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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
This paper reports on developments in the Data Standards Initiatives since the Seventh Review of the Fund’s Data Standards Initiatives (December 2008), and presents proposals for further enhancing the SDDS, and for data categories for the new higher tier of the data standards, the SDDS Plus. The SDDS Plus is primarily intended for subscribers to the SDDS with systemically important financial sectors while contributing to address further the data gaps revealed in the global financial crisis. This new tier is designed to enhance and supplement the Fund’s Data Standards Initiatives and not to replace the SDDS.
International Monetary Fund
This paper presents the Fund’s net income outcome for FY 2010. The actual outcomes in this paper follow the closing of the Fund’s accounts for the financial year and completion of the FY 2010 external audit conducted by Deloitte & Touche, the Fund’s external auditor. The paper also provides an update on the restructuring costs incurred during FY 2010.
International Monetary Fund
This paper updates the status of implementation, impact, and costs of the Enhanced Heavily Indebted Poor Country (HIPC) Initiative and the Multilateral Debt Relief Initiative (MDRI). Debt relief provided under the Initiatives has substantially alleviated debt burdens in recipient countries. Aided by continued flexibility on the part of IDA and the Fund, substantial progress has been achieved under the Initiatives since the last report, and a number of post-decision-point countries have already benefited from debt relief.
International Monetary Fund
This note discusses the implications of the price shocks for the balance of payments of low-income countries in sub-Saharan Africa. The response by bilateral donors and multilateral institutions will, in practice, need to be country-specific. To this end, the note identifies a list of 18 countries in the region that are especially hard-hit and that consequently face a pressing need for additional balance of payments and budget support. The list reflects country circumstances and underlying assumptions as of May, and is subject to change; it is not meant to be definitive.
International Monetary Fund
This paper contains background material to the Board paper on "Aid Inflows— The Role of the Fund and Operational Issues for Program Design." The main paper draws operational implications for program design of increased and volatile aid inflows, based on selected case studies (Annex I) and a review of program conditionality (Annex II). It also uses findings on recent developments in official donor assistance (ODA) and meeting the Millennium Development Goals (MDGs) (Annex III).