2027-2029财年中期预算

FY2027-FY2029MEDIUM-TERM BUDGET May2026 IMF staff regularly produces papers proposing new IMF policies, exploring options forreform, or reviewing existing IMFpolicies and operations. The following documents have •APress Releasesummarizing the views of the Executive Board as expressed during its •TheStaff Reporton the Medium-Term Budget was prepared by the IMF staff andcompleted onMarch31, 2026for the Executive Board’s consideration onApril28, TheIMF’stransparency policy allows for the deletion of market-sensitive information andpremature disclosure of the authorities’ policy intentions in published staff reports and Electronic copies of IMF Policy Papersare available to the public fromhttp://www.imf.org/external/pp/ppindex.aspx International Monetary Fund IMF Executive Board ApprovesFY2027–FY2029 Medium-Term Budget FOR IMMEDIATE RELEASE Washington, DC—On April 28, the Executive Board of the International Monetary Fund (IMF)approved the 2027-29 financial years (FY2027-FY2029) medium-term budget. This budget was formulated against the backdrop of a global economy that has shownresilience in recent years but continues to face profound transformations, elevated uncertainty, To meet the evolving needs of the IMF’s member countries, the FY2027-FY2029 budgetmaintains a longstanding emphasis on discipline, focus, and agility. It is anchored in a flat realnet administrative envelope, which is roughly the same in real terms as it was two decadesago. A Fund-wide streamlining effort is helping departments focus on the highest priority The approved net administrative budget for FY2027 (May 1, 2026–April 30, 2027) totalsUS$1,601.3 million, consistent with projected income and the path for the precautionarybalances target. The maximum amount of unused budget resources from previous years will The FY2027 capital budget is set at US$129.4 million with a refocused facilities portfolioprioritizing essential lifecycle and maintenance projects across two headquarters facilities andfield offices. IT-related investments will strengthen cybersecurity, address historical under- FY2027-FY2029 MEDIUM-TERM BUDGET March 31, 2026 EXECUTIVE SUMMARY FY27-29 budget framework.The global economic and financial environment ischaracterized by profound transformation and heightened uncertainty, including thatstemming from the war in the Middle East. In this context, demand for Fundengagement is expected to remain strong, continuing to require difficult trade-offs FY27 net administrative budget(NAB). The proposed NAB maintains real structuralresourcing at FY26 levels. This implies a decline in overall net resources available todepartments, due to further unwinding of temporary pandemic-era resources that hadbeen created with exceptional carryforward. Within available budget space, allocations External funding. The externally funded budget, mainly supporting capacity buildingsupport to members, will remain stable in real terms at FY26 levels. Capital budget. The proposed FY27 capital budget is below the level proposed forFY27 in the FY26-28 Medium-term Budget with refocusing of the facilities portfolio onessential lifecycle and maintenance projects in both HQ and field offices. Funding for IT-intensive investments remains at last year’s level in real terms, supporting Sustainability. The FY27–29 budget remains consistent with projections for the Fund’s Risks. Budget-related risks include potential for further increases in demand for Fundservices; resurgence of broad-based work pressures; pricing pressures for some inputsand services; uncertainty related to donor funding; and technology and process-related Prepared by an Office of Budget and Planning (OBP) team led byMaria Albino under the supervision of Laurence Allain withcontributions from Feras Abu Amra, Gillian Adu, Emre Alper, TammieAlzona, Enkhtuul Bayarjargal, Jeymi Blandon, Chuling Chen, RaquelChuayffet, Angeliki Economopoulos, Huda Etushani, Benjamin Fosu,Cher Huo, Peter Mataruse, Mercy Pinargote, Delano Radgman, Walid CONTENTS Abbreviations and Acronyms_____________________________________________________________________ 4 SECTION I. OVERVIEW __________________________________________________________________________ 6A. Strategic Context and FY27-29 Budget Summary_____________________________________________ 6 SECTION II. FY26 PROJECTED OUTTURN AND FY27 PROPOSED BUDGET___________________13 A. FY26 Spending and FY27 Budget by Output __________________________________________________16B. FY26 Spending and FY27 Budget by Input Area_______________________________________________21C. FY26 Spending and FY27 Budget By Department _____________________________________________25 SECTION III. CAPITAL BUDGET ________________________________________________________________31 SECTION IV. RISKS _____________________________________________________________________________ 36 SECTION V. SUMMARY PROPOSAL FY27 _____________________________________________________38 BOXES