## ppea2021067

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**Canonical URL:** [ppea2021067](https://www.imf.org/-/media/files/publications/pp/2021/english/ppea2021067.pdf)

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---

### EXECUTIVE SUMMARY — FY21 context and overview
- The COVID-19 pandemic and ensuing global economic crisis had profound effects on the Fund’s members and on its own operations during FY21, with multispeed, incomplete recoveries underway amid high uncertainty.
- The Fund deployed a prompt reallocation of resources and use of contingencies to facilitate an agile response to membership needs while operating within a flat real budget envelope.
- The Fund addressed operational needs related to business continuity in the context of the work-from-home environment and a travel moratorium.

### Key FY21 highlights and utilization
- 94.9 percent utilization of the $1.186 billion net administrative budget.
- $1.126b Total net administrative expenditures.
- 58 Lending operations (including 43 approvals of emergency financing).
- 16 in-person missions.
- $88.4m General carry forward available for temporary crisis-related need in FY22 and the medium term.
- 58 percent utilization of available externally financed budget.
- $118m Externally financed spending.
- $77m Capital spending (about two thirds went to IT-supported projects).

### Budget execution and drivers
- Net administrative budget execution: 94.9 percent ($1,126 million) in FY21 versus 99.3 percent in FY20.
- Primary factors: travel moratorium, low building occupancy (e.g., utilities), IT-related shortfalls linked to the IT department’s reorganization.
- Externally financed execution fell from 84.0 percent to 57.5 percent, mainly due to fall in CD-related travel and personnel spending.
- Capital budget utilization fell to 41 percent from 54 percent in FY20 due to postponement of several projects.
- Spending data do not reflect significant increase in uncompensated work from overtime and unused leave during FY21.

### Carry forward and temporary measures
- In April 2021, the Executive Board approved a temporary increase in the general carry forward limit from 5 to 8 percent of the net administrative budget.
- The general carry forward moving into FY22 will be at the temporary limit of 8 percent ($88.4 million).
- Additional $8.3 million available for general use in FY22 from underspend in FY21 above separate limits for OED and IEO.
- FY21 carry forward for OED and IEO: $12.7 million and $0.5 million, respectively.

### Agile response and resource reallocation (Box 1)
- Crisis response measures: reprioritization; deferral of non-crisis work; streamlining of procedures; informal, temporary reassignment of some 60 staff to member-facing departments and others with crisis-related work pressures.
- Repurposing travel and events budgets: about 95 percent of business travel resources and 90 percent of event resources reallocated to crisis needs, with a central buffer retained.
- Reprioritization/savings: six-month pause in Article IVs and FSAPs, refocusing CD on crisis-related issues, suspending non-crisis analytical and policy work, postponing conferences, and adopting simplified processes (including for emergency financing approvals).
- Emergency mobilization: allocation of 128 temporary crisis positions (about 5 percent of staff), with hiring continuing into FY22.
- Distribution of Crisis Positions:
  - 74 Direct country support in Area Departments, FAD, LEG, MCM, SPR.
  - 42 Review and policy/analytical work on crisis issues (SPR, LEG, FIN, COM, RES).
  - 12 SEC/Risk/Other small offices.
- FY21 Crisis Needs, Source of Funding breakdown (US$ million, In percent): Carry Forward (8, 7%), Contingency Buffers (8, 8%), Repurposed Travel & Events (53, 47%), Departmental Reprioritization/Savings (43, 38%).

### Heightened staff work pressures (Box 2 and Box 3 summary)
- Recorded staff time on main outputs increased by 5 percent relative to the average in the three years prior to the crisis.
  - Lending up 27 percent.
  - Multilateral surveillance/analytical and policy work up 14 percent.
  - Fund governance and finances up 8 percent.
  - Internal support up 5 percent.
  - Bilateral surveillance down 14 percent.
  - Capacity Development (CD) down 6 percent.
- Total staff time increased by 4 percent from FY20, with overtime contributing 30 percent.
- Increase in uncompensated overtime from FY20 to FY21 equivalent to 37 FTEs, about $12 million.
- Departments experienced average overtime increase of 26 percent relative to FY20; uncompensated overtime accounted for 91 percent of the Fund-wide average overtime increase.
- Use of annual leave fell by 39 percent Fund-wide.
- In the December 2020 staff survey, 41 percent of staff reported struggling to maintain work-life balance.
- Decline in staff training by some 30 percent.

### Spending by outputs — headline movements
- Given the travel moratorium, FY20 and FY21 spending figures exclude travel.
- Spending related to lending increased by 19 percent ($23 million) year-on-year; emergency financing operations drove this increase.
- Spending on bilateral surveillance fell by 15 percent ($28 million).
- Direct CD delivery dropped by 16 percent ($33 million), driven by a 26 percent ($30 million) decline in externally financed CD largely due to travel-related reductions in field-based short-term experts.
- Spending on multilateral surveillance, analytical and policy work expanded by 5 percent ($13 million), driven by crisis-related activities.
- These spending figures do not capture increased staff overtime, reduced leave, and shifts in average staff costs.

### Roadmap of the report
- Section II: spending by key output areas, priority topics, and department.
- Section III: spending by key input categories.
- Section IV: implementation of the capital budget.
- Annex I: key budget concepts and methodologies.
- Annex II (prepared by ICD): details CD activities.
- Annex III: key budget statistics.

---

### SECTION III — Spending by inputs: personnel, travel, buildings, security, receipts, carry forward, capital

Personnel
- Total personnel spending: $1,049 million, some $6 million below the April structural budget.
- Fund-financed personnel spending exceeded the original structural budget by about $24 million.
- Externally financed personnel spending was about $30 million below budget, mainly reflecting lower-than-projected spending on short-term experts.
- Despite an overall 1.8 percent increase in FTEs relative to FY20, total personnel spending in real terms declined by 0.8 percent.
- Personnel spending change FY20 to FY21: $4 million decline owing to $15 million reduction in externally financed personnel spending, partially offset by $11 million increase in Fund-financed personnel spending.
- Total personnel (headcount/FTE) by category (FY19; FY20; FY21; Difference FY20-21):
  - Total: 3,899; 3,912; 3,981; 69
  - Fund-financed: 3,453; 3,485; 3,578; 94
  - Regular and term (Fund-financed): 2,865; 2,886; 2,928; 42
  - Expert and contractual (Fund-financed): 588; 599; 651; 52
  - Externally financed total: 446; 427; 402; (24)
  - Externally financed regular and term: 93; 96; 94; (3)
  - Externally financed expert and contractual: 353; 330; 309; (21)

Crisis hiring and vacancies
- 128 temporary crisis staff positions allocated in FY21; hiring continued into FY22.
- Overall vacancy rate (including structural and temporary positions): about 3.8 percent (120 vacancies) in FY21 versus 0.8 percent (23 vacancies) in FY20 and five-year average of 1.1 percent.
- Underutilization of crisis positions expected due to remote hiring challenges and new HR processes.

Travel
- Fund travel missions: FY20: 6,693; FY21: 16.
- Of the 16 missions in FY21: six AD-led missions related to program negotiations and consultations; three led by SPR in support to the G20; remainder regional travel within the APD region.
- Evacuation costs of field staff: $7.9 million (largest share of total travel expenditures).
- Settlement/relocation travel: $6.3 million, declined by 27 percent.
- Missions by region (FY19; FY20; FY21):
  - AFR: 1,970; 1,673; 0
  - APD: 1,615; 1,257; 9
  - EUR: 1,645; 1,517; 2
  - MCD: 675; 611; 1
  - WHD: 1,953; 1,635; 4
- Missions by department type (FY19; FY20; FY21):
  - Area: 1,445; 1,180; 13
  - CD Functional: 4,979; 4,207; 0
  - Non-CD Functional: 788; 719; 3
  - Support and Governance: 646; 587; 0
- Funding source (Missions FY19; FY20; FY21):
  - Fund-financed: 4062; 3513; 10
  - Externally financed: 3861; 3180; 6

Buildings and other services
- Spending on building operations and other services was 10 percent below budget due to extended remote working and low building occupancy.
- Fund-wide IT spending below budget due to crisis-related delays, deferral of non-priority work, and a change in vendor services; savings offset higher spending to support staff’s IT equipment for remote working.

Security-related spending
- Security spending rose by $3 million relative to FY20 to $42 million, mainly reflecting evacuations, in-country security needs in high risk locations, and heightened international security surveillance.
- Business Continuity saw a marginal increase due to the pandemic, partly offset by reduced security needs at HQ and lower IT security costs from temporary reductions in licensing costs.

Receipts
- Overall FY21 receipts: $142 million, some 40 percent below budget and about 30 percent lower than FY20 receipts.
- Main drivers of decline: fall in receipts from externally financed CD, reduced income in the TFMF, HQ2 lease impacts, and lower Concordia revenues.
- Receipts table snapshot (FY21):
  - Total: 214 (FY19); 199 (FY20); 243 (FY21 Budget); 142 (FY21 Outturn)
  - Externally financed capacity development (direct cost): 178; 168; 206; 118
  - General receipts: 36; 31; 37; 23
  - Administrative and trust fund management fees (subset): 12; 12; 14; 8
  - Publications income: 10; 3; 0
  - HQ2 lease: 2; 1; 1
  - Concordia: 3; 3; 0

Use of carry forward
- With the FY21-23 Medium-Term Budget, Board approved temporary increase in general carry forward limit from 3 to 5 percent.
- $44.4 million in carry forward resources were available for FY21.
- About three-quarters ($37.5 million) distributed up front to departments; remainder allocated over the year.

Capital spending — FY19–21 context
- Approximately $186 million capital funds appropriated between FY19-21 were available in FY21: IT-related $82 million and facilities-related $104 million; HQ1 Renewal-related investments included $16 million.
- FY21 capital spending totaled $77 million, a reduction of $30 million from last year.
- Approximately $109 million in remaining appropriated funds will carry over to FY22.
- Overall utilization of available capital funds was 61 percent.
- IT capital expenditure in FY21: $50 million; 72 percent ($36 million) supported transformational modernization projects.

IT capital details
- 1HR program: $17 million in FY21; part of a $23 million additional program budget; initial rollout of two of four releases including MyWorkday and MyHR.
- CDMAP project: $7 million; completed two releases between August 2020 and April 2021; final release completion extended by 2 months to October 2021.
- Other transformational projects ($6.8 million): Knowledge Management ($4.6 million), iDW ($0.9 million), iData ($1.3 million).
- Prerequisite projects (IAM, CDW): $4.5 million.
- New IT investments: $8.5 million (FY21) vs $5.2 million (last year); $3 million on Information Security enhancements.
- Lifecycle replacements: $5.2 million (FY21) vs $4.9 million (FY20); major items PC refresh ($1.5 million) and server replacements ($1.3 million).

Facilities capital spending
- Utilization of available facilities funds: 30 percent (47 percent in FY20).
- Facilities spending: $26 million in FY21 ($42 million in FY20).
- Some projects accelerated due to low building occupancy; pandemic response investments prioritized (e.g., touchless door openers, ultraviolet lighting for air purification).

---

### SPENDING BY OUTPUTS — COUNTRY OPERATIONS, CD, SURVEILLANCE, ANALYTICS

Country operations and lending (Box 3)
- Gross spending on country operations, excluding travel, declined by 7 percent ($36 million) and by 1 percentage point as a share of total spending relative to FY20.
- Excluding externally funded CD, country spending declined by 2 percent ($8 million).
- Spending related to lending increased driven by emergency financing operations; work on these issues rose by 325 percent ($54 million).
- Board approved 43 emergency lending operations in FY21, adding to 40 operations approved in the last two months of FY20.
- Spending related to FCL/PLL and augmentations to concessional programs increased by 13 percent ($10 million).
- Spending associated with non-concessional financing declined by 5 percent ($3 million).
- Spending on bilateral surveillance (excluding travel) fell by 15 percent ($28 million).
  - 36 Article IV consultations completed in FY21, relative 113 in FY20.
  - Average cost of an Article IV Consultation excluding travel declined to about $0.5 million (versus $0.6 million in FY20).
- FSAPs: five completed in FY21 relative to nine in FY20; average costs excluding travel remained relatively stable.
- Other bilateral surveillance increased by 10 percent to $44 million.

Capacity Development (CD)
- Fund-financed CD spending: $131 million, which was 91 percent of budget.
- Externally financed CD: $118 million, just under 60 percent of budgeted levels.
- Overall CD spending declined by $17 million (6 percent) relative to FY20: $1 million increase in Fund-financed CD and $19 million decline in externally financed CD.
- Delivery measured by personnel fell 1 percent overall, with a 2.8 percent increase in Fund-financed CD.
- Lower externally financed CD delivery impacted chargebacks for staff time ($2.7 million below budget) and Trust Fund Management Fee receipts ($6.1 million below budget), requiring coverage through Fund resources.
- All countries receiving emergency financing received CD support. CD demand focused on fiscal and monetary/financial sectors (mobilizing revenue, strengthening expenditure management, crisis management, bank resolution, debt management, debt transparency, central banking operations, and governance).

Average country spending and country-group impacts
- Overall average country spending (excluding travel) declined by 8 percent (to $2.2 million) relative to FY20, or 3 percent (to $1.8 million) excluding externally funded CD.
- Surveillance countries: average spending declined by 33 percent (to about $1 million).
- Countries with intensive surveillance (near program) or program status: average spending declined by 20 percent and 8 percent, respectively.
- Low income-developing economies, excluding travel: average country spending declined by 10 percent to $3.1 million; on a net basis (excluding externally funded CD) broadly stable at $2.2 million.
- Emerging markets: average country spending declined to $2.1 million ($2.3 million in FY20).
- Africa and Asia-Pacific regions faced material declines in average country spending driven by lower externally financed CD.
- Fragile states (42 FCS): spending declined by 9 percent to $104 million (from $114 million in FY20) and by 3 percent to $76 million excluding externally financed CD.
  - 46 percent of FY21 spending for FCS was delivered through CD.
  - Area Departments channeled about half of the resources to fragile states—mostly in AFR, APD, and MCD.

Multilateral surveillance, analytical and policy work
- Overall spending increased by 5 percent ($13 million), linked to crisis-related activities.
- Multilateral surveillance spending increased by 5 percent ($6 million); flagship publications focused on the crisis, divergent recovery, macro financial risks and spillovers, fiscal responses, climate and digitalization challenges.
- Policy work spending increased by 5 percent ($2 million): adapting PRGT and GRA toolkits, CCRT, Short-term Liquidity Line, debt policy work, modernizing the Debt Sustainability Framework, and enhancing the surveillance framework.
- Cooperation on global issues and standards broadly unchanged; continued support to G-20 coordination (Common Framework and Extension of the G-20 Debt Service Suspension Initiative).
- Analytic work increased by 8 percent ($3 million), including a country policy tracker, Database of Country Fiscal Measures in Response to the COVID-19 Pandemic, and CD-related analytical notes.

IMF governance and Fund finances
- Spending on governance and Fund finances declined by 5 percent ($6 million), offsetting a $3 million increase associated with Fund finances.
- Work continued on the 16th General Review of Quotas and initiated work on an SDR allocation.

Internal support
- Overall internal support spending rose by 2 percent ($5 million).
- Pandemic-triggered remote work required emergency HR measures, IT platform enhancements, and essential equipment.
- Emergency HR measures included relocation of some field-based staff and ramp-up in crisis-related recruitment.
- Broadcast, video and language services supported virtual meetings without much increase in service costs.

Spending by department highlights
- Area Departments: shift from surveillance to lending-related activities (AFR, APD, WHD) and jump in regional analytical work (APD, MCD).
- Functional non-CD departments: SPR, FIN saw increases tied to review of crisis lending and AD suspension of surveillance.
- CD departments: lower overall spending excluding travel mainly reflects sharp decline in externally financed activities (FAD, ICD, MCM, STA); excluding externally funded CD, output stable or increased in most CD departments.
- Support and other: lower overall spending mainly reflects decline in Fund governance and membership activities (CSF, OED, SEC).
- STA and ICD loaned staff resources to ADs, FIN, and SPR for crisis-related work.

Priority topics (FY21 estimates)
- Financial surveillance: around $83 million ($77 million in FY20). MCM accounts for 57 percent of this spending.
- Debt: $43 million (policy and analytical work).
- Inclusion/gender: $36 million.
- Monetary policy: $35 million.
- Climate change: $28 million in FY21 ($16 million in FY20).
- Governance/corruption: $23.9 million in FY21.
- Digital money: $4 million ($6 million in FY20).

---

### CAPACITY DEVELOPMENT — delivery, workstreams, training, fundraising

Direct delivery by region and income
- Larger drop in APD explained by lower activity in Myanmar and in the region’s training centers.
- By income group: FY21 saw an increase in the share of CD received by Advanced Economies; this share remained under 5 percent.
- CD spending to regional groups distributed evenly among member countries of each group.

Core workstreams and subject-area shifts
- Fiscal workstreams account for 48 percent of total delivery spending, 6 percentage points higher than pre-pandemic (FY19).
- Selected FY20–21 shares and FY21 changes in share (p.p.) for core workstreams (FY 20 Outturn; FY 21 Budget; FY 21 Outturn; FY 21 change in share (p.p.)):
  - Total Direct Delivery on Core Workstreams: 100.0; 100.0; 100.0
  - Public Finances: 44.8; 45.7; 47.8; 3.0; 2.1
  - Domestic Revenue Mobilization: 24.4; 24.4; 22.6; -1.8; -1.9
  - Macro-Fiscal Policies: 0.7; 1.3; 2.9; 2.2; 1.6
  - Public Financial Management and Expenditure Policy: 19.7; 19.9; 22.3; 2.6; 2.4
  - Monetary and Financial Systems: 18.7; 20.1; 17.2; -1.5; -2.9
  - Central Bank Operations and Market Development: 5.2; 6.3; 4.4; -0.8; -1.9
  - Financial Sector Stability: 13.5; 13.8; 12.7; -0.7; -1.0
  - Macroeconomic Frameworks: 16.7; 14.6; 17.6; 0.8; 2.9
  - Macroeconomic Statistics: 15.3; 15.3; 12.3; -3.0; -3.0
  - Legal Frameworks: 4.0; 3.7; 3.9; -0.1; 0.2
  - Other Workstreams: 0.4; 0.6; 1.3; 0.8; 0.7

Growth areas and country-group targeting
- Share of delivery to topical growth areas largely unchanged from FY20.
- Increases in share of spending on debt sustainability and debt statistics and climate change.
- Declines in share of CD in anti-corruption and tax policy.
- Country-group delivery shares: FCS, program countries, and CCAM group grew slightly from FY20 levels.
- Selected FY20–21 shares and FY21 changes in share (p.p.) for growth areas (FY 20 Outturn; FY 21 Budget; FY 21 Outturn; FY 21 change in share (p.p.)):
  - Total Direct Delivery on Topic Growth Areas: 9.3; 6.1; 9.3
  - Anti-corruption: 2.0; 0.5; 0.6; -1.4; 0.1
  - Debt sustainability and debt statistics: 0.8; 1.5; 2.1; 1.3; 0.6
  - Expenditure policy and public investment management: 1.7; 1.2; 1.3; -0.4; 0.2
  - Tax policy: 3.8; 1.7; 2.5; -1.3; 0.8
  - Fintech and cyber risks: 0.8; 0.2; 0.6; -0.2; 0.4
  - Climate change: 0.2; 1.0; 2.2; 2.0; 1.2
  - Fragile and conflict-affected states: 27.5; 26.4; 27.8; 0.3; 1.5
  - CCAM: 6.6; 3.1; 6.6; 0.0; 3.6
  - Memo: Small developing states: 14.5; 7.5; 14.3; -0.1; 6.8

Training activity and online learning
- Training’s share of overall CD remained relatively stable, with ICD remaining the largest training provider, followed by STA and FAD.
- Over 6,000 government officials took training in FY21.
- Online learning accounts for about 40 percent of all IMF training in FY21.
- Total training participation by year (Number of Participants): FY17: 13,825; FY18: 16,596; FY19: 16,993; FY20: 17,692; FY21: 14,028
- Departmental FY21 training participants (selected): Fiscal Affairs Department: 2,793; Institute for Capacity Development: 4,963; Monetary and Capital Markets: 1,786; Statistics Department: 4,061.
- Regional totals FY21: Sub-saharan Africa: 3,933; Asia and Pacific: 3,367; Europe: 1,224; Middle East and Central Asia: 2,431; Western Hemisphere: 3,073.

Sources of external funding and fundraising
- External partner support channeled through multi-partner vehicles, thematic and country funds, bilateral programs, regional CD centers.
- Leading partner contributions (FY19–21, Contributions in Mil. of U.S. dollars; Share Percent of total; Total 600; 100):
  - Japan: 109; 18
  - European Commission: 74; 12
  - Germany: 42; 7
  - Switzerland: 40; 7
  - United Kingdom: 33; 6
  - Netherlands: 31; 5
  - China: 30; 5
  - Canada: 26; 4
  - Kuwait: 25; 4
  - Norway: 20; 3
  - Austria: 15; 3
  - France: 14; 2
  - Korea: 14; 2
  - Australia: 12; 2
  - Sweden: 11; 2
  - Luxembourg: 10; 2
  - New Zealand: 8; 1
  - Singapore: 8; 1
  - Kazakhstan, Republic Of: 8; 1
  - Denmark: 5; 1
  - Ghana: 5; 1
  - Belgium: 4; 1
  - Caribbean Development Bank: 4; 1
  - Spain: 3; 1
  - Sri Lanka: 3; 1
  - Other donors and institutions: 49; of which private foundations: 10
- Composition of financing (Millions of U.S. dollars; Share Percent of Total; Total 429; 100):
  - Multi-partner: 276; 64
  - Thematic (and country) Trust Funds: 111; 40
  - Regional Technical Assistance Centers: 129; 47
  - Regional Training Centers: 37; 13
  - Bilateral: 153; 36

RTACs and TTFs (current phase as of April 30, 2021)
- RTACs: Top 3 donors 184; 36; Other donors 186; 36; Members (RTAC recipients) 141; 28; Total 511; 100.
- TTFs: Top 3 donors 105; 40; Other donors 158; 60; Total 263; 100.

Funding risks and mitigation
- COVID-19 Crisis CD Initiative: launched with target of $100 million; commitments to date about $36 million.
- Fundraising strategy: pursue broader and more sustained partnerships to reduce dependence on large contributors.
- Operational risk management: secure financing upfront before planning CD delivery; built-in flexibility in CD projects/programs.

---

### HIGH-LEVEL BUDGET, OUTPUT, AND ADMINISTRATIVE STATISTICS (selected)
- Gross fund- and externally financed spending estimates by output, FY18–21 (Millions of FY21 U.S. dollars):
  - Total FY18: 1,407; FY19: 1,414; FY20: 1,382; FY21: 1,268.
  - Multilateral surveillance FY21 percent of total: 21.8.
  - Global economic analysis FY21 percent of total: 10.0.
  - Capacity development FY21 (Gross Fund- and Externally Financed Spending Estimates by Output): FY18: 429; FY19: 432; FY20: 401; FY21: 330; Percent of total FY21: 26.0.
  - Technical assistance FY21: 284; Percent of total FY21: 22.4.
  - Training FY21: 46; Percent of total FY21: 3.6.
  - Lending (incl. non-financial instruments) FY21: 235; Percent of total FY21: 18.5.
- Gross administrative resources and net expenditures (Millions of FY21 U.S. dollars):
  - Gross Expenditures FY20 Outturn: 1,382; FY21 Budget: 1,429; FY21 Outturn: 1,268.
  - CD - Fund-financed FY20 Outturn: 93; FY21 Budget: 86; FY21 Outturn: 88.
  - CD - Externally financed FY20 Outturn: 172; FY21 Budget: 206; FY21 Outturn: 206.
  - Net Expenditures FY21 Outturn: 1,126.
  - Total Available Resources FY21 Outturn: 1,126.
- Total administrative expenditures: FY21 Gross Budget: 1,429; FY21 Outturn: 1,268; Difference Outturn to Budget: -161; -11.3 percent.
- FY21 Net Budget: 1,186; FY21 Outturn: 1,126; Difference Outturn to Budget: -60; -5.1 percent.
- Total Fund employment (FTEs) FY18–21: FY18: 3,881; FY19: 3,899; FY20: 3,912; FY21: 3,981.
  - Regular and term staff FY21: 3,021.
  - Fund-financed FY21 regular and term staff: 2,928.
  - Externally financed regular and term staff FY21: 94.
  - Expert and Contractual Staff FY21 total: 959; Fund-financed: 651; Externally financed: 309.
- Departmental business travel and seminar expenditures FY21: in percent of total gross expenditures: FY21: 0.1.

*Source: EXECUTIVE SUMMARY; Box 3; SECTION III. SPENDING BY INPUTS; and related sections (ppea2021067).*

### EXECUTIVE SUMMARY

### EXECUTIVE SUMMARY

### FY21 context and overview
- The COVID-19 pandemic and ensuing global economic crisis had profound effects on the Fund’s members and on its own operations during FY21, with multispeed, incomplete recoveries underway amid high uncertainty.
- The Fund deployed a prompt reallocation of resources and use of contingencies to facilitate an agile response to membership needs while operating within a flat real budget envelope.
- The Fund addressed operational needs related to business continuity in the context of the work-from-home environment and a travel moratorium.

### Key FY21 highlights and utilization
- 94.9 percent utilization of the $1.186 billion net administrative budget.
- $1.126b Total net administrative expenditures.
- 58 Lending operations (including 43 approvals of emergency financing).
- 16 in-person missions (engagement with members primarily via virtual missions, with a near total pause in travel).
- $88.4m General carry forward available for temporary crisis-related need in FY22 and the medium term.
- 58 percent utilization of available externally financed budget.
- $118m Externally financed spending.
- $77m Capital spending (about two thirds went to IT-supported projects, mainly modernization projects and pre-requisites).

### Budget execution and drivers
- Execution of the net administrative budget fell to 94.9 percent ($1,126 million) in FY21 from 99.3 percent in FY20.
- Primary factors: travel moratorium, low building occupancy (e.g., utilities), and IT-related shortfalls linked to the IT department’s reorganization.
- Externally financed execution fell from 84.0 percent to 57.5 percent, driven mainly by a fall in CD-related travel and personnel spending triggered by the pandemic.
- Capital budget utilization fell to 41 percent from 54 percent in FY20 due to postponement of several projects, particularly related to facilities.
- Spending data do not reflect the significant increase in uncompensated work from overtime and unused leave during FY21.

### Carry forward and temporary measures
- In April 2021, the Executive Board approved a temporary increase in the general carry forward limit from 5 to 8 percent of the net administrative budget.
- The general carry forward moving into FY22 will be at the temporary limit of 8 percent ($88.4 million).
- An additional $8.3 million is available for general use in FY22 from underspend in FY21 above separate limits for the Office of Executive Directors (OED) and the Independent Evaluation Office (IEO).
- FY21 carry forward for OED and IEO are $12.7 million and $0.5 million, respectively.

### Agile response and resource reallocation (Box 1)
- Crisis response measures included reprioritization; deferral of non-crisis work; streamlining of procedures; and informal, temporary reassignment of some 60 staff to member-facing departments and others with crisis-related work pressures.
- Space for priority needs was created through:
  - Repurposing travel and events budgets: about 95 percent of business travel resources and 90 percent of event resources were reallocated to crisis needs, with a central buffer retained.
  - Reprioritization/savings: six-month pause in Article IVs and FSAPs, refocusing CD on crisis-related issues, suspending non-crisis analytical and policy work, postponing conferences, and adopting simplified processes (including for emergency financing approvals).
  - Emergency buffers and a larger carry forward from the FY20 increase in the carry forward limit from 3 to 5 percent and existing contingencies.
  - Addressing emergency needs: mobilization funded allocation of 128 temporary crisis positions (about 5 percent of staff), with hiring continuing into FY22; resources used for evacuations, HQ preparation for safe return, remote working support, and provisions for revenue losses (e.g., parking, the Concordia).
- Distribution of Crisis Positions:
  - 74 Direct country support in Area Departments, FAD, LEG, MCM, SPR.
  - 42 Review and policy/analytical work on crisis issues (SPR, LEG, FIN, COM, RES).
  - 12 SEC/Risk/Other small offices.
- FY 21 Crisis Needs, Source of Funding breakdown (US$ million, In percent): Carry Forward (8, 7%), Contingency Buffers (8, 8%), Repurposed Travel & Events (53, 47%), Departmental Reprioritization/Savings (43, 38%).

### Heightened staff work pressures (Box 2)
- Recorded staff time on main outputs increased by 5 percent relative to the average in the three years prior to the crisis.
  - Lending up 27 percent.
  - Multilateral surveillance/analytical and policy work up 14 percent.
  - Fund governance and finances up 8 percent.
  - Internal support up 5 percent.
  - Bilateral surveillance down 14 percent.
  - Capacity Development (CD) down 6 percent.
- Departments experienced an increase in average overtime of 26 percent relative to FY20; uncompensated overtime accounted for 91 percent of the Fund-wide average overtime increase.
- Use of annual leave fell by 39 percent Fund-wide.
- In the December 2020 staff survey, 41 percent of staff reported struggling to maintain work-life balance.
- Decline in staff training by some 30 percent.

### Spending by outputs (Section II summary)
- Given the travel moratorium, spending figures reported in FY20 and FY21 exclude travel.
- Spending related to lending increased by 19 percent ($23 million) year-on-year.
- Spending on bilateral surveillance fell by 15 percent ($28 million).
- Direct CD delivery dropped by 16 percent ($33 million), driven by a 26 percent ($30 million) decline in externally financed CD largely due to travel-related reductions in field-based short-term experts.
- Spending on multilateral surveillance, analytical and policy work expanded by 5 percent ($13 million), driven by crisis-related activities.
- These spending figures do not capture increased staff overtime, reduced leave, and shifts in average staff costs.

### Roadmap of the report
- Section II: spending by key output areas, priority topics, and department.
- Section III: spending by key input categories.
- Section IV: implementation of the capital budget.
- Annex I: key budget concepts and methodologies.
- Annex II (prepared by ICD): details CD activities.
- Annex III: key budget statistics.

*Source: EXECUTIVE SUMMARY (ppea2021067).*

### Box 3. Staff Hours and Fund Output

### Box 3. Staff Hours and Fund Output

### Measurement
- Measuring total Fund output through gross spending in constant prices, of which over 80 percent is personnel spending, understates actual output and complicates year-on-year comparisons in cases where i) unit cost of personnel spending declines in real terms, as occurred in FY21 and ii) there is an increase in uncompensated overtime or decline in leave usage.
- Reference to total staff hours provides complementary output information which controls for these issues, despite limitations from gaps in the self-reporting system.

### Overtime and Staff Time
- Total staff time increased by 4 percent from FY20, with overtime contributing 30 percent.
- Increased time on lending activities rose by 27 percent and more than balanced a decline in surveillance activities.
- A decline in CD was driven by externally funded operations.
- The increase in uncompensated overtime from FY20 to FY21 is equivalent to 37 FTEs, about $12 million.
- The increase in FY21 follows an increase in uncompensated overtime equivalent to 15 FTEs, about $5 million, from FY19 to FY20, reflecting the start of pandemic-related work in the last two months of FY20.
- Includes uncompensated and compensated overtime. Hours on CD include some workstreams (management/administration, analytics/development) included as Internal Support in Figure 1.

### Fund Outputs — Country Operations
- Gross spending on country operations, excluding travel, declined by 7 percent ($36 million) and by 1 percentage point as a share of total spending relative to FY20.
- Excluding externally funded CD, country spending declined by 2 percent ($8 million).
- Spending related to lending increased driven by emergency financing operations; work on these issues rose by 325 percent ($54 million).
- The Board approved 43 emergency lending operations in FY21, adding to 40 operations approved in the last two months of FY20.
- Spending related to work on financial assistance through other facilities, including the Flexible Credit Line (FCL) and Precautionary Liquidity Line (PLL), as well as augmentations to existing concessional Fund programs increased by 13 percent ($10 million).
- Spending associated with non-concessional financing declined by 5 percent ($3 million) with greater recourse to emergency lending.
- Spending on bilateral surveillance (excluding travel) fell by 15 percent ($28 million) driven by the decline in Article IV activities given a temporary suspension in the first part of the year; these activities resumed gradually beginning in July 2020.
  - 36 Article IV consultations were completed in FY21, relative 113 in FY20.
  - The average cost of an Article IV Consultation excluding travel declined to about $0.5 million (versus $0.6 million in FY20).
- Spending on FSAPs fell with a temporary suspension in FY21, with five FSAPs completed relative to nine in FY20. Average costs excluding travel remained relatively stable.
- Other bilateral surveillance increased by 10 percent to $44 million; average costs excluding travel of other bilateral surveillance remained relatively stable.

### Capacity Development (CD)
- Fund-financed CD spending was $131 million, which was 91 percent of budget.
- Externally financed CD was $118 million, just under 60 percent of budgeted levels, mainly reflecting the travel disruption.
- Overall CD spending declined by $17 million (6 percent) relative to FY20, reflecting a $1 million increase in Fund-financed CD and a $19 million decline in externally financed CD.
- Delivery as measured by personnel fell 1 percent overall, with a 2.8 percent increase in Fund-financed CD.
- Lower externally financed CD delivery impacted chargebacks for staff time ($2.7 million below budget) and Trust Fund Management Fee receipts ($6.1 million below budget), requiring coverage through the Fund’s own resources.
- Relatively high Fund-financed CD utilization reflects greater repurposing towards virtual delivery than donor funds, and a higher share of Fund versus partner resources used for management and administration, including departmental engagement for development and testing of the improved CD Management and Administration system (CDMAP).
- All countries receiving emergency financing received CD support. Overall CD demand focused on fiscal (mobilizing revenue, strengthening expenditure management) and monetary and financial sectors (crisis management, bank resolution, debt management, debt transparency, and central banking operations, and governance).

### Average Country Spending and Spending by Country Group
- Overall, average country spending (excluding travel) declined by 8 percent (to $2.2 million) relative to FY20, or 3 percent (to $1.8 million) excluding externally funded CD.
- For surveillance countries, average spending declined by 33 percent (to about $1 million), due to lower CD activities and narrower focus on crisis-issues.
- For countries with intensive surveillance (near program) or program status, average spending declined by 20 percent and 8 percent, respectively.
- Average country spending over FY18-FY20 (including travel) was $2.3 million.
- Average country spending in low income-developing economies, excluding travel, declined by 10 percent to $3.1 million, while remaining broadly stable at $2.2 million on a net basis (excluding externally funded CD).
- In emerging markets, average country spending declined to $2.1 million ($2.3 million in FY20).
- Non-G20 advanced economies experienced the largest declines in average country spending due to delays in surveillance activities.
- Africa and Asia-Pacific regions faced material declines in average country spending, driven by lower externally financed CD.

### Fragile States
- Spending in the 42 FCS in FY21 declined by 9 percent to $104 million (from $114 million in FY20), and by 3 percent to $76 million excluding externally financed CD.
- Some 46 percent of FY21 spending for FCS was delivered through CD.
- Area Departments channeled about half of the resources to fragile states—mostly in AFR, APD, and MCD—in support of country operations, particularly engagement related to program work.

### Multilateral Surveillance, Analytical and Policy Work
- Overall spending increased by 5 percent ($13 million), linked to crisis-related activities.
- Spending on multilateral surveillance increased by 5 percent ($6 million). Fund flagship publications focused on the crisis and divergent economic recovery, assessments of macro financial risks and spillovers, fiscal responses, spillovers, and longer-term challenges related to climate and digitalization.
- Spending on Fund policy work increased by 5 percent ($2 million), focusing on adapting PRGT and GRA toolkits for the COVID-19 situation (e.g., conditions for emergency financing, CCRT, new Short-term Liquidity Line), debt policy work, modernizing the Debt Sustainability Framework from Market Access Countries and IMF lending into Arrears Policies, and enhancing the Fund’s surveillance framework.
- Spending on cooperation on global issues and standards remained broadly unchanged year-on-year; the Fund continued to support the G-20 in response coordination (Common Framework and Extension of the G-20 Debt Service Suspension Initiative).
- Spending on Analytic work increased by 8 percent ($3 million), covering tailored policy recommendations, a country policy tracker, the Database of Country Fiscal Measures in Response to the COVID-19 Pandemic, and a special series of CD-related analytical notes.

### IMF Governance and Fund Finances
- Spending on governance and Fund finances declined by 5 percent ($6 million), reflecting lower spending on governance which more than offset a $3 million increase in spending associated with Fund finances.
- Work on the 16th General Review of Quotas continued, and work on an SDR allocation was initiated to supplement existing reserves, bolster global financial resilience, and provide timely assistance to Low-Income Countries and Emerging Markets.

### Internal Support
- Overall spending on internal support rose by 2 percent ($5 million) year-on-year.
- Pandemic-triggered remote work required emergency HR measures, swift enhancements to IT platforms, and essential equipment for staff to mitigate risks to business operations.
- Emergency HR measures included continued relocation of some field-based staff and family members in early FY21, with a ramp-up in recruitment related to crisis hiring.
- Safety and health protocols implemented (e.g., enhanced cleaning, touchless entrances/exits, temperature scanning).
- Ramp-up in implementation of HR and CD-related modernization contributed to the increase.
- Broadcast, video and language services support ensured virtual missions and the virtual Spring and Annual Meetings operated smoothly without much increase in service costs.

### Spending by Department
- Area Departments: shift in spending (excluding travel) from surveillance to lending-related activities (AFR, APD, WHD) and a jump in regional analytical work (APD, MCD).
- Functional non-CD departments: some departments (SPR, FIN) saw an increase in lending output due to review of high volume of crisis lending and AD temporary suspension of surveillance activities.
- CD departments: lower overall spending (excluding travel) mainly reflects sharp decline in externally financed activities (FAD, ICD, MCM, STA). Excluding externally funded CD, output was stable or increased relative to FY20 in most CD departments. Declines in Fund-financed CD in some cases reflect shifts toward analytical products and tool development (including to support virtual CD delivery). FAD, MCM, LEG and STA also increased multilateral surveillance and analytic and policy-related work.
- Support and other: lower overall spending (excluding travel) mainly reflects sharp decline in Fund governance and membership (CSF, OED, SEC) amid delays in non-crisis related governance activities.
- STA and ICD loaned significant staff resources to ADs, FIN, and SPR to provide temporary support for crisis-related work.

### Priority Topics (FY21 estimates)
- Financial surveillance: Estimated spending reached around $83 million ($77 million in FY20). MCM accounts for 57 percent of this spending.
- Debt: Policy and analytical work estimated at $43 million. Focus on reducing debt vulnerabilities, increasing debt transparency, strengthening debt management capacity; efforts related to CCRT and G-20 DDSI. No FY20 comparator available.
- Inclusion/gender: Spending estimated at $36 million, focused on macro-critical inclusion and gender issues, assessments of inclusion gaps and redistributive policies. Main work by area departments and RES. No FY20 comparator available.
- Monetary policy: Spending estimated at $35 million to continue work on the IPF, monetary policy frameworks, and review of the Fund’s institutional view on capital flows; spending evenly split across ADs, functional CD, and functional non-CD departments. No FY20 comparator available.
- Climate change: Spending estimated at $28 million in FY21 ($16 million in FY20). ADs focused on countries with largest mitigation/adaptation needs; functional departments contributed to mitigation/adaptation work and expertise to support country work (e.g., CCPA, Climate Risk Analysis in FSAPs).
- Governance/corruption: Spending estimated at $23.9 million in FY21, focus on governance and corruption vulnerabilities related to COVID-19 financial resources, concentrated mainly in ADs with support from SPR, LEG, FAD, and FIN. Departments report a drop in work linked to reduced Article IV activity. No FY20 comparator available.
- Digital money: Spending estimated at $4 million ($6 million in FY20), covering macro-financial implications of cross-border use of digital currencies and initial considerations for an analytical framework for central bank digital currencies; primarily in MCM, LEG, SPR.

*Source: OBP estimates based on TRACES, ACES, Peoplesoft Financials, IMF departments’ estimates, and MONA database as cited in the original text.*

### SECTION III. SPENDING BY INPUTS

### SECTION III. SPENDING BY INPUTS

### A. By Major Budget Category — Key outcomes
- Total personnel spending was $1,049 million, some $6 million below the April structural budget.
- Fund-financed personnel spending exceeded the original structural budget by about $24 million.
- Externally financed personnel spending was about $30 million below budget, mainly reflecting lower-than-projected spending on short-term experts.
- Despite an overall 1.8 percent increase in FTEs relative to FY20, total personnel spending in real terms declined by 0.8 percent.
- The $4 million decline in personnel spending from FY20 to FY21 owes to a $15 million reduction in externally financed personnel spending, partially offset by a $11 million increase in Fund-financed personnel spending.
- The cost of evacuations is recorded under security-related spending.

### Table 2 highlights (Administrative Budget and Expenditures, FY20-21)
- Gross expenditures (FY20): 1,226 (Fund-financed) 205 (Donor financed) 1,431 (Total)
- Gross expenditures (FY21 budget/outturn: mixed entries presented; see source for full table)
- Personnel (FY20): 914 (Fund-financed) 136 (Donor financed) 1,050 (Total)
- Personnel (FY21 outturn): 944 (Fund-financed) 105 (Externally financed) 1,049 (Total) — Utilization 99.4 percent
- Net expenditures (FY20): 1,186 (Net)
- Net expenditures (FY21 outturn): 1,126 (Net) — Utilization 94.9 percent
- Carry forward from previous year: 48 (FY20) 48 (FY21) (memorandum)

### Personnel — Staffing levels and composition
- Fund-financed regular staff increased by 44 positions in FY21.
- Externally financed personnel, mostly experts and contractual, declined by 24 FTE-equivalent positions, driven by lower use of short-term experts.
- Total personnel (headcount/FTE) by category (FY19, FY20, FY21, Difference FY20-21):
  - Total: 3,899; 3,912; 3,981; 69
  - Fund-financed: 3,453; 3,485; 3,578; 94
  - Regular and term (Fund-financed): 2,865; 2,886; 2,928; 42
  - Expert and contractual (Fund-financed): 588; 599; 651; 52
  - Externally financed total: 446; 427; 402; (24)
  - Externally financed regular and term: 93; 96; 94; (3)
  - Externally financed expert and contractual: 353; 330; 309; (21)

- Total personnel spending in FY21 prices declined slightly, while the share of salaries and benefits relative to total outturn increased given larger declines in other categories of spending.

### Crisis hiring and vacancies
- During FY21, 128 temporary crisis staff positions were allocated to meet crisis demands, including many at mid-year, with hiring continuing into FY22.
- Overall vacancy rate (including both structural and temporary positions) was about 3.8 percent (120 vacancies) in FY21 compared to 0.8 percent (23 vacancies) in FY20 and an average of 1.1 percent over the previous five years.
- Underutilization of crisis positions was expected due to remote hiring challenges and new HR processes.
- HRD measures included establishing a centralized recruitment framework for external hiring through the midcareer pipeline and accelerating the pipeline’s replenishment.

### Travel
- Fund travel fell from 6,693 missions in FY20 to 16 missions in FY21.
- Of the 16 missions in FY21:
  - Six were AD led missions related to program negotiations and consultations with authorities.
  - Three were led by SPR in support to the G20 processes.
  - The remainder were regional travel within the APD region.
- Travel expenditure components:
  - Evacuation costs of field staff: $7.9 million (largest share of total travel expenditures).
  - Settlement/relocation travel: $6.3 million, declined by 27 percent, with fewer Res Rep installations.
- Missions by region (FY19, FY20, FY21):
  - AFR: 1,970; 1,673; 0
  - APD: 1,615; 1,257; 9
  - EUR: 1,645; 1,517; 2
  - MCD: 675; 611; 1
  - WHD: 1,953; 1,635; 4
- Missions by department type (FY19, FY20, FY21):
  - Area: 1,445; 1,180; 13
  - CD Functional: 4,979; 4,207; 0
  - Non-CD Functional: 788; 719; 3
  - Support and Governance: 646; 587; 0
- Funding source (Missions FY19, FY20, FY21):
  - Fund-financed: 4062; 3513; 10
  - Externally financed: 3861; 3180; 6

### Buildings and other services
- Spending on building operations and other services was 10 percent below budget.
- Underspend driven by extended remote working and low building occupancy reducing utilities, goods and services, maintenance, and Annual/Spring Meetings costs.
- Fund-wide IT spending below budget due to crisis-related delays, deferral of non-priority work, and a change in vendor services; savings more than offset higher spending to support staff’s IT equipment for remote working.

### Security-related spending
- Security spending rose by $3 million relative to FY20 to $42 million, mainly reflecting:
  - Field security due to evacuations;
  - In-country security needs in high risk locations;
  - Heightened international security surveillance.
- Business Continuity saw a marginal increase due to the pandemic, somewhat offset by reduced security needs at HQ and lower IT security costs from temporary reductions in licensing costs.

### Receipts
- Overall FY21 receipts were $142 million, some 40 percent below budget and about 30 percent lower than FY20 receipts.
- Main drivers of the decline:
  - Fall in receipts from externally financed CD from travel restrictions and related impact on hiring short-term experts and absorption constraints in some countries.
  - Reduced income in the TFMF due to lower externally financed CD.
  - Remote work environment affected revenue from the HQ2 lease.
  - Travel restrictions reduced Concordia revenues.
- Receipts table snapshot (FY21):
  - Total: 214 (FY19) 199 (FY20) 243 (FY21 Budget) 142 (FY21 Outturn)
  - Externally financed capacity development (direct cost): 178 (FY19) 168 (FY20) 206 (FY21 Budget) 118 (FY21 Outturn)
  - General receipts: 36 (FY19) 31 (FY20) 37 (FY21 Budget) 23 (FY21 Outturn)
  - Administrative and trust fund management fees (subset): 12; 12; 14; 8
  - Publications income: 10; 3; 0
  - HQ2 lease: 2; 1; 1
  - Concordia: 3; 3; 0

### Use of carry forward
- With the FY21-23 Medium-Term Budget, the Board approved a temporary increase in the general carry forward limit from 3 to 5 percent.
- $44.4 million in carry forward resources were available for FY21.
- About three-quarters ($37.5 million) had been distributed up front to departments to meet transitional needs; the remainder was allocated over the course of the year to meet crisis needs.

### Section IV (Capital Spending) — summary of capital-related outcomes (FY19–21 context)
- Approximately $186 million capital funds appropriated between FY19-21 were available in FY21, split between IT-related ($82 million) and facilities-related ($104 million) resources; HQ1 Renewal-related investments included $16 million.
- FY21 capital spending totaled $77 million, a reduction of $30 million from last year.
- Approximately $109 million in remaining appropriated funds will carry over to FY22.
- Overall utilization of available capital funds was 61 percent (broadly in line with FY20).
- IT capital expenditure in FY21 totaled $50 million; 72 percent ($36 million) supported transformational modernization projects.

### IT Capital Expenditure details
- 1HR program: $17 million in FY21; part of a $23 million additional program budget presented to the Board in April 2021; initial rollout of two of four releases including MyWorkday and MyHR.
- CDMAP project: $7 million; completed two releases between August 2020 and April 2021; final release completion extended by 2 months to October 2021; expects to remain on budget.
- Other transformational projects ($6.8 million): Knowledge Management ($4.6 million), iDW ($0.9 million), iData ($1.3 million).
  - Knowledge Management focused on a new document management system expected to be deployed in Q3 FY23.
  - iDW reconfigured, prioritizing collaboration tools (MS Teams).
  - iData spending lower due to delays finalizing the development environment to comply with strengthened security posture.
- Expenditures on prerequisite projects (IAM, CDW) totaled $4.5 million, broadly aligned with budget allocations.
- Other IT investments:
  - New investments: $8.5 million (FY21) vs $5.2 million (last year); $3 million on Information Security enhancements (ArcSight, Business Continuity Center Cloud Migration).
  - Lifecycle replacements: $5.2 million (FY21) vs $4.9 million (FY20); largest projects were PC refresh ($1.5 million) and server replacements ($1.3 million).

### Facilities Capital Spending
- Utilization of available facilities funds was 30 percent (47 percent in FY20).
- Facilities spending was $26 million in FY21 ($42 million in FY20), driven by postponement of several campus-based projects and a shift from HQ1 renewal to timely updates and modernization.
- Some projects accelerated due to low building occupancy (e.g., replacement of building systems nearing end of life, restroom renovations).
- Pandemic response investments prioritized, including installation of touchless door openers and ultraviolet lighting for air purification.

*Source: IMF — SECTION III. SPENDING BY INPUTS (from ppea2021067)*

### 2.8 percentage points, respectively, in FY21. The larger drop in APD can be explained by the

### ppea2021067 - 2.8 percentage points, respectively, in FY21. The larger drop in APD can be explained by the

### Direct delivery by region and income
- Larger drop in APD explained by lower activity in Myanmar and in the region’s training centers.
- Other regions experienced an increase in share, with activities benefitting multiple regions growing significantly more than originally planned due to delivery of more online courses and workshops during the pandemic.
- By income group: FY21 saw an increase in the share of CD received by Advanced Economies; this share remained under 5 percent.
- Note: CD spending to regional groups has been distributed evenly among member countries of each group.

### Core workstreams and subject-area shifts
- Core workstreams continue to make up the bulk of CD delivery.
- Decline in share of delivery for:
  - Monetary and financial systems
  - Macroeconomic statistics
- Shift toward fiscal issues: fiscal workstreams now account for 48 percent of total delivery spending, 6 percentage points higher than pre-pandemic (FY19) levels.
- Selected FY20–21 shares and FY21 changes in share (p.p.) for core workstreams (FY 20 Outturn; FY 21 Budget; FY 21 Outturn; FY 21 change in share (p.p.)):
  - Total Direct Delivery on Core Workstreams: 100.0; 100.0; 100.0
  - Public Finances: 44.8; 45.7; 47.8; 3.0; 2.1
  - Domestic Revenue Mobilization: 24.4; 24.4; 22.6; -1.8; -1.9
  - Macro-Fiscal Policies: 0.7; 1.3; 2.9; 2.2; 1.6
  - Public Financial Management and Expenditure Policy: 19.7; 19.9; 22.3; 2.6; 2.4
  - Monetary and Financial Systems: 18.7; 20.1; 17.2; -1.5; -2.9
  - Central Bank Operations and Market Development: 5.2; 6.3; 4.4; -0.8; -1.9
  - Financial Sector Stability: 13.5; 13.8; 12.7; -0.7; -1.0
  - Macroeconomic Frameworks: 16.7; 14.6; 17.6; 0.8; 2.9
  - Macroeconomic Statistics: 15.3; 15.3; 12.3; -3.0; -3.0
  - Legal Frameworks: 4.0; 3.7; 3.9; -0.1; 0.2
  - Other Workstreams: 0.4; 0.6; 1.3; 0.8; 0.7

### Growth areas and country-group targeting
- Share of delivery to topical growth areas remained largely unchanged from FY20.
- Increases in share of spending on:
  - Debt sustainability and debt statistics (from a very low base)
  - Climate change
- Declines in share of CD in:
  - Anti-corruption
  - Tax policy
- Revised prioritization framework referenced (Box 4 of the FY20–22 Medium-Term Budget).
- Country-group delivery shares:
  - Fragile and conflict-affected states (FCS), program countries, and the CCAM group grew slightly from FY20 levels despite technical constraints for virtual CD.
  - Delivery share is programmed to pick up further following adoption of the Fund strategy for engagement with FCS and start of CCAMTAC operation.
- Selected FY20–21 shares and FY21 changes in share (p.p.) for growth areas (FY 20 Outturn; FY 21 Budget; FY 21 Outturn; FY 21 change in share (p.p.)):
  - Total Direct Delivery on Topic Growth Areas: 9.3; 6.1; 9.3
  - Anti-corruption: 2.0; 0.5; 0.6; -1.4; 0.1
  - Debt sustainability and debt statistics: 0.8; 1.5; 2.1; 1.3; 0.6
  - Expenditure policy and public investment management: 1.7; 1.2; 1.3; -0.4; 0.2
  - Tax policy: 3.8; 1.7; 2.5; -1.3; 0.8
  - Fintech and cyber risks: 0.8; 0.2; 0.6; -0.2; 0.4
  - Climate change: 0.2; 1.0; 2.2; 2.0; 1.2
  - Fragile and conflict-affected states: 27.5; 26.4; 27.8; 0.3; 1.5
  - CCAM: 6.6; 3.1; 6.6; 0.0; 3.6
  - Memo: Small developing states: 14.5; 7.5; 14.3; -0.1; 6.8

### Training activity and online learning
- Training's share of overall CD remained relatively stable, with a shift in share from ICD to other departments.
- ICD remains the largest training provider, followed by STA and FAD.
- Other departments’ share of training activities increased slightly with more online learning and virtual global workshops and seminars.
- Regional training share highlights:
  - AFR received the largest share of training at about 28 percent, followed by APD and WHD.
- Online learning growth:
  - Over 6,000 government officials took training in FY21.
  - Online learning accounts for about 40 percent of all IMF training in FY21.
- FCS participation remained broadly flat in FY21; communication challenges could not be overcome in FY21.
- Opening more online courses for the general public in FY21 contributed to stabilization at higher participation levels.
- Selected FY17–FY21 total training participation by department and region (Number of Participants):
  - Total FY17: 13,825; FY18: 16,596; FY19: 16,993; FY20: 17,692; FY21: 14,028
  - Fiscal Affairs Department: FY17: 2,410; FY18: 3,183; FY19: 3,353; FY20: 3,001; FY21: 2,793
  - Institute for Capacity Development: FY17: 7,272; FY18: 8,851; FY19: 8,461; FY20: 8,082; FY21: 4,963
  - Legal Department: FY17: 546; FY18: 489; FY19: 384; FY20: 630; FY21: 309
  - Monetary and Capital Markets: FY17: 1,220; FY18: 1,345; FY19: 1,657; FY20: 1,606; FY21: 1,786
  - Statistics Department: FY17: 2,202; FY18: 2,465; FY19: 3,003; FY20: 4,205; FY21: 4,061
  - Other including RTACs: FY17: 175; FY18: 263; FY19: 135; FY20: 168; FY21: 116
  - Regional totals (selected): Sub-saharan Africa FY21: 3,933; Asia and Pacific FY21: 3,367; Europe FY21: 1,224; Middle East and Central Asia FY21: 2,431; Western Hemisphere FY21: 3,073

### Sources of external funding and fundraising
- Overview: External partners continued substantial support to IMF CD despite their budgetary challenges from the pandemic.
- Fundraising for IMF CD proved challenging; partner support picked up in FY21 relative to FY20 and liquidity balances remain adequate in most CD vehicles.
- Main patterns of support:
  - External support channeled through multi-partner vehicles—regional CD centers, thematic and country funds—and bilateral programs.
  - A few countries manage regional training programs where Fund staff provide training.
- Leading partner contributions (FY19–21, Contributions in Mil. of U.S. dollars; Share Percent of total; Total 600; 100):
  - Japan: 109; 18
  - European Commission: 74; 12
  - Germany: 42; 7
  - Switzerland: 40; 7
  - United Kingdom: 33; 6
  - Netherlands: 31; 5
  - China: 30; 5
  - Canada: 26; 4
  - Kuwait: 25; 4
  - Norway: 20; 3
  - Austria: 15; 3
  - France: 14; 2
  - Korea: 14; 2
  - Australia: 12; 2
  - Sweden: 11; 2
  - Luxembourg: 10; 2
  - New Zealand: 8; 1
  - Singapore: 8; 1
  - Kazakhstan, Republic Of: 8; 1
  - Denmark: 5; 1
  - Ghana: 5; 1
  - Belgium: 4; 1
  - Caribbean Development Bank: 4; 1
  - Spain: 3; 1
  - Sri Lanka: 3; 1
  - Other donors and institutions: 49; of which private foundations: 10
- Composition of financing (Millions of U.S. dollars; Share Percent of Total; Total 429; 100):
  - Multi-partner: 276; 64
  - Thematic (and country) Trust Funds: 111; 40
  - Regional Technical Assistance Centers: 129; 47
  - Regional Training Centers: 37; 13
  - Bilateral: 153; 36

### RTACs and TTFs contributions (current phase)
- RTACs and TTFs: breakdown for current phase as of April 30, 2021 (Millions of U.S. dollars; Percent of total):
  - RTACs: Top 3 donors 184; 36; Other donors 186; 36; Members (RTAC recipients) 141; 28; Total 511; 100
  - TTFs: Top 3 donors 105; 40; Other donors 158; 60; Total 263; 100

### Funding risks and mitigation
- COVID-19 Crisis CD Initiative:
  - Launched with a target of $100 million; commitments to date of about $36 million.
  - Designed to allow flexible allocation to address urgent CD needs related to the pandemic.
- Fundraising strategy:
  - Pursue broader and more sustained partnerships to reduce dependence on large contributors.
  - Longer and more strategic partnerships provide greater funding certainty over the medium term.
- Operational risk management:
  - Staff secure financing upfront before planning CD delivery.
  - All CD projects/programs have built-in flexibility to allow adjustments in case of funding shortfalls.

### High-level budget, output, and administrative statistics (selected)
- Gross fund- and externally financed spending estimates by output, FY18–21 (Millions of FY21 U.S. dollars; Percent of total):
  - Total FY18: 1,407; FY19: 1,414; FY20: 1,382; FY21: 1,268; Percent of total shown across outputs.
  - Multilateral surveillance FY21 percent of total: 21.8
  - Global economic analysis FY21 percent of total: 10.0
  - Capacity development FY21 (Gross Fund- and Externally Financed Spending Estimates by Output): FY18: 429; FY19: 432; FY20: 401; FY21: 330; Percent of total FY21: 26.0
  - Technical assistance FY21: 284; Percent of total FY21: 22.4
  - Training FY21: 46; Percent of total FY21: 3.6
  - Lending (incl. non-financial instruments) FY21: 235; Percent of total FY21: 18.5
- Gross administrative resources and net expenditures (Millions of FY21 U.S. dollars):
  - Gross Expenditures FY20 Outturn: 1,382; FY21 Budget: 1,429; FY21 Outturn: 1,268
  - CD - Fund-financed FY20 Outturn: 93; FY21 Budget: 86; FY21 Outturn: 88
  - CD - Externally financed FY20 Outturn: 172; FY21 Budget: 206; FY21 Outturn: 206
  - Net Expenditures FY21 Outturn: 1,126
  - Total Available Resources FY21 Outturn: 1,126
- Total administrative expenditures: Budgets and Outturn, FY11–21 (selected):
  - FY21 Gross Budget: 1,429; FY21 Outturn: 1,268; Difference Outturn to Budget: -161; -11.3 percent
  - FY21 Net Budget: 1,186; FY21 Outturn: 1,126; Difference Outturn to Budget: -60; -5.1 percent
- Total Fund employment (Full-time Equivalents, FTEs) FY18–21:
  - Total Fund employment FY18: 3,881; FY19: 3,899; FY20: 3,912; FY21: 3,981
  - Regular and term staff FY21: 3,021
  - Fund-financed FY21 regular and term staff: 2,928
  - Externally financed regular and term staff FY21: 94
  - Expert and Contractual Staff FY21 total: 959; Fund-financed: 651; Externally financed: 309
- Departmental business travel and seminar expenditures, FY19–21 (Millions of U.S. dollars):
  - By type of cost FY21 totals (Transportation; Per diem): FY21 totals reflect substantial reductions relative to FY19 and FY20 (detailed departmental breakdown in source tables).
  - Memorandum item: In percent of total gross expenditures: FY21: 0.1

*International Monetary Fund — FY2021—Output Cost Estimates and Budget Outturn (Annexes and statistical tables as provided).*

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_Source: https://www.imf.org/-/media/files/publications/pp/2021/english/ppea2021067.pdf_