchanged real net administrative budget in FY 18, despite deeper Fund engagement in a number of areas, as well as increased costs for corporate modernization. Accordingly, the budget proposal incorporates significant savings from reallocations and efficiency gains to fund new demands, as well as a further increase in the upfront allocation of carry-forward funds by about $10 million. The broad themes of the proposal are: (i) more intensive country work with a shift from surveillance to programs, but net savings in field offices; (ii) significant policy and analytical work on the financial sector and the role of the Fund (global safety net, facilities, and quotas), albeit less than in FY 17, with more work on structural issues and new challenges; (iii) funding for transforming IT and HR services, offset by central savings; and (iv) enhanced risk mitigation and knowledge management (KM), with the establishment of a KM unit to support cross-country analysis and knowledge transfer. At this stage, a flat resource envelope is assumed also for the medium term, contingent on continued reprioritization and a broadly unchanged global economic environment. Upward pressure on resources will arise from growing capacity development activities and certain revenue losses. Savings are expected from the TransformIT initiative and internal efficiency gains. But for the budget to remain flat, the Fund will need to continuously reprioritize and adjust its activities to make room for new demands. Even then, a more challenging global environment, with a further ramping up of Fund lending, or significant demands for deeper engagement in other areas, would put significant strains on resources over the medium term. The proposed capital budget envelope for FY 18–20 remains broadly unchanged from current levels. Some frontloading, however, is planned for the first two years, due to the cyclical nature of these investments and to accommodate strategic IT projects.
International Monetary Fund. Finance Dept.
The FY 19 budget proposal is formulated against the backdrop of a strengthening global recovery and broadly balanced near term risks. The budget reflects a solid income position and a multi-year strategic agenda—operationalized in the Global Policy Agenda (GPA) and Board Work Program—to help members take advantage of the current cyclical upswing to bolster growth, harness the benefits of technology for all, while promoting resilience and responding swiftly to requests for program support. The net administrative budget for FY 19 remains unchanged in real terms, save for the extra customary travel allocation for Annual Meetings held abroad. This represents the seventh year in a row of flat real budget envelopes (excluding the ½ percentage point security related increase in FY 17). The proposal reflects reallocations of some 2½ percent of the net budget. As the expected FY 18 outturn is just below the approved budget, carry-forward resources equivalent to 4 percent of the net budget from earlier years would still be available. Of these, roughly one half ($19 million) has been allocated upfront in the FY 19 budget process. The impact of savings and demands on the Fund’s overall output structure is modest. Fund-financed structural resources are projected to shift slightly from global oversight towards multilateral surveillance as a net result of reallocations from completed to new policy work and reviews, in line with the Board Work Program. Fund-financed country work—bilateral surveillance, lending and capacity development—falls somewhat. Externally financed capacity development (CD) is expected to grow further. Support and governance areas continue to experience structural pressures. The same level of real resources is assumed over the medium-term. However, with medium-term risks to the economic outlook still on the downside, were upside spending pressures to emerge, the flat real budget stance would require a continued ability to find offsetting savings to meet emerging and unforeseen priorities. The capital budget envelope for FY 19 is broadly unchanged from the assumptions in the FY 18–20 Medium-Term Budget. The amounts for the outer years are indicative.
International Monetary Fund

customary allocation for Annual Meetings held abroad, in FY 19. But with spending pressures on the upside, this scenario is predicated on finding offsetting savings which may prove difficult, particularly in the event of a weaker global economic environment. The capital budget for the next three years remains, on average, broadly unchanged from current levels, but with some frontloading, due to the cyclical nature of these investments, and to accommodate strategic IT projects. Table 1. Administrative and Capital Budget Envelopes, FY 17–20 (Millions of U.S. dollars

International Monetary Fund. Finance Dept.

assumed over the medium-term . However, with medium-term risks to the economic outlook still on the downside, were upside spending pressures to emerge, the flat real budget stance would require a continued ability to find offsetting savings to meet emerging and unforeseen priorities. The capital budget envelope for FY 19 is broadly unchanged from the assumptions in the FY 18–20 Medium-Term Budget . The amounts for the outer years are indicative. Approved By Daniel Citrin Prepared by an Office of Budget and Planning team led by Justin Tyson, with

International Monetary Fund

. Budget and Workload Indicators 3. Fund Arrangements, FY 2000–17 4. Demands and Savings, FY 18 5. Demands and Savings, Impact on Outputs, FY 18 6. IT Capital Budget Initiatives by Business Capability, FY 18 7. IT Spending, FY 08–20 TABLES 1. Administrative and Capital Budget Envelopes, FY 17–20 2. Gross Administrative Fund-financed Spending Estimates by Output, Direct Costs, FY 15–17 3. Administrative Expenditures: Estimated Outturn, FY 17 4. Capital Expenditures: Estimated Outturn, FY 17 5. Consolidated Operational Income and Expenses

International Monetary Fund. Office of Budget and Planning

higher than last year, this reflects some unusually elevated temporary needs. As in previous years, the budgetary exercise entails a relatively modest reallocation of resources, with a small impact on the Fund’s overall output structure . Fund-financed structural resources are projected to shift slightly toward country work and away from internal support, and some reallocation between work on policy advice and economic analysis and Fund policies is also envisaged. The capital budget envelope for FY 20 includes requests to support modernization efforts . These

International Monetary Fund

. Administrative Budget Proposal for FY 17 C. Medium-Term Administrative Budget: New Challenges in FY 18–19 D. The FY 17–19 Capital Budget Envelope BOXES 1. The Fund’s Strategic Planning Cycle 2. Reallocations Within and Across Departments 3. Spending on Security FIGURES 1. Net Budget Envelope and Personnel, FY 1999–2016 2. Work Pressures and Budget Utilization 3. Fund-Financed Resources by Output: Direct Cost 4. Net Shifts in Fund-Financed Outputs, FY 16 5. Providing Policy Solutions, FY 17 6. Projected Shifts in Outputs, FY 17 7. Medium

International Monetary Fund. Office of Budget and Planning

Resources, by Thematic Categories, FY 21 9. Medium-term Total Resource Savings 10. FY 21–23 Budget Risks: Impact and Likelihood TABLES 1. Administrative and Capital Budget Envelopes, FY 21–23 2. Gross Administrative Fund-Financed Resources: Estimated Allocation by Activity, FY 20–21 3. Budget Adjustments by Departments, FY 20–21 4. FTE Changes by Departments, FY 20–21 5. Medium-term Capital Budget, FY 20–23 6. Estimated IT Capital Needs for Key Modernization Projects 7. Proposed Appropriations, FY 21 APPENDICES I. Key Budget Concepts II