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International Monetary Fund. Office of Budget and Planning

Executive Board has approved a temporary increase in the maximum amount of unused budget resources that can be carried forward from previous years from 3 to 5 percent of the underlying budget. The FY 2021 capital budget is set at US$99 million and provides financing for building facilities and information technology capital projects. This includes projects to overhaul work practices and modernize digital platforms and tools. In addition, a revised Capital Investment Framework has been put in place to codify governance and procedures in line with the changing landscape

International Monetary Fund. Office of Budget and Planning

Reviews. FY 21 is also marked by ongoing modernization efforts and transition . The budget takes into account the Comprehensive Compensation and Benefits Review and accommodates large transitional costs for reforms to the Fund’s HR and information technology service delivery models, as well as large business modernization projects. The proposed capital budget covers these modernization efforts, as well as facilities-related needs. An update to the Capital Investment Framework is proposed to recalibrate governance and procedures in line with the changing landscape for

International Monetary Fund. Office of Budget and Planning
On April 27, 2020, the Executive Board of the International Monetary Fund (IMF) approved the IMF’s administrative and capital budgets for financial year (FY) 2021, beginning May 1, 2020, and took note of indicative budgets for FY 2022–23.
International Monetary Fund. Office of Budget and Planning

the gross administrative budget to $1,429 million in nominal terms. 6. The capital budget is expected to be broadly in line with that projected in the FY 20–22 budget . For FY 21, the proposed capital budget is $98½ million in current U.S. dollars. This paper also proposes an update to the Fund’s Capital Investment Framework. Facilities: The proposed budget of $42½ million supports mainly end-of-life-cycle replacements, including for furniture, audio-visual equipment, and HQ1 building equipment. IT: The proposed budget of $56 million supports 1HR and the

International Monetary Fund. Office of Budget and Planning

expenditures” and the sub limit for “the other administrative expenditures of the Fund” set out in paragraph C above will be increased by the amount of the OED Financial Year 2020 central carry forward as determined in the Financial Year 2020 year-end closure of the Fund’s financial books. Decision No 2: Capital Investment Framework The key elements of the Fund’s updated Capital Investment Framework are approved as set out in paragraph 1 of Appendix VIII. Decision No 3: Capital Budget Appropriations for Financial Year 2021 Appropriations for capital

International Monetary Fund. Office of Budget and Planning

OTHER SECTION IV. FY 22 ADMINISTRATIVE BUDGET A. Reprioritization and Saving Measures B. Budget by Priority Topics C. Budget by Output Category D. Department Budget Allocations SECTION V. FY 22 CAPITAL BUDGET A. Overview B. FY 22 Capital Budget C. Facilities Capital D. IT Capital SECTION VI. RISKS TO THE BUDGET SECTION VII. SUMMARY PROPOSAL FOR FY 22 BOXES 1. Budget Discipline Through Reprioritization and Savings 2. The IMF’s Work on Climate Change 3. Carry Forward 4. Capital Investment Framework (CIF) FIGURES 1. Net

International Monetary Fund

discuss the Diversity and Inclusion Report in November this year. Other Internal Operations Multiple Board engagements on the Big 5 projects 2 are envisaged. The Board was briefed in June on Big 5 Modernization Agenda, including 1HR Business Case and Cost Benefit Analysis . The Board will also be briefed on the Budget Trends and Initiatives: Update on Big 5 Modernization Projects; Updated Capital Investment Framework (September) and receive for information the Periodic Reports on Big 5 Modernization Projects (January 2020). Additional engagements on

International Monetary Fund
This Work Program translates the strategic directions and policy priorities laid out in the Spring 2019 Global Policy Agenda and the International Monetary and Financial Committee Communiqué into an Executive Board agenda for the next twelve months. Its main policy priorities and related deliverables are as follows: • Support domestic policies to enhance resilience and inclusion: • Upgrade global cooperation to level the playing field and address other shared challenges • Adapt the Fund’s toolkits to lead and support change: • Continue to modernize the Fund to deliver for the future
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. Office of Budget and Planning

augmentation. Section III (and Annex III ) provide an initial review of FY21 budget developments. Section IV details the proposed FY 22 budget overall and through four lenses: savings and reprioritization in the current cycle to ensure efficient use of resources, allocations in terms of outputs, what it means for funding priorities, and distribution of resources across departments. Section V looks at the capital budget, including the FY 21 projected outturn and proposed FY 22 budget. It also looks at initial implementation of the updated Capital Investment Framework