## ppea2026025

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---

### Executive Summary — FY26 Context and Strategic Focus
- Global environment in FY26: trade fragmentation, fiscal vulnerabilities, elevated debt, constrained policy space, regional conflict in the Middle East; AI presents new challenges and opportunities.  
- Managing Director’s April 2026 Global Policy Agenda emphasized promoting macroeconomic and financial stability to support long-lasting growth and cooperative solutions.  
- Demand remained robust for Fund surveillance, lending arrangements (traditional stabilization and resilience objectives), and capacity development (CD).  
- Fund advanced major institutional reviews and updated financial toolkit, corporate infrastructure, risk management, and control frameworks.

### Executive Summary — High-Level Figures and Budget Execution
- Gross administrative spending totaled $1,790 million, comprising:
  - $1,548 million in Fund-financed spending ($1,505 million net of receipts)
  - $242 million in externally financed spending
- Execution of the Fund’s general net administrative budget (excluding the Office of Executive Directors and the Independent Evaluation Office) was 97.5 percent in FY26; overall execution including those offices was 97.0 percent.  
- Execution of the externally financed budget was 84.0 percent.  
- Capital spending: $130.3 million (broadly flat in real terms), including:
  - $56.5 million in facilities-related spending (down 12 percent in real terms versus FY25)
  - $73.8 million in IT-intensive capital spending (up 10 percent in real terms), comprising $48.9 million in direct project spending and $24.9 million in cloud-related spending.

### Key Operational Outputs and Activity
- 133 Article IV consultations completed.  
- 7 FSAPs completed.  
- 7 new financing operations approved in FY26:
  - 5 UCT programs (with 5 new RSF operations)
  - 2 emergency arrangements
- 39 active programs at year end.  
- 5,309 in-person missions conducted.  
- CD delivered to 176 members.

### Spending Composition and Inputs
- Total personnel costs (Fund and externally financed) accounted for 78 percent of gross expenditure:
  - 63 percent staff
  - 15 percent non-staff
- Fund-financed personnel costs represented 80 percent of total Fund-financed spending:
  - 70 percent staff
  - 10 percent non-staff
- Fund-financed personnel spending increased by $8 million (0.7 percent) in FY26, including a 1 percent increase in staff costs. Execution at 100.8 percent.  
- Externally financed personnel spending increased by $2 million (1.2 percent) relative to FY25.

### Staffing, Work Pressures, and Resource Management
- Budgeted staff FTEs at 3,403 in FY26, 8 positions higher than FY25.  
- End-FY26 staff headcount of 3,385, 12 lower than end-FY25.  
- Fund-wide vacancy rate at end-FY26: 0.5 percent (up from -0.4 percent in FY25).  
- Vacancy rates by group at end-FY26:
  - Economist departments: -0.3 percent (improved from -1.2 percent in FY25)
  - Non-CD functional departments: -1.1 percent (from -2.4 percent in FY25)
  - CD functional departments: -0.8 percent (stable)
  - Support departments: 1.7 percent (stable)
- Average reported overtime decreased to 9.1 percent in FY26 from 9.8 percent in FY25 (peak of 12.3 percent in FY21).  
- Managerial staff average reported overtime: 14.6 percent (15.9 percent in FY25; peak 19.9 percent in FY21).  
- Average annual leave days remained about 26 days since FY23, recovering from just over 13 days in FY21.
- FY26 budget reallocated $79 million (5 percent of the NAB) through management-led streamlining and department-level initiatives.

### Travel — Execution and Mission Activity
- Fund-financed travel budget execution: 82.7 percent (85.2 percent in FY25).  
- Real airfare costs for business travel: decreased by 5.5 percent relative to FY25 and increased by 1.9 percent relative to pre-pandemic (FY18).  
- Externally financed travel utilization: improved to 85.5 percent (78 percent in FY25).  
- In-person missions:
  - Increased 4.5 percent versus FY25, including 2.1 percent for Fund-financed and 14.4 percent for externally financed missions.
  - Regional in-person mission changes:
    - APD: +13.8 percent
    - EUR: +7.6 percent
    - WHD: +3.8 percent
    - AFR and MCD: modest declines
  - Average mission size: 1.7 members.
  - 86 percent of in-person missions consisted of 2 or fewer members.
  - 11 percent had 3-5 members.

### Travel — Regional and Output Mission Counts (selected FYs)
- Total in-person missions: FY18 6,207; FY24 5,461; FY25 5,082; FY26 5,309
- By region:
  - AFR: FY18 937; FY24 1,032; FY25 976; FY26 959
  - APD: FY18 1,123; FY24 1,055; FY25 882; FY26 1,004
  - EUR: FY18 1,895; FY24 1,427; FY25 1,313; FY26 1,413
  - MCD: FY18 581; FY24 659; FY25 664; FY26 638
  - WHD: FY18 1,671; FY24 1,288; FY25 1,247; FY26 1,295
- By funding source:
  - Fund financed: FY18 5,190; FY24 4,327; FY25 4,098; FY26 4,183
  - Externally financed: FY18 1,017; FY24 1,134; FY25 984; FY26 1,126
- By output:
  - Bilateral surveillance: FY18 1,054; FY24 797; FY25 773; FY26 801
  - Lending: FY18 339; FY24 382; FY25 360; FY26 328
  - CD: FY18 1,727; FY24 1,658; FY25 1,502; FY26 1,687
  - MSGS: FY18 1,159; FY24 953; FY25 882; FY26 918
  - Other: FY18 1,928; FY24 1,671; FY25 1,565; FY26 1,575

### Buildings, IT, and Other Services
- Fund-financed spending in this area totaled $241 million (100.2 percent structural budget utilization), up from 94.2 percent in FY25.  
- Drivers:
  - Building occupancy increases from external office lease payments, field leases, and utilities.
  - One-off vendor services, commercial data, publications, language services, and some payments initially expected in FY25.
  - Streamlined facilities services and vendor contract renegotiations partially offset increases.
- Non-personnel physical and cybersecurity spending: unchanged from last year.
- Externally financed spending in this area: $19 million (86.9 percent utilization, up from 59.2 percent in FY25).

### Receipts
- Total receipts: $283 million, an increase of 3.3 percent from FY25.  
- Execution rate for receipts: 84 percent (82 percent in FY25), slightly lower than the 87 percent projected in April.
- Table 4 excerpt (FY25, FY26, change units FY25-26 preserved as in source):
  - Total: 273.9 337.0 283.1 84.0 9.2 336.6
  - Externally financed CD (direct cost): 231.5 288.0 240.0 83.3 8.5 288.0
  - General receipts: 42.4 49.0 43.1 87.9 0.7 48.6
  - Trust fund fees: 16.2 17.6 16.8 95.7 0.6 17.4
  - SRP administration: 6.7 10.7 5.9 54.9 -0.8 10.7
  - PRGT investment fee: 0.0 2.4 2.4 100.0 0.0 2.2
  - RST trust administration: 5.5 5.5 5.5 100.0 0.0 5.3
  - Concordia: 3.6 3.3 2.8 83.3 -0.8 3.3
  - Sharing agreements1: 2.9 3.1 3.0 97.1 0.1 3.1
  - Parking: 2.2 2.2 2.1 97.2 0.0 2.2
  - HQ2 lease2: 1.4 1.5 1.1 75.1 -0.3 1.2
  - Other3: 4.0 2.8 3.5 125.6 -0.5 3.1

### Functional non-CD Departments — Major Findings
- Overall spending dropped 0.8 million (0.3 percent).  
- Fund-financed spending declined $0.7 million (0.3 percent).  
- SPR drove the overall decline, with reduced work on policy and analysis, multilateral surveillance and global cooperation and standards and lower external funding.  
- RES spending increased, including through external funding, with growth in policy/analytics and bilateral surveillance.  
- FIN spending increased, driven by work on Fund finances.  
- Spending on lending declined for this group (except SPR) with the continued unwinding of lending activities after the pandemic peak.  
- COM spending rose marginally with higher execution of their budget, while remaining within budget.

### Department-level counts / values (as presented in source)
- (Selected departmental counts preserved verbatim as presented in source; totals and grouping labels preserved.)
  - Area Departments: 27 (alternate listing: 25)
  - CD Functional Departments: 24 (alternate listing: 33)
  - Non-CD Functional Departments: 16 (alternate listing: 14)
  - Support Departments: 25 (alternate listing: 22)
  - OED / IEO: 6
  - Additional departmental counts listed individually in source.

### Spending by Macro-critical Structural Issue Areas — Summary by Issue

- Debt
  - FY26 Fund-financed direct spending is up 27 percent versus FY25.
  - Area and CD departments account for about 60 and 30 percent of Fund-financed spending; direct CD activities constitute about a third of the spending; external resources finance over 60 percent of these activities.
  - Key activities: country support for high debt distress/restructuring, Global Sovereign Debt Roundtable (GSDR), LIC-DSA updates, Annual Borrowing Plan toolkit, analysis of domestic debt vulnerabilities, Regional LTX CD on debt management, improved debt data reporting.

- Climate
  - Fund-financed spending on macro-critical climate grew earlier in the decade; FY26 spending was below FY26 departmental expectations in part due to lower RSF approvals.
  - FY26 focus: integrating climate into Article IVs and FSAPs, country examples (Morocco, Zimbabwe, Jamaica, Bahamas, Tuvalu, Marshall Islands), policy/analytics on weather shocks and monetary policy, building macro resilience to natural disasters.
  - Area and CD departments each account for about 45 percent of Fund-financed spending; direct CD comprises less than a third and is financed evenly by Fund and external resources.

- Governance/Anticorruption
  - Fund-financed direct spending in FY26 increased by 10 percent versus FY25, concentrated in AFR and FAD.
  - Key activities: Governance Diagnostic Assessments follow-up, integrating governance work into Article IVs and program design (examples: Egypt, Ghana, Zambia), deeper coverage linked to offshore financial centers.
  - Area and CD departments account for 65 and 30 percent of Fund-financed spending; direct CD spending represents less than a third.

- Digital money
  - Fund-financed spending is estimated up 5 percent versus FY25.
  - Work: digital payment systems, financial market infrastructures, regulation/supervision of fintech and crypto assets, CBDC Virtual Handbook.
  - Direct CD departments account for 57 percent of Fund-financed spending; direct CD spending about 40 percent of overall spending, with external resources financing slightly above half.

- Inclusion/Gender
  - Fund-financed spending declined about 35 percent relative to FY25 peaks.
  - Work: inequality, social spending, gender in Article IVs, program design; examples include Saudi Arabia, Bangladesh, Türkiye, Korea.
  - Area departments about half of Fund-financed spending; CD functional departments about a third; direct CD mainly externally financed.

- Trade/Fragmentation
  - Fund-financed direct spending in FY26 increased about 20 percent relative to FY25.
  - Work: geoeconomic fragmentation, operationalizing trade strategy, multilateral surveillance on global effects of trade policy, updated trade policy/modeling guidance.
  - Area departments account for about 70 percent of Fund-financed spending.

- Artificial Intelligence (economics)
  - Fund-financed spending in FY26 increased about 40 percent from a low base in FY25.
  - Early-stage work: country analysis on AI impacts (productivity, labor, financial markets, inequalities), policy implications across fiscal, monetary, financial sector, structural policies.
  - Area departments account for about 70 percent of Fund-financed spending; little CD work; FY27 budgets below FY26 spending.
  - The Executive Board will discuss the Fund’s Work on AI this fall.

### CD Funding and Budget/Spending Evolution (selected points, Annex III)
- FY26 overall CD spending, including corporate overheads, reached $571 million (one third of total spending), a 3 percent increase from FY25.  
- Direct CD spending increased 1.6 percent to $400 million.  
- Externally financed direct CD spending rose 2.2 percent to $237 million.  
- Fund-financed direct spending rose 0.6 percent to $163 million.  
- Overall funding source shares: 58/42 (Fund-financed/externally financed).  
- Direct spending shares: 40/60 (Fund-financed/externally financed) in FY26.  
- CD delivery represented 55 percent of overall CD spending (69 percent of CD delivery was externally funded).  
- Distribution by workstream (percent shares of FY26 CD delivery):
  - Domestic revenue mobilization: 24.3 percent
  - Monetary and financial systems: 19.6 percent
  - Public financial management and expenditure policy: 18.6 percent
  - Macroeconomic frameworks: 14.3 percent
  - Statistics: 11.0 percent
  - Legal frameworks: 5.6 percent
  - Macrofiscal policies: 2.9 percent
  - Other: 3.6 percent

### Capital Spending — Facilities (Annex IV. Table 7)
- Project-level totals (FY26 Total Avail. Funds / FY26 Outturn / Carryover to FY27):
  - Total: 78.8 / 56.5 / 22.4
  - New Investments: 16.6 / 10.8 / 5.8
    - Field offices: 10.3 / 6.9 / 3.4
    - OED office redesign: 1.4 / 0.7 / 0.8
    - Sustainability and efficiency: 2.4 / 1.3 / 1.0
    - Other new investments: 2.6 / 1.9 / 0.6
  - Lifecycle, Replacements, & Repairs: 55.4 / 43.1 / 12.4
    - HQ1/HQ2/Concordia: 36.1 / 30.6 / 5.5
    - HQ1: 32.1 / 28.4 / 3.6
    - HQ2: 1.0 / 0.8 / 0.2
    - Concordia: 1.1 / 0.6 / 0.5
    - Other lifecycle: 1.9 / 0.8 / 1.2
    - Audio-visual replacements: 16.4 / 11.1 / 5.2
    - Vehicles: 2.6 / 1.0 / 1.6
    - Field offices maintenance: 0.4 / 0.3 / 0.1
  - Major Buildings: 3.6 / 1.2 / 2.4
    - HQ2 refresh: 3.6 / 1.2 / 2.4
  - Contingency and Planning Reserves: 3.2 / 1.4 / 1.8

### Capital Spending — IT-Intensive (Annex IV. Table 8)
- Aggregate totals:
  - Total IT - Intensive Capital Spending: Total Project Envelope 219.8; Total Spent thru FY26 163.3; FY26 Outturn 48.9
- Selected project envelopes / spent / FY26 outturn:
  - Transform (Current): 81.0 / 77.0 / 11.0
  - CyberSecurity: 36.0 / 16.0 / 8.1
  - Artificial Intelligence: 11.0 / 4.9 / 3.0
  - Infrastructure end-of-life: 19.1 / 18.6 / 9.5
  - Budget & Financial Management: 5.3 / 3.4 / 2.2
  - Capacity Development: 8.7 / 4.3 / 2.3
  - Communications & Relationship Management: 1.7 / 1.6 / 0.8
  - Economic Data Management: 5.6 / 2.7 / 0.9
  - Events Management: 0.2 / 0.2 / 0.2
  - Lending: 0.5 / 0.3 / 0.3
  - Member Finances: 17.4 / 13.9 / 3.1
  - Records Management: 4.6 / 0.6 / 0.6
  - Risk Management: 7.7 / 6.2 / 0.9
  - Technology Management: 15.6 / 9.7 / 5.3
  - Personal Data Governance: 5.3 / 3.9 / 0.8

*Source: FY2026—BUDGET OUTTURN, INTERNATIONAL MONETARY FUND (ppea2026025).*

### EXECUTIVE SUMMARY

### EXECUTIVE SUMMARY

### FY26 Context and Strategic Focus
- Global environment in FY26 marked by trade fragmentation, fiscal vulnerabilities, elevated debt, constrained policy space, and regional conflict in the Middle East; AI presents new challenges and opportunities.  
- Managing Director’s April 2026 Global Policy Agenda emphasized promoting macroeconomic and financial stability to support long-lasting growth and cooperative solutions.  
- Demand remained robust for Fund surveillance, lending arrangements (traditional stabilization and resilience objectives), and capacity development (CD).  
- Fund advanced major institutional reviews and updated financial toolkit, corporate infrastructure, risk management, and control frameworks.

### Summary of FY26 Outturn — High-Level Figures
- Gross administrative spending totaled $1,790 million, comprising:
  - $1,548 million in Fund-financed spending ($1,505 million net of receipts)
  - $242 million in externally financed spending
- Execution of the Fund’s general net administrative budget (excluding the Office of Executive Directors and the Independent Evaluation Office) was 97.5 percent in FY26; overall execution including those offices was 97.0 percent.  
- Execution of the externally financed budget was 84.0 percent.  
- Capital spending: $130.3 million (broadly flat in real terms), including:
  - $56.5 million in facilities-related spending (down 12 percent in real terms versus FY25)
  - $73.8 million in IT-intensive capital spending (up 10 percent in real terms), comprising $48.9 million in direct project spending and $24.9 million in cloud-related spending.

### Key Operational Outputs and Activity
- 133 Article IV consultations completed.  
- 7 FSAPs completed.  
- 7 new financing operations approved in FY26:
  - 5 UCT programs (with 5 new RSF operations)
  - 2 emergency arrangements
- 39 active programs at year end.  
- 5,309 in-person missions conducted.  
- CD delivered to 176 members.

### Budget Execution and Composition
- General NAB (excluding OED and IEO) execution was 97.5 percent, in line with FY25; overall NAB including OED and IEO reached 97.0 percent (up from 96.7 percent in FY25).  
- Gross externally financed utilization improved to 84.0 percent (from 81.5 percent in FY25), driven mainly by donor-funded CD spending.  
- Fund-financed utilization remained at 97.5 percent, with a slightly higher structural base.  
- Spending slightly below April projections, mainly due to lower non-staff personnel and travel spending.

### Spending by Input — Personnel, Travel, Buildings/IT/Other
- Total personnel costs (Fund and externally financed) accounted for 78 percent of gross expenditure:
  - 63 percent staff
  - 15 percent non-staff
- Fund-financed personnel costs represented 80 percent of total Fund-financed spending:
  - 70 percent staff
  - 10 percent non-staff
- Fund-financed personnel spending increased by $8 million (0.7 percent) in FY26, including a 1 percent increase in staff costs. Execution at 100.8 percent.  
- Externally financed personnel spending increased by $2 million (1.2 percent) relative to FY25.  
- Travel, buildings, IT and other items executed below projection but contributed to overall high execution rates.

### Staffing Levels, FTEs and Vacancies
- Budgeted staff FTEs at 3,403 in FY26, 8 positions higher than FY25.  
- End-FY26 staff headcount of 3,385, 12 lower than end-FY25.  
- Fund-wide vacancy rate at end-FY26: 0.5 percent (up from -0.4 percent in FY25).  
- Vacancy rates by group at end-FY26:
  - Economist departments: -0.3 percent (improved from -1.2 percent in FY25)
  - Non-CD functional departments: -1.1 percent (from -2.4 percent in FY25)
  - CD functional departments: -0.8 percent (stable)
  - Support departments: 1.7 percent (stable)
- Remaining overage in certain departments expected to be cured in FY27.

### Work Pressures, Leave, and Overtime
- Average reported overtime decreased to 9.1 percent in FY26 from 9.8 percent in FY25 (peak of 12.3 percent in FY21).  
- Managerial staff average reported overtime remained higher at 14.6 percent (15.9 percent in FY25; peak 19.9 percent in FY21).  
- Average annual leave days remained about 26 days since FY23, recovering from a crisis low of just over 13 days in FY21.

### Streamlining, Reprioritization, and Resource Management
- FY26 budget reallocated $79 million (5 percent of the NAB) through management-led streamlining and department-level initiatives.  
- Savings partly from mainstreaming work on macro-critical structural topics (including climate, gender and inclusion) as spending in macro-critical structural areas stabilizes after foundational investments from the FY23-25 augmentation.  
- Unwinding of exceptional temporary carryforward resources allocated during the pandemic period was completed in FY26.

### External Funding and CD Execution
- Externally financed spending totaled $242 million with 84.0 percent execution, mainly for CD operations.  
- Improved execution relative to FY25 reflected higher execution of staff, travel, and buildings, IT and other spending budgets.

### Capital Spending Details
- Capital spending totaled $130.3 million (real terms broadly flat).  
- Facilities-related spending: $56.5 million (down 12 percent in real terms vs FY25).  
- IT-intensive capital spending: $73.8 million (up 10 percent in real terms), composed of:
  - $48.9 million direct project spending
  - $24.9 million cloud-related spending

### Ongoing Institutional Work
- Major institutional policy reviews ongoing in FY26:
  - Comprehensive Surveillance Review (CSR)
  - Review of Program Design and Conditionality (ROC)
  - Review of the Financial Sector Assessment Program (FSAP)
  - Review of the Bank-Fund Debt Sustainability Framework for Low Income Countries (LIC DSA review)
- Completed reviews included:
  - Review of the Short-Term Liquidity Line
  - Review of Cumulative Access Limits Under the Rapid Credit Facility

*Source: FY2026—BUDGET OUTTURN, Executive Summary (Office of Budget and Planning).*

### 6.  Travel. Execution of the Fund-financed

### 6.  Travel. Execution of the Fund-financed

### Travel execution and mission activity
- Fund-financed travel budget execution: 82.7 percent (85.2 percent in FY25), slightly below the projected spend in April.
- Real airfare costs for business travel: decreased by 5.5 percent relative to FY25 and increased by 1.9 percent relative to pre-pandemic (FY18), partly due to expansion of the Fund’s designated airlines program.
- Factors affecting travel outturn:
  - Lower airfare costs partly offset by increases in missions for CD and support departments relative to FY25.
  - Decline reflects travel disruptions in the last two months related to the Middle East conflict, offset partially by price increases during the same period.
- Externally financed travel utilization: improved to 85.5 percent (78 percent in FY25) but slightly below projections made in April at the time of the Medium-term Budget.

- In-person missions:
  - Increased 4.5 percent versus FY25 (Table 3), including 2.1 percent for Fund-financed and 14.4 percent for externally financed missions.
  - Regional in-person mission changes:
    - APD: +13.8 percent (led growth)
    - EUR: +7.6 percent
    - WHD: +3.8 percent
    - AFR and MCD: modest declines
- Average mission size: 1.7 members, similar to FY25.
  - 86 percent of in-person missions consisted of 2 or fewer members.
  - 11 percent had 3-5 members, similar to last year.

### Buildings, IT, and other services
- Fund-financed spending totaled $241 million (100.2 percent structural budget utilization), slightly higher than projected, and up from 94.2 percent in FY25.
- Drivers of increased spending:
  - Building occupancy increases driven by external office lease payments, field leases, and utilities cost.
  - One-off vendor services, commercial data, publications, language services, and some payments initially expected in FY25.
  - Streamlined facilities services and vendor contract renegotiations partially offset increases.
- Non-personnel physical and cybersecurity spending: unchanged from last year.
- Externally financed spending in this area: $19 million (86.9 percent utilization, in line with projection), up from 59.2 percent in FY25, mainly reflecting catch-up spending for field offices.

### Receipts
- Total receipts: $283 million, an increase of 3.3 percent from FY25, mainly from externally financed CD (Table 4).
- Execution rate for receipts: 84 percent (82 percent in FY25), slightly lower than the 87 percent projected in April, reflecting mainly lower receipts from externally financed CD.
- General receipts utilization: slightly lower than projected.
  - Higher trust fund management fees utilization offset by continued lower receipts from SRP administration, the Concordia, HQ2 leases, and rebates.
- Table 4 highlighted items (FY25, FY26, change units FY25-26):
  - Total: 273.9 337.0 283.1 84.0 9.2 336.6
  - Externally financed CD (direct cost): 231.5 288.0 240.0 83.3 8.5 288.0
  - General receipts: 42.4 49.0 43.1 87.9 0.7 48.6
  - Of which:
    - Trust fund fees: 16.2 17.6 16.8 95.7 0.6 17.4
    - SRP administration: 6.7 10.7 5.9 54.9 -0.8 10.7
    - PRGT investment fee: 0.0 2.4 2.4 100.0 0.0 2.2
    - RST trust administration: 5.5 5.5 5.5 100.0 0.0 5.3
    - Concordia: 3.6 3.3 2.8 83.3 -0.8 3.3
    - Sharing agreements1: 2.9 3.1 3.0 97.1 0.1 3.1
    - Parking: 2.2 2.2 2.1 97.2 0.0 2.2
    - HQ2 lease2: 1.4 1.5 1.1 75.1 -0.3 1.2
    - Other3: 4.0 2.8 3.5 125.6 -0.5 3.1

### Key figures from travel and related charts (FY18–FY26 excerpts)
- By region (in-person missions total by year shown):
  - Total in-person missions: FY18 6,207; FY24 5,461; FY25 5,082; FY26 5,309
  - AFR: FY18 937; FY24 1,032; FY25 976; FY26 959
  - APD: FY18 1,123; FY24 1,055; FY25 882; FY26 1,004
  - EUR: FY18 1,895; FY24 1,427; FY25 1,313; FY26 1,413
  - MCD: FY18 581; FY24 659; FY25 664; FY26 638
  - WHD: FY18 1,671; FY24 1,288; FY25 1,247; FY26 1,295
- By funding source:
  - Fund financed: FY18 5,190; FY24 4,327; FY25 4,098; FY26 4,183
  - Externally financed: FY18 1,017; FY24 1,134; FY25 984; FY26 1,126
- By output (total missions by output shown):
  - Bilateral surveillance: FY18 1,054; FY24 797; FY25 773; FY26 801
  - Lending: FY18 339; FY24 382; FY25 360; FY26 328
  - CD: FY18 1,727; FY24 1,658; FY25 1,502; FY26 1,687
  - MSGS: FY18 1,159; FY24 953; FY25 882; FY26 918
  - Other: FY18 1,928; FY24 1,671; FY25 1,565; FY26 1,575

*Source: FY2026—BUDGET OUTTURN, INTERNATIONAL MONETARY FUND.*

### 18. Functional non-CD Departments. Overall spending dropped 0.8 million (0.3 percent),

### 18. Functional non-CD Departments. Overall spending dropped 0.8 million (0.3 percent)

### Major findings
- Overall spending for non-CD Functional Departments dropped 0.8 million (0.3 percent).
- Fund-financed spending declined $0.7 million (0.3 percent).
- SPR drove the overall decline, with reduced work on policy and analysis, multilateral surveillance and global cooperation and standards and lower external funding.
- RES spending increased, including through external funding, with growth in policy/analytics and bilateral surveillance.
- FIN spending increased, driven by work on Fund finances.
- Spending on lending declined for this group (except SPR) with the continued unwinding of lending activities after the peak during the pandemic period.
- COM spending rose marginally with higher execution of their budget, while remained within budget.

### Department-level counts / values (as presented in source)
- AFR
8
- APD
4
- EUR
6
- MCD
5
- WHD
4
- FAD
6
- ICD
4
- LEG
3
- MCM
7
- STA
5
- COM
3
- FIN
4
- RES
3
- SPR
6
- CSF
9
- HRD
4
- ITD
9
- SEC
2
- Other 
Support
1
- Small 
Offices
1
- OED / 
IEO
6
- Area 
Departments
27
- CD
Functional
Departments
24
- Non
-
CD
Functional
Departments
16
- Support 
Departments
25

- AFR
7
- APD
4
- EUR
5
- MCD
5
- WHD
4
- FAD
10
- ICD
6
- LEG
3
- MCM
9
- STA
5
- COM
3
- FIN
3
- RES
3
- SPR
5
- CSF
8
- HRD
3
- ITD
8
- SEC
2
- Other 
Support
1
- Small 
Offices
1
- OED/
IEO
6
- Area 
Departments
25
- CD
Functional
Departments
33
- Support 
Departments
22
- Non
-
CD
Functional
Departments
14

### Related budget context (adjacent FY26 budget outturn highlights from the chapter)
- Functional CD Departments (FY26): Overall spending increased $2.9 million or 0.5 percent, mainly from higher externally financed spending ($3.2 million or 1.5 percent).
- Support Departments (FY26): Fund-financed spending increased by $7.8 million, or 2.0 percent; externally financed spending dropped slightly by $0.1 million.
- Other spending decreased $0.9 million, or 3.1 percent, mainly reflecting reduced spending by the Investment Office ($0.8 million).
- OED and IEO (not included in Figures 12 and 13): Spending increased by $4.4 million, mainly from OED, reflecting the new staffing model approved in FY25.

*Source: ppea2026025 - 18. Functional non-CD Departments. Overall spending dropped 0.8 million (0.3 percent), FY2026—BUDGET OUTTURN*

### 3. Spending by Macro-critical Structural Issue Areas

### 3. Spending by Macro-critical Structural Issue Areas

### Debt
- FY26 Fund-financed direct spending is up 27 percent versus FY25, driven by a ramp up of debt work in AFR, FAD, STA, and SPR.
- Spending is above expectations set out by departments in the FY26 medium-term budget process, particularly in AFR, SPR, MCM, FAD, and LEG.
- Key activities:
  - Direct country support to countries facing high risks of debt distress and debt restructuring both under and outside the Common Framework for debt treatments.
  - Advancing work at the Global Sovereign Debt Roundtable (GSDR) to improve further restructuring processes.
  - Cooperating with the World Bank to help countries address debt service challenges and update the LIC-DSA framework.
  - Releasing the Annual Borrowing Plan toolkit.
  - Analysis of domestic debt vulnerabilities.
  - Broadening CD delivery on debt management through Regional LTX.
  - Improving debt data reporting and disclosure.
- Spending composition:
  - Area and CD departments account for about 60 and 30 percent of Fund-financed spending, with non-CD functional departments making up the remainder.
  - Direct CD activities constitute about a third of the spending, with external resources financing covering over 60 percent of these activities, especially in FAD and MCM.
- Budget drivers:
  - Increases between FY25 and FY27 budgets are driven by AFR, EUR, SPR, MCD, ICD, and APD, partially offset with a decline in RES.

### Climate
- Fund-financed spending on macro-critical aspects of climate grew from a very low base early in the decade, reinforced by the FY21 Climate strategy and augmentation (through which some $25 million in resourcing was allocated specifically to this work).
- Initial ramp-up spending consistently exceeded expectations but began to moderate as work was mainstreamed.
- For FY26, spending was below expectations set out by departments, particularly in AFR, FAD and SPR, in part reflecting lower RSF approvals in FY26.
- FY26 focus:
  - Integrating macro-critical aspects of climate into Article IV reports and climate risk analysis.
  - Integrating climate-related financial risks supervision into FSAPs.
  - Country examples: impacts of agricultural losses (Morocco, Zimbabwe) and tourism disruptions (Jamaica, Bahamas); sea-level rise and extreme weather impacts (Tuvalu, Marshall Islands).
  - Policy/analytics themes: weather shocks and monetary policy in developing countries; building macroeconomic resilience to natural disasters; models for climate risk analysis.
- RSF and lending:
  - RSF engagement with authorities of countries seeking new arrangements.
  - Better identifying and providing qualitative assessment of links between RSF conditionality and reduction in prospective BOP risks.
  - Strengthening link between CD and RSF conditionality design and implementation.
- Spending composition:
  - Area and CD departments each account for about 45 percent of Fund-financed spending, residual in non-CD functional departments.
  - Direct CD comprises less than a third of overall activities and is financed evenly by Fund and external resources.
- Budget drivers:
  - Declines between FY25 and FY27 budgets reflect shift to more targeted/selective coverage; driven by EUR, SPR, RES, APD and STA, with increases in AFR reflecting in part RSF-related work.

### Governance/Anticorruption
- Fund-financed direct spending in FY26 increased by 10 percent versus FY25, with most spending concentrated in AFR and FAD.
- Spending was somewhat above expectations set out by departments, mainly in AFR and FAD, reflecting substantial additional staff engagement required for follow-up on several Governance Diagnostic Assessments.
- Key activities:
  - Focus on macro-critical governance vulnerabilities in fiscal, financial, and monetary areas.
  - Integration of Governance Diagnostic Assessments and on-demand follow-up support into Article IV consultations and program design (examples: Egypt, Ghana, Zambia).
  - Deeper coverage of governance and transnational aspects of corruption in bilateral surveillance linked to offshore financial centers (e.g., Caribbean jurisdictions).
  - Significant resources absorbed by complex country cases, including misreporting-triggered fiscal governance work and fragility-related governance focus.
- Spending composition:
  - Area and CD departments account for 65 and 30 percent of Fund-financed spending, with non-CD functional departments making up the remainder.
  - Direct CD spending represents less than a third of overall spending and is financed evenly by Fund and external resources.
- Budget drivers:
  - Increases between FY25 and FY27 budgets are driven by APD, AFR, FAD, and LEG; partially offset by projected budget declines mainly in EUR.
  - The Board will receive an update on the implementation of the Framework for Fund Engagement on Governance in late 2026.

### Digital money
- Fund-financed spending is estimated by departments to be up 5 percent versus FY25, with broad increases across the Fund.
- Spending was nearly in line with expectations set out by departments in the FY26 medium-term budget process.
- Work included:
  - Coverage of digital payment systems, innovations in financial market infrastructures (e.g., Sub-Saharan Africa).
  - Regulation/supervision of fintech and crypto assets, including stablecoins in Article IVs and FSAPs.
  - The latest CBDC Virtual Handbook - Further Navigating Challenges and Risks provides insights into emerging implications and trade-offs of CBDC.
  - Some CD projects were delivered on these topics.
- Spending composition:
  - Direct CD departments account for 57 percent of Fund-financed spending, Area Departments 20 percent, with non-CD functional departments and ITD making up the remainder.
  - Direct CD spending comprises about 40 percent of overall spending, with external resources financing slightly above half of these activities.
- Budget drivers:
  - Declines between FY25 and FY27 budgets are driven by MCM, LEG, APD, and WHD.
  - Increases mainly in AFR, STA, and ICD will partly offset these declines.

### Inclusion/Gender
- Fund-financed spending is estimated to have declined by about 35 percent relative to FY25 peaks, reflecting more selective coverage following ramp-up, particularly in AFR, MCD, and FAD.
- Spending was below the expectations set out in the FY26 budget.
- Work focuses:
  - Macroeconomic impact of inequality, social spending, and gender in Article IVs and inclusion in program design.
  - Examples: closing gender gaps in labor force participation, linking policy measures to productivity gains and strengthening financial inclusion (Saudi Arabia and Bangladesh); costs/benefits of childcare provision and conditional cash transfers (Türkiye); fertility and female labor force participation analysis (Korea); gender and labor supply impacts from migration in Latin America and the Caribbean.
- Spending composition:
  - Area departments account for about half of Fund-financed spending, CD functional departments for about a third, non-CD functional departments the remainder.
  - Direct CD work constitutes almost a third of overall spending and is financed mainly with external resources.
  - CD for targeted mid-senior officials included a course on Gender Inequality and Macro-economics (GM).
- Budget drivers:
  - Decreases between FY25 and FY27 budgets are driven by SPR, RES, EUR, APD, and FAD; an increase in AFR will partly offset declines.

### Trade/Fragmentation
- Fund-financed direct spending in FY26 increased about 20 percent relative to FY25, concentrated on non-CD activities in APD, EUR, AFR, RES, and SPR.
- Spending was slightly below expectations set out by most departments in the FY26 budget, particularly in EUR and MCD, reflecting sustained easing in trade tensions after mid-FY26.
- Spending was above expectations in SPR and RES due to increased work on global imbalances and the EBA methodology update.
- Work focus:
  - Helping countries navigate geoeconomic fragmentation and proliferation of trade and industrial policies.
  - Operationalizing trade strategy by bringing macroeconomic, fiscal, and financial perspectives to trade policy issues.
  - Updated trade policy and modeling guidance for desk economists.
  - Multilateral surveillance on global effects of trade policy actions and ongoing policy changes in major economies; promoting cross-country dialogue and cooperation with other international organizations.
- Spending composition:
  - Area departments account for about 70 percent of Fund-financed spending, non-CD functional departments nearly 20 percent, CD functional departments the rest.
  - Little CD work in this area; concentrated in ICD and financed by Fund resources.
- Budget drivers:
  - Increases between FY26 and FY27 budgets are driven by APD, AFR, WHD, RES and SPR.

### Artificial Intelligence (economics)
- Fund-financed spending in FY26 increased about 40 percent from a low base in FY25, with most spending concentrated in area departments (except WHD), MCM, RES, and SPR.
- Work is in early stages; recent efforts centered on country analysis of macroeconomic/financial impacts of AI:
  - Impact on productivity and growth, labor and financial markets, within- and cross-country inequalities.
  - Policy implications for fiscal, monetary, financial sector, and structural policies.
  - Country teams gathering knowledge through surveillance and convening experts to share policy responses and foster international consensus and regulation.
- Spending composition:
  - Area departments account for about 70 percent of Fund-financed spending, non-CD functional departments for 20 percent, CD functional departments for the rest.
  - Little CD work, consistent with early stage of engagement; spending concentrated in FAD and ICD, mainly financed by external resources.
- Budget drivers:
  - FY27 budgets are below FY26 spending, driven by area departments, MCM, RES, and SPR.
  - The Executive Board will discuss the Fund’s Work on AI this fall.

### Annex III — CD Funding and Budget/Spending Evolution (selected points)
- FY26 overall CD spending, including corporate overheads, reached $571 million and remains as one third of total spending. This represented a 3 percent increase from FY25.
- Direct CD spending increased 1.6 percent to $400 million.
- Externally financed direct CD spending rose 2.2 percent to $237 million and Fund-financed direct spending rose 0.6 percent to $163 million, with total IMF01 spending, including related corporate overheads, at $331 million.
- Funding source shares:
  - Overall spending shares remained 58/42 (Fund-financed/externally financed).
  - Direct spending shares (in percent) were 40/60 (Fund-financed/externally financed) in FY26.
- Execution of both Fund-financed and externally financed CD budgets improved in FY26.
- Spending by output:
  - CD delivery represented 55 percent of overall CD spending (of which 69 percent was externally funded).
  - Policy and analytics 11 percent.
  - Governance and finance 4 percent.
- Spending by input:
  - Personnel costs remained the largest component of direct CD at 75 percent in FY26; travel at 17 percent.
  - Fund-financed CD activities mainly conducted by staff; externally financed CD by short-term and long-term experts and contractual staff.
- Distribution by workstream:
  - FY26 CD delivery focused on traditional areas: domestic revenue mobilization (24.3 percent), monetary and financial systems (19.6 percent), public financial management and expenditure policy (18.6 percent), macroeconomic frameworks (14.3 percent), statistics (11.0 percent), legal frameworks (5.6 percent), macro-fiscal policies (2.9 percent), other (3.6 percent).
- Distribution by delivery department:
  - FAD and ICD continued to have the largest direct CD spending; AFR remained the largest recipient of CD delivery.

*International Monetary Fund — FY2026 Budget Outturn (excerpt: "3. Spending by Macro-critical Structural Issue Areas")*

### Annex IV. Table 3. Real Business and Seminar Travel Expenditures, FY18-27

### Annex IV. Table 3. Real Business and Seminar Travel Expenditures, FY18-27

### Real business and seminar travel: overview
- Units: (Millions of FY26 U.S. dollars)
- Source: OBP.
- Note: Excludes settlement and miscellaneous travel in Annex Table 3 and Overseas Annual Meetings (FY24 and FY27).

### By type of cost (selected line items and FYs shown)
- Transportation: Pre-pandemic (FY18) 145; FY24 Outturn 126; FY25 Outturn 117; FY26 Outturn 124; FY27 Budget 152
- Per diem: Pre-pandemic (FY18) 85; FY24 Outturn 76; FY25 Outturn 73; FY26 Outturn 75; FY27 Budget ...
  (ellipsis in source preserved)

### By type of financing (selected line items and FYs shown)
- Fund-financed: Pre-pandemic (FY18) 145; FY24 Outturn 126; FY25 Outturn 117; FY26 Outturn 124; FY27 Budget 152
- Fund-financed (detail): 87; 75; 67; 67; 80
- Externally financed: 58; 51; 50; 57; 72

### By department (selected line items and FYs shown)
- Area: Pre-pandemic (FY18) 145; FY24 Outturn 126; FY25 Outturn 117; FY26 Outturn 124; FY27 Budget 152
- Area (detail): 39; 34; 33; 35; 42
- TA functional: 83; 71; 66; 72; 88
- Other functional: 8; 6; 5; 4; 5
- Support and Governance: 6; 6; 5; 5; 6
- OED and IEO: 7; 6; 7; 8; 9
- Central resources: 3; 4; 1; 1; 1

### Memorandum item
- In percent of total gross expenditures: 8.4; 7.1; 6.6; 6.9; 8.0

### Buildings, IT, and Other (aggregate lines with FY sequence)
- Total Budget/Outturn series (condensed as in source): Buildings, IT, and Other 284 281 278 255 288 251 274 260 271
- Building occupancy: 88 86 88 81 89 81 84 88
- Information technology: 90 84 77 75 81 74 74 74 78
- Other vendor services: 64 54 59 51 64 96 75 154
- Subscriptions and printing: 18 25 27 24 27 24 26 25 26
- Communications: 10 10 10 8 9 7 8 7 8
- Supplies, equipment and others: 56 54 45 44 45
- Others (note 2): 10 16 11 12 13 10 13 13 13

(Note: FY labels and ellipses preserved as in source: FY26, Pre-pandemic (FY20), FY24, FY25, FY27.)

---

### Annex IV. Table 5. Real Gross Administrative Expenditures: Receipts FY20-27

### Receipts: overview
- Units: (Millions of FY26 U.S. dollars)
- Source: OBP.
- Note 1: Budget and outturn include Fund- and externally financed structural and temporary resources.
- Note 2: Includes Trust Fund Management Fees.

(No further numerical detail in the supplied extract.)

---

### Annex IV. Table 6. Real Gross Administrative Spending by FTF FY25-27

### Overview and data sources
- Units: (Millions of FY26 U.S. dollars, unless indicated otherwise)
- Sources: TRACES, TIMS, IBBIS, and staff estimates.
- Note 1: Funds not mapped to specific outputs under existing tools.
- Note 2: Excludes travel budget for the FY27 Annual Meetings in Bangkok.

### Receipts category totals (selected series)
- Total (series across FYs as shown): 299 249 315 277 334 274 337 283 337
- Externally financed (series): 250 210 268 234 284 232 288 240 288
- General receipts (note 2, series): 49 39 47 43 50 42 49 43 49

### Selected program and percentage-of-total lines (FY labels condensed as in source)
- Direct Country Support: 88 28 10 90 98 24 92 044.4 45.9 45.9 46.0 46.6
- Bilateral Surv. and Lending: 52 45 10 53 33 51 25 42 26.4 28.9 26.8 28.6 27.4
- Bilateral Surveillance: 33 63 10 32 03 24 32 22 16.9 17.6 16.1 18.1 16.3
- Of which Article IV Consultations: ...209...226......11.8...12.6...
- Of which FSAPs/OFCs: ...27...27......1.5...1.5...
- Of which Prog. and facilities - GRA: ...103...89......5.8...5.0...
- Of which Prog. and facitilies - PRGT: ...86...81......4.9...4.5...
- CD Direct Delivery: 358 300 376 312 378 18.1 17.0 18.9 17.4 19.1
- Fund financed: 107 94 101 95 10 25.4 5.4 5.1 5.3 5.1
- Externally financed: 251 207 275 216 276 12.7 11.7 13.8 12.1 14.0
- Policies and Analytical Work: 166 204 147 195 144 8.3 11.5 7.4 10.9 7.3
- Fund policies: ...107...101......6.1...5.6...
- Analytical work: ...96...94......5.4...5.3...
- Multi Surv. - Global Coop./Stds: 186 175 184 175 178 9.4 9.9 9.2 9.8 9.0
- Multilateral Surveillance: ...101...104......5.7...5.8...
- Of which WEO: ...17...16......1.0...0.9...
- Of which GFSR: ...13...14......0.7...0.8...
- Of which Fiscal Monitor: ...6...5......0.3...0.3...
- Of which REOs: ...20...21......1.1...1.2...
- Global cooperation/standards: ...74...71......4.2...4.0...
- Fund Gov and Finances: 221 178 227 184 219 11.1 10.0 11.4 10.3 11.1
- Corporate Functions: 394 371 387 379 386 19.8 21.0 19.4 21.2 19.5
- Total (selected totals): 1,849 1,737 1,854 1,757 1,846 93.1 98.3 98.3 98.2 93.5
- Central Resources (fragmented): 1 137 301 373 212 8...............
- Grand Total (fragmented): 1,985 1,767 1,991 1,790 1,975...............

(Note: Percent of Total column values shown in source preserved verbatim where available. Ellipses and formatting preserved as in source extract.)

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### Annex IV. Table 7. Nominal Capital Expenditures on Facilities Projects, FY26

### Overview
- Units: (Millions of FY26 U.S. dollars)
- Sources: CSF and OBP.
- Note: Figures may not add to totals due to rounding. Available funds include FY23-24 appropriations that were unspent at the beginning of FY25.

### Project-level totals (FY26 Total Avail. Funds / FY26 Outturn / Carryover to FY27)
- Total: 78.8 / 56.5 / 22.4
- New Investments: 16.6 / 10.8 / 5.8
  - Field offices: 10.3 / 6.9 / 3.4
  - OED office redesign: 1.4 / 0.7 / 0.8
  - Sustainability and efficiency: 2.4 / 1.3 / 1.0
  - Other new investments: 2.6 / 1.9 / 0.6
- Lifecycle, Replacements, & Repairs: 55.4 / 43.1 / 12.4
  - HQ1/HQ2/Concordia: 36.1 / 30.6 / 5.5
  - HQ1: 32.1 / 28.4 / 3.6
  - HQ2: 1.0 / 0.8 / 0.2
  - Concordia: 1.1 / 0.6 / 0.5
  - Other lifecycle: 1.9 / 0.8 / 1.2
  - Audio-visual replacements: 16.4 / 11.1 / 5.2
  - Vehicles: 2.6 / 1.0 / 1.6
  - Field offices maintenance: 0.4 / 0.3 / 0.1
- Major Buildings: 3.6 / 1.2 / 2.4
  - HQ2 refresh: 3.6 / 1.2 / 2.4
- Contingency and Planning Reserves: 3.2 / 1.4 / 1.8

---

### Annex IV. Table 8. Nominal IT-Intensive Capital Spending, FY26

### Overview
- Units: (Millions of U.S. dollars)
- Sources: ITD and OBP.

### Aggregate totals
- Total IT - Intensive Capital Spending: Total Project Envelope 219.8; Total Spent thru FY26 163.3; FY26 Outturn 48.9

### Project-level envelopes, spent, and FY26 outturn (selected)
- Transform (Current): 81.0 / 77.0 / 11.0
- CyberSecurity: 36.0 / 16.0 / 8.1
- Artificial Intelligence: 11.0 / 4.9 / 3.0
- Infrastructure end-of-life: 19.1 / 18.6 / 9.5
- Budget & Financial Management: 5.3 / 3.4 / 2.2
- Capacity Development: 8.7 / 4.3 / 2.3
- Communications & Relationship Management: 1.7 / 1.6 / 0.8
- Economic Data Management: 5.6 / 2.7 / 0.9
- Events Management: 0.2 / 0.2 / 0.2
- Lending: 0.5 / 0.3 / 0.3
- Member Finances: 17.4 / 13.9 / 3.1
- Records Management: 4.6 / 0.6 / 0.6
- Risk Management: 7.7 / 6.2 / 0.9
- Technology Management: 15.6 / 9.7 / 5.3
- Personal Data Governance: 5.3 / 3.9 / 0.8

*Source: ppea2026025 - Annex IV. Table 3. Real Business and Seminar Travel Expenditures, FY18-27 (excerpts as provided).*

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_Source: https://www.imf.org/-/media/files/publications/pp/2026/english/ppea2026025.pdf_