## english-imf-annual-report-2026 ## Source details **Canonical URL:** [english-imf-annual-report-2026](https://www.imf.org/annual-report/2026/pdfs/english-imf-annual-report-2026.pdf) ## Other formats - [Markdown version](/annual-report/2026/pdfs/english-imf-annual-report-2026.pdf.md) - [Structured JSON version](/annual-report/2026/pdfs/english-imf-annual-report-2026.pdf.json) --- ### IPAA income distributions and member options - First income distribution of SDR 1.38 billion from the GRA to the Interim Placement Administered Account (IPAA) took place on June 1, 2025 (IMF). - Board approved a second income distribution of SDR 1.38 billion on April 28; it took place on June 1, 2026. - Quarterly transfers of interest income on IPAA balances to the PRGT’s Subsidy Reserve Account started on August 1, 2025, totaling SDR 26.1 million through the end of FY 2026. - As of April 30, 2026, 30 members provided assurances worth 45.7 percent of the maximum cumulative distribution amount (SDR 6.9 billion) for the PRGT. - Once the 90 percent threshold of assurances is reached, each member’s share of the IPAA principal becomes available and transferable from the IPAA in accordance with member instructions: - Option 1: Transfer share of total principal amounts in the IPAA directly to the PRGT’s Subsidy Reserve Account. - Option 2: Transfer share of total principal amounts in the IPAA into a forthcoming Distribution Interim Administered Account, pending domestic processes to allow contribution to the PRGT. - Option 3: Have share of total principal amounts in the IPAA paid directly to the member’s SDR account before making an equivalent separate grant contribution to the PRGT. ### Resource adequacy — PRGT, RST, and debt relief trusts - PRGT - Executive Board update received in March 2026 on resource adequacy of the PRGT, RST, and debt relief trusts. - PRGT subsidy resources remain adequate, provided implementation of the 2024 PRGT reforms, especially the GRA distribution framework, remains on track. - Lower-than-expected lending commitments in 2024 and 2025 expected to be broadly offset by additional demand in the next two years, expected to average SDR 3 billion to 5 billion per year in 2026 and 2027. - Medium- to long-term outlook remains broadly unchanged. - Estimated PRGT lending capacity remains within the Board-endorsed corridor of SDR 2.5 billion to SDR 3.0 billion. - PRGT reserves relative to credit outstanding have stabilized after a decline resulting from higher lending after the pandemic. - PRGT loan resources expected to be sufficient to cover lending demand through the medium term. - RST and debt relief trusts - RST: Continued good progress on voluntary bilateral contributions. - RST loan resources expected sufficient to meet current demand pipeline at least through 2028. - RST net reserve coverage to credit outstanding temporarily falls below the 10 percent threshold in some adverse scenarios, indicating increased risks, particularly from a greater share of lending to Group A countries benefiting from the interest rate cap. - RST gross reserve coverage remains above the 35 percent threshold in the baseline and adverse scenarios. - Comprehensive RST review planned for FY 2028 to assess experience, policy changes, and medium-term resource needs. - CCRT: Vehicle for delivering debt-service relief to poorest members when they face qualifying catastrophic events; delivered unprecedented support during COVID-19; since the pandemic, no qualifying cases required CCRT funding; CCRT remains underfunded; next CCRT review planned for FY 2027/28. - HIPC: Initiative nearly complete; Sudan’s progress toward the Completion Point remains delayed after reaching the HIPC decision point. ### Lending — approvals, map, and instruments (FY 2026 / as of April 30, 2026) - USD/SDR exchange rate on April 30, 2026: SDR 1 = $1.372020. - Financial Assistance Approved in FY 2026 (regional totals and selected country approvals): - Sub-Saharan Africa total: 877 M SDR - BURKINA FASO, RSF: 90.30 M SDR - CABO VERDE, AUG ECF: 7.10 M SDR - CHAD, ECF: 455.70 M SDR - LIBERIA, RSF: 193.80 M SDR - NIGER, AUG ECF: 79.00 M SDR - SÃO TOMÉ AND PRÍNCIPE, AUG ECF: 4.40 M SDR - THE GAMBIA, RSF: 46.70 M SDR - Western Hemisphere total: 19,990.30 M SDR - COSTA RICA, FCL: 1,108.20 M SDR - ECUADOR, AUG EFF: 750.40 M SDR - JAMAICA, RFI: 306.30 M SDR - MEXICO, FCL: 17,825.40 M SDR - Middle East and Central Asia total: 1,673.50 M SDR - ARMENIA, SBA: 128.80 M SDR - JORDAN, RSF: 514.70 M SDR - PAKISTAN, RSF: 1,000.00 M SDR - SOMALIA, AUG ECF: 30.00 M SDR - Europe total: 5,935.30 M SDR - UKRAINE, EFF: 5,935.30 M SDR - Asia and Pacific total: 717.70 M SDR - BANGLADESH, AUG EFF: 378.10 M SDR - BANGLADESH, AUG ECF: 189.10 M SDR - SRI LANKA, RFI: 150.50 M SDR - Lending approvals between May 1, 2025, and April 30, 2026: - New requests approved totaled about SDR 29 billion. - New GRA and PRGT lending arrangements, including precautionary arrangements: - One Extended Fund Facility (GRA) for SDR 5.9 billion. - One Extended Credit Facility (PRGT) for SDR 455.7 million. - Three precautionary arrangements under the GRA: - Two Flexible Credit Line arrangements totaling SDR 18.9 billion. - One Stand-By Arrangement for SDR 128.8 million. - Two emergency financing disbursements under the GRA’s Rapid Financing Instrument totaling SDR 456.8 million. - Augmentations: - Five PRGT Extended Credit Facility augmentations for SDR 309.6 million. - Two Extended Fund Facility augmentations for SDR 1.1 billion. - Resilience and Sustainability Facility: - Approved requests for five countries—Burkina Faso, The Gambia, Jordan, Liberia, and Pakistan—totaling about SDR 1.8 billion. - Undisbursed lending commitments and credit outstanding (including prepandemic commitments) as of April 30, 2026: - General Resources Account: about SDR 144 billion. - PRGT: about SDR 27 billion. ### IMF General Resources Account (GRA) — key facility features and financial terms - Stand-By Arrangement (SBA) (1952) - Purpose: Short- to medium-term assistance for balance of payments difficulties. - Purchases: Generally quarterly purchases contingent on observance of performance criteria and other conditions. - Access limits: Annual: 200 percent of quota; Cumulative: 600 percent of quota. - Charges: Rate of charge plus surcharge (200 basis points on amounts above 300 percent of quota; additional 75 basis points when outstanding credit remains above 300 percent of quota for more than 36 months). - Repayment schedule: 3¼–5 years; installments: Quarterly. - Extended Fund Facility (EFF) (1974) - Purpose: Medium-term assistance for balance of payments difficulties associated with structural issues. - Reviews: Quarterly or semiannual reviews; observance of performance criteria and other conditions. - Access limits: Annual: 200 percent of quota; Cumulative: 600 percent of quota. - Charges: Rate of charge plus surcharge (200 basis points on amounts above 300 percent of quota; additional 75 basis points when outstanding credit remains above 300 percent of quota for more than 51 months). - Repayment schedule: 4½–10 years; installments: Semiannual. - Flexible Credit Line (FCL) (2009) - Purpose: Flexible instrument to address all balance of payments needs and boost market confidence. - Conditions: Very strong ex ante macroeconomic fundamentals, policy framework, and track record. - Access: Approved access available up front; no preset limit; up to 200 percent of quota for FCL without articulation of exit expectations. - Charges: Rate of charge plus surcharge (200 basis points on amounts above 300 percent of quota; additional 75 basis points when outstanding credit remains above 300 percent of quota for more than 36 months). - Repayment schedule: 3¼–5 years; installments: Quarterly. - Precautionary and Liquidity Line (PLL) (2011) - Purpose: Address potential or actual balance of payments needs; boost market confidence. - Access limits: 150 percent of quota (300 percent in exceptional circumstances) for six months; 300 percent of quota available on approval of one- to two-year arrangements; total of 600 percent of quota cumulative access. - Charges: Rate of charge plus surcharge (200 basis points on amounts above 300 percent of quota; additional 75 basis points when outstanding credit remains above 300 percent of quota for more than 36 months). - Repayment schedule: 3¼–5 years; installments: Quarterly. - Short-Term Liquidity Line (SLL) (2020) - Purpose: Liquidity backstop for potential external shocks generating moderate balance of payments needs. - Access: Up to 200 percent of quota; revolving access for 12 months; in combination with FCL access up to 400 percent of quotas (200 percent each). - Charges: Rate of charge plus surcharge (200 basis points on credit outstanding above 300 percent of quota); SLL credit does not count toward time-based surcharges. - Repayment: Repurchase(s) due no later than 12 months after the purchase; repurchases reconstitute access. - Rapid Financing Instrument (RFI) (2011) - Purpose: Rapid financial assistance for urgent balance of payments needs. - Purchases: Outright purchases without need for a full program or reviews. - Access limits: Annual: 50 percent of quota (80 percent for large natural disasters); Cumulative: 100 percent of quota (133.33 percent for large natural disasters). - Charges: Rate of charge plus surcharge (200 basis points on amounts above 300 percent of quota; additional 75 basis points when outstanding credit remains above 300 percent of quota for more than 36 months). - Repayment schedule: 3¼–5 years; installments: Quarterly. - Notes on charges and fees: - The rate of charge is set at a margin (currently 60 basis points) over the weekly SDR interest rate. - A one-time service charge of 0.5 percent is levied on each drawing from GRA (other than reserve tranche drawings). - Upfront commitment fees: 15 basis points on committed amounts up to 200 percent of quota; 30 basis points for amounts in excess of 200 percent and up to 600 percent of quota; 60 basis points for amounts in excess of 600 percent of quota—refunded proportionately as drawings are made. - For SLL arrangements: service charge is 21 basis points; nonrefundable commitment fee of 8 basis points upon approval. ### Concessional lending — PRGT facilities and terms (post-2024 PRGT review) - Facilities: Extended Credit Facility (ECF), Standby Credit Facility (SCF), Rapid Credit Facility (RCF). - Access norms (post-2024 PRGT review): access norm set at 145 percent of quota; PRGT annual and cumulative access limits at 200 and 600 percent of quota, respectively, starting January 1, 2025. - Financing terms (applicable to arrangements approved on or after May 1, 2025): - Interest rates: Tiered structure - Tier 1: 0 - Tier 2A: 0.7 x SDRi - Tier 2B: 0.4 x SDRi - ECF repayment terms: 5½–10 years; grace period of 5½ years; final maturity of 10 years; repayments in 10 semiannual installments. - SCF repayment terms: 4–8 years; grace period of 4 years; final maturity of 8 years; repayments in nine semiannual installments. - SCF availability fee: 0.15 percent on available but undrawn amounts under precautionary arrangement. - RCF repayment terms: 5½–10 years; grace period of 5½ years; final maturity of 10 years; repayments in 10 semiannual installments. - Blending and concurrent use: - Blending of PRGT and GRA resources for members presumed to blend occurs at a ratio of 1 to 2, with concessional access capped at applicable norms. - Precautionary use: ECF — Available; SCF — Not envisaged; RCF — Yes. - Note: New interest rate mechanism under the 2024 PRGT review became effective May 1, 2025, for new PRGT arrangements and emergency financing approved on or after that date. - Emergency financing via the RCF operates through regular, exogenous shock, and large natural disaster windows; RFI use counts toward RCF sublimits. ### Resilience and Sustainability Facility (RSF) — Resilience and Sustainability Trust (RST) - Objective: Reduce prospective balance of payments stability risks from longer-term structural challenges relating to climate shocks and pandemics among low-income and vulnerable middle-income countries and small states. - Eligibility: Countries eligible under the PRGT; all small states with populations less than 1.5 million with per capita GNI less than 25 times the 2021 IDA operational cutoff; all middle-income countries with per capita GNI less than 10 times the 2021 IDA operational cutoff. - Qualification: Package of high-quality policy measures, eligible concurrent financing or nonfinancing UCT-quality program with at least 18 months remaining at RSF approval, sustainable debt, and adequate capacity to repay the IMF. - Conditionality: Reform measures linked to qualifying longer-term structural challenges; coordination with the World Bank and other MDBs envisaged. - Access policies: Access at the norm (75 percent of quota) with overall cumulative access cap of 150 percent of quota or SDR 1 billion, whichever is smaller. - Financing terms: - Tiered interest rate: - Group A: SDR interest rate + 55 basis points (capped at 2¼ percent) - Group B: SDR interest rate + 75 basis points and a 25 basis point service charge - Group C: SDR interest rate + 95 basis points and a 50 basis point service charge - Repayment terms: 10½–20 years. - A one-time service charge applies to each drawing for Group B and C countries. - Precautionary use: Available. - Duration and use: - Duration generally coincides with duration of a new UCT-quality program or remaining duration of existing UCT-quality program; minimum duration 18 months. - Repeated use possible subject to access limits; continuity across qualifying UCT programs possible under certain circumstances. - Concurrent use: Must have concurrent UCT-quality program. - Note: Executive Board approved an interest rate cap for the RST’s lowest-income borrowers on May 18, 2023. ### IMF-supported programs — country outcomes and lessons - Armenia: - Averaged 7 percent real GDP growth over the past three years. - Implemented a precautionary Stand-By Arrangement started in 2022 and successfully completed in 2025. - Program supported strengthened macroeconomic stability and rebuilt external buffers. - Mexico: - First member to sign up for a Flexible Credit Line (FCL) in 2009. - Maintained very strong economic fundamentals and reduced the level of funds accessible under the FCL. - Authorities embarked on a new three-year precautionary SBA with access to 100 percent of quota. - Macroeconomic framework features: flexible exchange rate regime, credible inflation-targeting framework, fiscal responsibility law, well-regulated financial sector. - Rwanda: - 2022–25 Policy Coordination Instrument supported postpandemic recovery. - 2023–24 Stand-by Credit Facility addressed short-term flood-related financing needs. - 2022–24 Resilience and Sustainability Facility focused on longer-term reforms. - Achieved economic growth of about 7 percent despite demand- and supply-side shocks. - Implemented significant fiscal consolidation of about 2 percent of GDP. - Strong implementation led to reforms being completed six months ahead of schedule. - Cross-cutting lesson: - Transformative impact of IMF-supported programs underscores country ownership, early engagement, and sustained reform efforts. - The 2026 Review of Program Design and Conditionality will provide a comprehensive analysis of program impact. ### Capacity Development (CD) — strategy, delivery, and FY 2026 milestones - Role and priorities: - CD strengthens institutions—central banks, finance ministries, revenue administrations, statistical agencies, and supervisory agencies—to support macroeconomic stability and growth. - CD addresses elevated financial stability risks, growing debt vulnerabilities, and rapid digitalization. - 2024 CD Strategy Review vision: make CD more flexible, tailored, and better integrated with policy advice and program design. - Priority given to low-income and fragile and conflict-affected states, and to countries with IMF programs. - Delivery modalities and tools: - Diagnostic tools, publications, peer-learning opportunities, tailored in-country work plans, RCDCs, long-term resident advisors, short-term assignments (in person, remote, or hybrid), classroom training, and free online courses. - Donor partners and RCDC member countries fund about two-thirds of direct spending on CD. - FY 2026 milestones and initiatives: - Launch regional training program for South America and Mexico, pilot hosted by the Central Bank of Paraguay in Asunción. - SEETAC expected to begin operations by January 2027; Rome selected to host the center. - Relocation of the China-IMF Capacity Development Center (CICDC) to the venue shared with the IMF’s Shanghai Center. - Online learning expansion: launched 13 new open online courses—four in English and nine in other languages—bringing total courses to 136. - Expanded microlearning portfolio with more than 75 new bite-size on-demand videos. - Revamped external training program for country authorities for 2026, including illustrative learning paths and a new taxonomy of IMF training modalities. - Illustrative learning path offerings (selected): - Foundational: Introduction to Financial Programming and Policies (FPP.0x); Financial Programming and Policies, Part 1 (FPP.1x); Part 2 (FPP.2x); Financial Programming and Policies (FPP). - Advanced: Monetary and Fiscal Policy Analysis with DSGE Models (DSGE); Nowcasting (NWC); Economic Issues in Regional Integration (ERI); Macroeconomic Management in Resource-Rich Countries (MRC.x, MRC). - Analytical skills: Macroeconomic Diagnostics (MDS.x, MDS); Macroeconomic Forecasting (MF.x); Macroeconomic Forecasting and Analytics (MFA); Vulnerability Diagnostics (VDS); Macroeconomic Policy Communication (MPC). ### Capacity development — aggregate figures (FY 2026) and delivery breakdown - Aggregate figures: - $400M worth of hands-on technical advice, policy-oriented training, and peer learning - 7 training languages offered - 2 fragile and conflict-affected states (Democratic Republic of the Congo and Ukraine) among the top 10 recipients of capacity development work - 23,010 participants in the online learning program - 2,987 CD projects, involving 1,655 experts supporting 163 IMF member countries - 519 Courses delivered - 17,253 Officials trained - Delivery by region (FY 2026; Percent of total): - SUB-SAHARAN AFRICA: 36 - ASIA AND PACIFIC: 21 - MIDDLE EAST AND CENTRAL ASIA: 17 - WESTERN HEMISPHERE: 11 - MULTIREGIONAL: 8 - EUROPE: 7 - Delivery by country income group (FY 2026; Percent of total): - LOW-INCOME DEVELOPING COUNTRIES: 50 - EMERGING MARKET AND MIDDLE-INCOME ECONOMIES: 47 - ADVANCED ECONOMIES: 3 - Delivery by topic (FY 2026; Percent of total): - PUBLIC FINANCES: 48 - MONETARY AND FINANCIAL SYSTEMS: 20 - MACROECONOMIC FRAMEWORKS: 15 - STATISTICS: 11 - LEGAL FRAMEWORKS: 6 - Training participation by participants’ region of origin (FY 2026; Number of participants): - ASIA AND PACIFIC: 6,825 - SUB-SAHARAN AFRICA: 5,764 - MIDDLE EAST AND CENTRAL ASIA: 4,566 - WESTERN HEMISPHERE: 3,069 - EUROPE: 2,389 - Training participation by income group (FY 2026; Number of participants): - EMERGING MARKET AND MIDDLE-INCOME ECONOMIES: 9,517 - LOW-INCOME DEVELOPING COUNTRIES: 6,825 - ADVANCED ECONOMIES: 725 - Top partners and recipients (FYs 2022–26 / FY 2026): - Top 10 Partners for IMF Capacity Development (based on contributions in US dollars): 1. Japan; 2. European Union; 3. Saudi Arabia; 4. Switzerland; 5. China; 6. India; 7. Kuwait; 8. Germany; 9. France; 10. The Netherlands. - Top 10 Recipients of IMF Capacity Development (FY 2026, ranked by capacity development delivered, in US dollars): 1. Ukraine; 2. Sri Lanka; 3. Democratic Republic of the Congo; 4. Ghana; 5. The Gambia; 6. China; 7. Uganda; 8. Liberia; 9. Kenya; 10. Uzbekistan. - Top 10 Recipients by Training Participation (FY 2026, ranked by participant weeks): 1. Indonesia; 2. Cameroon; 3. India; 4. China; 5. Bangladesh; 6. Sri Lanka; 7. Kenya; 8. Uzbekistan; 9. Pakistan. ### IMF governance, leadership, and budget (As of April 30, 2026 / FY 2026) - Executive Board and leadership: - Executive Board composed of 25 Executive Directors and the Managing Director, who chairs the Board. - Selected senior officials (as of April 30, 2026): Managing Director: Kristalina Georgieva; First Deputy Managing Director: Dan Katz; Deputy Managing Directors: Nigel Clarke; Kenji Okamura; Bo Li. - Area Department Directors: Abebe Selassie (African Department); Krishna Srinivasan (Asia and Pacific Department); Alfred Kammer (European Department); Jihad Azour (Middle East and Central Asia Department); Nigel Chalk (Western Hemisphere Department). - Functional Department Directors: Julie Kozack (Communications); Bernard Lauwers (Finance); Rodrigo Valdes (Fiscal Affairs); Catriona Purfield (Institute for Capacity Development); Yan Liu (General Counsel and Legal); Tobias Adrian (Financial Counsellor and Director, Monetary and Capital Markets Department); Pierre-Olivier Gourinchas (Economic Counsellor and Director, Research Department); Bert Kroese (Chief Statistician and Data Officer and Director, Statistics Department); Christian Mumssen (Director, Strategy, Policy, and Review Department). - Leadership transitions: - Zeine Zeidane succeeded Abebe Selassie as Director of the African Department, effective May 4, 2026. - Mateusz Szczurek succeeded Alfred Kammer as Director of the European Department, effective July 27, 2026. - Silvana Tenreyro succeeded Pierre-Olivier Gourinchas as Director of the Research Department, effective August 10, 2026. - Tobias Adrian departed the IMF, effective August 31, 2026. - Budget and expenditures: - Executive Board approved the FY 2026 net administrative budget of $1,552 million in FY 2026 dollars, with indicative budgets for FY 2027 and FY 2028. - FY 2026 gross administrative budget envelope was $1,991 million, including $296 million in external reimbursements for capacity development activities. - Gross budget incorporated $73 million in IMF-financed carryforward of unused resources from prior years and $8 million in externally financed carryforward. - Capital budget of $133 million approved for use over three years for facilities-related and IT-intensive capital projects. - Actual administrative expenditures in FY 2026 totaled $1,505 million, equivalent to 97 percent of the approved net budget and 97.5 percent for the general budget, excluding the Office of the Executive Directors and the Independent Evaluation Office. - Specific capital spending highlighted: total increased 2.4 percent to $130 million, comprising $56 million in facilities-related direct capital spending, and $74 million for IT-intensive spending. - FY 2027 net administrative budget authorized at $1,601 million ($1,559 million in FY 26 dollars) in April 2026. ### Income model, net income, distribution framework, and investment contributions (FY 2026) - Income sources: - Lending income from fees and charges on use of credit from the GRA, including service charges and commitment fees. - Surcharges on loans above certain thresholds and durations; special charges in certain circumstances. - Investment income from assets in the Fixed-Income and Endowment Subaccounts of the IMF’s Investment Account. - Charges and recent policy changes: - Basic rate of charge comprises the SDR interest rate plus a fixed margin (currently 60 basis points). - In October 2024, the Executive Board reduced the margin for the rate of charge from 100 basis points to 60 basis points above the SDR interest rate beginning November 1, 2024, for the remainder of FY 2025 and for FY 2026. - In April 2026, the Executive Board agreed to maintain the margin at 60 basis points for FY 2027 to FY 2028. - Service charge of 0.5 percent levied on each drawing from the GRA. - GRA net income and transfers (FY 2026): - Including net investment income of SDR 984 million (US$1.3 billion) transferred from the Investment Account, GRA net income amounted to SDR 1.9 billion (US$2.6 billion) before the net income distribution decision. - Related transfer under the distribution framework: SDR 1.38 billion (US$1.9 billion) transferred from GRA resources to the Interim Placement Administered Account. - Fixed-Income Subaccount income: SDR 833 million (US$1.1 billion). - Endowment Subaccount payout: SDR 151 million (US$208 million) transferred to the GRA to meet administrative expenses. - Total comprehensive income for FY 2026: - Retained income in the Investment Account: SDR 1 billion (US$1.3 billion). - Pension-related remeasurement gain: SDR 1.9 billion (US$2.6 billion). - Total comprehensive income: SDR 4.8 billion (US$6.5 billion). - Distribution framework (Executive Board, October 2024): - Facilitates generation of additional PRGT subsidy resources and supports a self-sustaining PRGT annual lending capacity of SDR 2.7 billion. - Consists of (1) a multiyear distribution plan for a maximum cumulative amount of SDR 6.9 billion from GRA resources, realized through annual distribution decisions; and (2) establishment of the Interim Placement Administered Account to hold such placements. - Annual transfer amounts determined either as disposition of GRA net income of the relevant financial year and/or a reduction in the IMF’s general reserves. - As of April 30, 2026, the membership had not adopted the dividend policy; the Executive Board had approved an initial payout of $200 million to be transferred to the GRA to meet administrative expenses (dollar value of future payouts to rise based on the US consumer price index each year under the constant real payout rule). ### Quotas, borrowing, SDRs, and precautionary balances - Quotas and lending firepower: - IMF’s 191 member countries provide resources through quota subscriptions; quotas total SDR 476 billion (about $653 billion). - Together with multilateral and bilateral borrowing arrangements, these resources give the IMF access to about $1 trillion in nonconcessional lending firepower. - 16th General Review of Quotas (16th GRQ): - Will increase total quotas to SDR 715.7 billion ($982 billion) when implemented. - Two general effectiveness conditions: - Consent condition: Members with at least 85 percent of total quotas on November 7, 2023, must consent in writing to their quota increases; deadline extended from November 15, 2024 to May 15, 2026 and then extended through November 15, 2026. - NAB rollback condition: Participants in the New Arrangements to Borrow (NAB) must provide consents necessary for NAB rollback to take effect. - Once general effectiveness conditions are met, a member’s quota increase takes effect upon that member’s consent and payment for its quota increase. - Quota history and payments: - 14th General Review of Quotas doubled quotas from about SDR 238.5 billion (about $327.2 billion) to SDR 477 billion (about $654.5 billion); conditions met on January 26, 2016. - As of April 30, 2026, all but two IMF members had made their quota payments, accounting for more than 99 percent of the total quota increases; total quotas stood at SDR 476 billion (about $653 billion). - Borrowing — NAB and BBAs: - NAB: - Set of credit arrangements with 40 participants; currently contributes aggregate amount of SDR 364 billion. - Will be reduced to about SDR 303 billion once the 16th GRQ takes effect. - Current five-year NAB period started January 1, 2026, set through end of 2030. - NAB activation requires consent of participants contributing at least 85 percent of the amount contributed under total credit arrangements of participants eligible to vote. - Bilateral Borrowing Agreements (BBAs): - Current round in effect since January 1, 2021 (initial term through December 31, 2023); Executive Board decision in May 2023 and creditor consent extended terms by one year until December 31, 2024. - March 2024 Board approval, subject to creditor consent, of framework for amending and extending BBAs beyond 2024 as transitional arrangements until 16th GRQ becomes effective or for a maximum term until end of 2027. - As of April 30, 2026, 39 BBAs had been extended beyond end of 2024, providing IMF with total credit amount equivalent to about SDR 136.6 billion. - BBA activation conditions: IMF resources otherwise available for financing must have fallen below SDR 100 billion and either NAB has been activated or there are no available uncommitted NAB resources; activation requires approval by bilateral creditors representing 85 percent of total credit amount committed. - SDRs and allocations: - Total SDR allocations to members as of April 30, 2026: SDR 660.8 billion (equivalent to about $906.6 billion). - August 2021 allocation accounted for SDR 456.5 billion (equivalent to about $650 billion). - On May 10, 2024, the Executive Board approved use of SDRs for acquisition of hybrid capital instruments issued by prescribed holders, adding to seven previously authorized SDR operations. - Precautionary balances and risk review: - Medium-term target for precautionary balances: SDR 25 billion (reached at end of FY 2024). - 2026 Review of the Adequacy of the Fund’s Precautionary Balances conducted on March 20, 2026: - Directors broadly agreed that current target of SDR 25 billion, together with other risk management elements and IFRS 9 provisioning, provide robust financial protection. - Most Directors supported retaining medium-term target at SDR 25 billion; a few favored raising the target. - Directors generally agreed to retain current floor for precautionary balances at SDR 20 billion. - As of April 30, 2026, precautionary balances stood at SDR 26.3 billion (US$36.1 billion). ### Accountability, risk management, safeguards, and corporate citizenship - Audit and oversight: - External Audit Committee independent of IMF reports to Board of Governors; Office of Internal Audit (OIA) reports directly to the Managing Director and maintains functional reporting relationship with External Audit Committee. - OIA 2026 audit coverage included Investment Account and Trust Investment Assets; administrative aspects of Long-Term Technical Assistance Experts; departmental practices for safeguarding IMF’s “Crown Jewels”; and procurement processes. - OIA issued the “Fifteenth Periodic Monitoring Report (PMR)”; implementation rate comparable to 14th PMR and exceeded average over past seven PMR cycles. - Safeguards assessments and fiscal safeguards (2000–end-April 2026): - 414 safeguards assessments conducted, covering 106 central banks. - Four assessments completed in FY 2026; eight in progress at end of financial year. - About 73 central banks currently subject to monitoring while IMF credit remains outstanding. - Fiscal safeguards reviews: at end-FY 2026 one fiscal safeguards review completed and one in progress. - Safeguards assessments evaluate central bank operations in six areas: Governance Arrangements; External Audit Mechanism; Legal Structure and Autonomy; Financial Reporting Framework; Internal Audit Mechanism; System of Internal Controls. - Enterprise risk management and evaluations: - Office of Risk Management implements ERM framework and Board-approved risk tolerance statements. - Independent Evaluation Office (IEO) completed evaluation “IMF Advice on Fiscal Policy” in FY 2026; ongoing evaluations include “The IMF and Climate Change” and “IMF Engagement on Debt Issues in Low-Income Countries.” - IEO published first Evaluation Policy and announced two new evaluations to launch in 2026: “IMF Advice on Monetary Policy” and “Political Economy Considerations in IMF Work.” - Corporate citizenship and staff engagement: - Sustainability: third consecutive recertification for sustainable events (ISO 20121) in February 2026; energy-efficient technologies deployed across IMF headquarters. - Giving Together—FY 2026 results: - Total Amount Raised: $5,128,679 - Humanitarian and Disaster Relief Efforts: $200,000 - Grants: $634,950 - Corporate Donations: $75,000 - Management Donations: $60,000 - Total Organizations Supported: 1,580 - Number of Volunteering Hours: 463 - Units of Blood Collected: 170 - Lives Saved through Blood Drives: 510 - Staff Participation Record High: 65.71 percent - Fall Giving Campaign—“Together We Prosper”: - Raised $3,166,308.17 in donations and matching funds. - Staff participation reached 65.71 percent. - 2,437 staff members and 322 retirees contributed. - Volunteering: 230 staff members recorded 463 volunteer hours across 16 volunteer opportunities in support of 8 causes. - Blood drives: five blood drives; 260 donors contributed 170 units, potentially saving up to 510 lives. - Grants and donations: 45 grants totaling $634,950 awarded; corporate donations more than $75,000; IMF management donated $60,000 during missions to Burkina Faso, Fiji, The Gambia, and Sri Lanka. _International Monetary Fund, Annual Report 2026._ ### 2.7 billion. The first income ### 2.7 billion. The first income ### IPAA income distributions and member options - The IMF reported that the first income distribution of SDR 1.38 billion from the GRA to the Interim Placement Administered Account (IPAA) took place on June 1, 2025. - The Board approved a second income distribution of SDR 1.38 billion on April 28, and it took place on June 1, 2026. - Quarterly transfers of interest income on IPAA balances to the PRGT’s Subsidy Reserve Account started on August 1, 2025, totaling SDR 26.1 million through the end of FY 2026. - As of April 30, 2026, 30 members have provided assurances worth 45.7 percent of the maximum cumulative distribution amount (SDR 6.9 billion) for the PRGT. - The IMF stated that once the 90 percent threshold of assurances is reached, each member’s share of the IPAA principal will become available and transferable from the IPAA in accordance with the member’s instructions, which include three options: - Option 1: Instruct the IMF to transfer their share of the total principal amounts in the IPAA directly to the PRGT’s Subsidy Reserve Account. - Option 2: Request that their share of the total principal amounts in the IPAA be transferred into a forthcoming Distribution Interim Administered Account, pending resolution of domestic processes required to allow contribution to the PRGT. - Option 3: Choose to have their share of the total principal amounts in the IPAA paid directly to their SDR account before they make an equivalent separate grant contribution to the PRGT. ### Resource adequacy of the PRGT - The IMF Executive Board received an update in March 2026 on the resource adequacy of the PRGT, RST, and debt relief trusts. - Regarding the PRGT: - PRGT subsidy resources remain adequate, provided the implementation of the 2024 PRGT reforms, especially the GRA distribution framework, remains on track. - Lower-than-expected lending commitments in 2024 and 2025 are expected to be broadly offset by additional demand in the next two years, expected to average SDR 3 billion to 5 billion per year in 2026 and 2027. - The medium- to long-term outlook remains broadly unchanged. - The estimated PRGT lending capacity remains within the Board-endorsed corridor of SDR 2.5 billion to SDR 3.0 billion. - PRGT reserves relative to credit outstanding have stabilized after a decline resulting from higher lending after the pandemic. - PRGT loan resources are expected to be sufficient to cover lending demand through the medium term. ### Resource adequacy of the RST and debt relief trusts - Regarding the RST: - Continued good progress on voluntary bilateral contributions was highlighted. - RST loan resources are expected to be sufficient to meet the current demand pipeline at least through 2028. - RST reserves remain adequate under the baseline, although net reserve coverage to credit outstanding temporarily falls below the 10 percent threshold in some adverse scenarios, indicating increased risks, particularly from a greater share of lending to Group A countries benefiting from the interest rate cap. - Gross reserve coverage remains above the 35 percent threshold in the baseline and in the adverse scenarios. - A comprehensive RST review, planned for FY 2028, will take stock of experience, consider any policy changes, and assess medium-term resource needs. - Regarding the Catastrophe Containment and Relief Trust (CCRT): - The IMF described the CCRT as the vehicle for delivering debt-service relief to its poorest members when they face qualifying catastrophic events. - The CCRT delivered unprecedented support during the COVID-19 pandemic by freeing up resources for additional spending that helped mitigate its impact. - Since the pandemic, no qualifying cases or events have required CCRT funding. - The CCRT remains underfunded, and the next CCRT review, planned for FY 2027/28, will be an opportunity to address its financing challenges. - Regarding the Heavily Indebted Poor Countries Initiative (HIPC): - The IMF noted that the HIPC Initiative is nearly complete, although Sudan’s progress toward the Completion Point is still delayed after reaching the HIPC decision point. *Source: International Monetary Fund annual report, 2026.* ### 2021. The latest country to ### LENDING ### Recent developments and administrative actions - Somalia reached the Completion Point and received debt relief in December 2023. - The Somalia Administered Account, established in 2019 to support IMF debt relief to Somalia, was liquidated and terminated on August 1, 2025. ### Lending map — Financial Assistance Approved in FY 2026 (as of April 30, 2026) - USD/SDR exchange rate on April 30, 2026: SDR 1 = $1.372020. - Sub-Saharan Africa total: 877 M SDR - BURKINA FASO, RSF: 90.30 M SDR - CABO VERDE, AUG ECF: 7.10 M SDR - CHAD, ECF: 455.70 M SDR - LIBERIA, RSF: 193.80 M SDR - NIGER, AUG ECF: 79.00 M SDR - SÃO TOMÉ AND PRÍNCIPE, AUG ECF: 4.40 M SDR - THE GAMBIA, RSF: 46.70 M SDR - Western Hemisphere total: 19,990.30 M SDR - COSTA RICA, FCL: 1,108.20 M SDR - ECUADOR, AUG EFF: 750.40 M SDR - JAMAICA, RFI: 306.30 M SDR - MEXICO, FCL: 17,825.40 M SDR - Middle East and Central Asia total: 1,673.50 M SDR - ARMENIA, SBA: 128.80 M SDR - JORDAN, RSF: 514.70 M SDR - PAKISTAN, RSF: 1,000.00 M SDR - SOMALIA, AUG ECF: 30.00 M SDR - Europe total: 5,935.30 M SDR - UKRAINE, EFF: 5,935.30 M SDR - Asia and Pacific total: 717.70 M SDR - BANGLADESH, AUG EFF: 378.10 M SDR - BANGLADESH, AUG ECF: 189.10 M SDR - SRI LANKA, RFI: 150.50 M SDR ### Financial terms under the IMF General Resources Account (GRA) — key facility features and limits - Stand-By Arrangement (SBA) (1952) - Purpose: Short- to medium-term assistance for balance of payments difficulties. - Purchases: Generally quarterly purchases contingent on observance of performance criteria and other conditions. - Access limits: Annual: 200 percent of quota; Cumulative: 600 percent of quota. - Charges: Rate of charge plus surcharge (200 basis points on amounts above 300 percent of quota; additional 75 basis points when outstanding credit remains above 300 percent of quota for more than 36 months). - Repayment schedule: 3¼–5 years; installments: Quarterly. - Extended Fund Facility (EFF) (1974) - Purpose: Medium-term assistance for balance of payments difficulties associated with structural issues. - Reviews: Quarterly or semiannual reviews; observance of performance criteria and other conditions. - Access limits: Annual: 200 percent of quota; Cumulative: 600 percent of quota. - Charges: Rate of charge plus surcharge (200 basis points on amounts above 300 percent of quota; additional 75 basis points when outstanding credit remains above 300 percent of quota for more than 51 months). - Repayment schedule: 4½–10 years; installments: Semiannual. - Flexible Credit Line (FCL) (2009) - Purpose: Flexible instrument to address all balance of payments needs and boost market confidence. - Conditions: Very strong ex ante macroeconomic fundamentals, policy framework, and track record. - Access: Approved access available up front; no preset limit; up to 200 percent of quota for FCL without articulation of exit expectations. - Charges: Rate of charge plus surcharge (200 basis points on amounts above 300 percent of quota; additional 75 basis points when outstanding credit remains above 300 percent of quota for more than 36 months). - Repayment schedule: 3¼–5 years; installments: Quarterly. - Precautionary and Liquidity Line (PLL) (2011) - Purpose: Address potential or actual balance of payments needs; boost market confidence. - Access limits: 150 percent of quota (300 percent in exceptional circumstances) for six months; 300 percent of quota available on approval of one- to two-year arrangements; total of 600 percent of quota cumulative access. - Charges: Rate of charge plus surcharge (200 basis points on amounts above 300 percent of quota; additional 75 basis points when outstanding credit remains above 300 percent of quota for more than 36 months). - Repayment schedule: 3¼–5 years; installments: Quarterly. - Short-Term Liquidity Line (SLL) (2020) - Purpose: Liquidity backstop for potential external shocks generating moderate balance of payments needs. - Access: Up to 200 percent of quota; revolving access for 12 months; in combination with FCL access up to 400 percent of quotas (200 percent each). - Charges: Rate of charge plus surcharge (200 basis points on credit outstanding above 300 percent of quota); SLL credit does not count toward time-based surcharges. - Repayment: Repurchase(s) due no later than 12 months after the purchase; repurchases reconstitute access. - Rapid Financing Instrument (RFI) (2011) - Purpose: Rapid financial assistance for urgent balance of payments needs. - Purchases: Outright purchases without need for a full program or reviews. - Access limits: Annual: 50 percent of quota (80 percent for large natural disasters); Cumulative: 100 percent of quota (133.33 percent for large natural disasters). - Charges: Rate of charge plus surcharge (200 basis points on amounts above 300 percent of quota; additional 75 basis points when outstanding credit remains above 300 percent of quota for more than 36 months). - Repayment schedule: 3¼–5 years; installments: Quarterly. - Notes on charges and fees: - The rate of charge is set at a margin (currently 60 basis points) over the weekly SDR interest rate. - A one-time service charge of 0.5 percent is levied on each drawing from GRA (other than reserve tranche drawings). - Upfront commitment fees: 15 basis points on committed amounts up to 200 percent of quota; 30 basis points for amounts in excess of 200 percent and up to 600 percent of quota; 60 basis points for amounts in excess of 600 percent of quota—refunded proportionately as drawings are made. - For SLL arrangements: service charge is 21 basis points; nonrefundable commitment fee of 8 basis points upon approval. ### Concessional lending facilities (Poverty Reduction and Growth Trust — PRGT) - Facilities: Extended Credit Facility (ECF), Standby Credit Facility (SCF), Rapid Credit Facility (RCF). - Access norms (post-2024 PRGT review): access norm set at 145 percent of quota; PRGT annual and cumulative access limits at 200 and 600 percent of quota, respectively, starting January 1, 2025. - Financing terms (applicable to arrangements approved on or after May 1, 2025): - Interest rates: Tiered structure - Tier 1: 0 - Tier 2A: 0.7 x SDRi - Tier 2B: 0.4 x SDRi - ECF repayment terms: 5½–10 years; grace period of 5½ years; final maturity of 10 years; repayments in 10 semiannual installments. - SCF repayment terms: 4–8 years; grace period of 4 years; final maturity of 8 years; repayments in nine semiannual installments. - SCF availability fee: 0.15 percent on available but undrawn amounts under precautionary arrangement. - RCF repayment terms: 5½–10 years; grace period of 5½ years; final maturity of 10 years; repayments in 10 semiannual installments. - Blending and concurrent use: - Blending of PRGT and GRA resources for members presumed to blend occurs at a ratio of 1 to 2, with concessional access capped at applicable norms. - Precautionary use: ECF — Available; SCF — Not envisaged; RCF — Yes. - Notes: - On May 1, 2025 a new interest rate mechanism under the 2024 PRGT review became effective for new PRGT arrangements and emergency financing approved on or after May 1, 2025. - Emergency financing via the RCF operates through regular, exogenous shock, and large natural disaster windows; RFI use counts toward RCF sublimits. ### Resilience and Sustainability Facility (RSF) — Resilience and Sustainability Trust (RST) - Objective: Reduce prospective balance of payments stability risks from longer-term structural challenges relating to climate shocks and pandemics among low-income and vulnerable middle-income countries and small states. - Eligibility: Countries eligible under the PRGT; all small states with populations less than 1.5 million with per capita GNI less than 25 times the 2021 IDA operational cutoff; all middle-income countries with per capita GNI less than 10 times the 2021 IDA operational cutoff. - Qualification: Package of high-quality policy measures, eligible concurrent financing or nonfinancing UCT-quality program with at least 18 months remaining at RSF approval, sustainable debt, and adequate capacity to repay the IMF. - Conditionality: Reform measures linked to qualifying longer-term structural challenges; coordination with the World Bank and other MDBs envisaged. - Access policies: Access at the norm (75 percent of quota) with overall cumulative access cap of 150 percent of quota or SDR 1 billion, whichever is smaller. - Financing terms: - Tiered interest rate: - Group A: SDR interest rate + 55 basis points (capped at 2¼ percent) - Group B: SDR interest rate + 75 basis points and a 25 basis point service charge - Group C: SDR interest rate + 95 basis points and a 50 basis point service charge - Repayment terms: 10½–20 years. - A one-time service charge applies to each drawing for Group B and C countries. - Precautionary use: Available. - Duration and use: - Duration generally coincides with duration of a new UCT-quality program or remaining duration of existing UCT-quality program; minimum duration 18 months. - Repeated use possible subject to access limits; continuity across qualifying UCT programs possible under certain circumstances. - Concurrent use: Must have concurrent UCT-quality program. - Note: The Executive Board approved an interest rate cap for the RST’s lowest-income borrowers on May 18, 2023. ### Lending overview - The IMF continued to respond to economic challenges stemming from shocks since the onset of the global pandemic through lending under IMF-supported programs. - Demand for lending and support under the IMF’s facilities remained high in FY (text cut off). *International Monetary Fund, 2026 Annual Report.* ### 2026. Between May 1, 2025, ### 2026. Between May 1, 2025, and April 30, 2026, ### Lending: approvals, instruments, and amounts - New requests approved totaled about SDR 29 billion. - New GRA and PRGT lending arrangements, including precautionary arrangements: - One Extended Fund Facility (GRA) for SDR 5.9 billion. - One Extended Credit Facility (PRGT) for SDR 455.7 million. - Three precautionary arrangements under the GRA: - Two Flexible Credit Line arrangements totaling SDR 18.9 billion. - One Stand-By Arrangement for SDR 128.8 million. - Two emergency financing disbursements under the GRA’s Rapid Financing Instrument totaling SDR 456.8 million. - Building on existing lending arrangements: - Augmentation of five PRGT Extended Credit Facility arrangements for SDR 309.6 million. - Augmentation of two Extended Fund Facility arrangements for SDR 1.1 billion. - Resilience and Sustainability Facility: - Approved requests for five countries—Burkina Faso, The Gambia, Jordan, Liberia, and Pakistan—totaling about SDR 1.8 billion. - Undisbursed lending commitments and credit outstanding (including prepandemic commitments) as of April 30, 2026: - General Resources Account: about SDR 144 billion. - PRGT: about SDR 27 billion. ### IMF-supported programs: country outcomes and lessons - Armenia: - Averaged 7 percent real GDP growth over the past three years. - Implemented a precautionary Stand-By Arrangement (SBA) started in 2022 and successfully completed in 2025. - Program supported strengthened macroeconomic stability and rebuilt external buffers. - Mexico: - First member to sign up for a Flexible Credit Line (FCL) in 2009. - Maintained very strong economic fundamentals and reduced the level of funds accessible under the FCL. - Authorities embarked on a new three-year precautionary SBA with access to 100 percent of quota. - Macroeconomic framework features cited: flexible exchange rate regime, credible inflation-targeting framework, fiscal responsibility law, well-regulated financial sector. - Rwanda: - Engaged with the IMF across multiple instruments: - 2022–25 Policy Coordination Instrument supported postpandemic recovery. - 2023–24 Stand-by Credit Facility addressed short-term flood-related financing needs. - 2022–24 Resilience and Sustainability Facility focused on longer-term reforms. - Achieved economic growth of about 7 percent despite demand- and supply-side shocks. - Implemented significant fiscal consolidation of about 2 percent of GDP. - Strong implementation led to reforms being completed six months ahead of schedule. - Illustrates challenges in sub-Saharan Africa: sustaining growth while rebuilding buffers, preserving space for priority investment, and managing climate-related risks. - Cross-cutting lesson: - Transformative impact of IMF-supported programs underscores country ownership, early engagement, and sustained reform efforts. - The 2026 Review of Program Design and Conditionality will provide a comprehensive analysis of program impact. ### Capacity Development (CD): strategy, delivery, and milestones - Role and priorities: - CD strengthens institutions—central banks, finance ministries, revenue administrations, statistical agencies, and supervisory agencies—to support macroeconomic stability and growth. - CD is critical in addressing elevated financial stability risks, growing debt vulnerabilities, and rapid digitalization. - The 2024 CD Strategy Review outlined a vision to make CD more flexible, tailored, and better integrated with policy advice and program design. - Priority given to low-income and fragile and conflict-affected states, and to countries with IMF programs. - Delivery modalities and tools: - Diagnostic tools, publications, peer-learning opportunities, tailored in-country work plans, RCDCs, long-term resident advisors, short-term assignments (in person, remote, or hybrid), classroom training, and free online courses. - Donor partners of the IMF and RCDC member countries fund about two-thirds of direct spending on CD. - FY 2026 milestones and initiatives: - Launch of a regional training program for South America and Mexico, pilot hosted by the Central Bank of Paraguay in Asunción. - Celebration of anniversaries for CARTAC and CAPTAC-DR. - Announcement of the Southeast Europe Technical Assistance Center (SEETAC) to strengthen institutions across Albania, Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia, Serbia, and Moldova; SEETAC is expected to begin operations by January 2027 and Rome was selected to host the center. - Relocation of the China-IMF Capacity Development Center (CICDC) to the venue shared with the IMF’s Shanghai Center. - Online learning expansion and external training revamp: - Strengthened foundational courses in financial programming, macroeconomic diagnostics and forecasting, financial markets, and public finance. - Launched 13 new open online courses—four in English and nine in other languages—bringing the total number of courses offered to 136. - Expanded microlearning portfolio with more than 75 new bite-size on-demand videos. - Revamped the external training program for country authorities for 2026, including illustrative learning paths and a new taxonomy of IMF training modalities. ### Illustrative learning path and course offerings - Building Blocks in Macroeconomic Analysis and Financial Programming (Objective: Establish a solid foundation) - Online: Introduction to Financial Programming and Policies (FPP.0x) - Online: Financial Programming and Policies, Part 1: Macroeconomic Accounts and Analysis (FPP.1x) - Online: Financial Programming and Policies, Part 2: Program Design (FPP.2x) - Financial Programming and Policies (FPP) - Advanced/Specialized Topics in Macroeconomic Strategy and Policy (Objective: Specialize in niche areas) - Monetary and Fiscal Policy Analysis with DSGE Models (DSGE) - Nowcasting (NWC) - Economic Issues in Regional Integration (ERI) - Online: Macroeconomic Management in Resource-Rich Countries (MRC.x) - Macroeconomic Management in Resource-Rich Countries (MRC) - Enhancing Analytical, Forecasting, and Communication Skills (Objective: Build technical skills) - Online: Macroeconomic Diagnostics (MDS.x) - Macroeconomic Diagnostics (MDS) - Online: Macroeconomic Forecasting (MF.x) - Macroeconomic Forecasting and Analytics (MFA) - Vulnerability Diagnostics (VDS) - Macroeconomic Policy Communication (MPC) *International Monetary Fund, 2026 Annual Report.* ### introduction of illustrative learning ### introduction of illustrative learning ### Illustrative learning paths - Introduces illustrative learning paths that guide participants through structured sequences of courses within specific thematic areas. - Paths start with foundational concepts and progress to more advanced topics. - Approach supports mastery of specific skills and helps learners remain motivated and organized throughout their educational journey. - The learning paths detailed in the 2026 program are not prescriptive and do not constitute a required sequence of courses. - Provide a road map for government officials and their institutions, aiding in the planning of skill development and the strengthening of capacity for more effective policymaking. ### Capacity development — aggregate figures (FY 2026) - $400M worth of hands-on technical advice, policy-oriented training, and peer learning - 7 training languages offered - 2 fragile and conflict-affected states (Democratic Republic of the Congo and Ukraine) among the top 10 recipients of capacity development work - 23,010 participants in the online learning program - 2,987 CD projects, involving 1,655 experts supporting 163 IMF member countries - 519 Courses delivered - 17,253 Officials trained ### Capacity development delivery by region (FY 2026; Percent of total) - SUB-SAHARAN AFRICA: 36 - ASIA AND PACIFIC: 21 - MIDDLE EAST AND CENTRAL ASIA: 17 - WESTERN HEMISPHERE: 11 - MULTIREGIONAL: 8 - EUROPE: 7 ### Capacity development delivery by country income group (FY 2026; Percent of total) - LOW-INCOME DEVELOPING COUNTRIES: 50 - EMERGING MARKET AND MIDDLE-INCOME ECONOMIES: 47 - ADVANCED ECONOMIES: 3 ### Capacity development delivery by topic (FY 2026; Percent of total) - PUBLIC FINANCES: 48 - MONETARY AND FINANCIAL SYSTEMS: 20 - MACROECONOMIC FRAMEWORKS: 15 - STATISTICS: 11 - LEGAL FRAMEWORKS: 6 ### Training participation by participants’ region of origin (FY 2026; Number of participants) - ASIA AND PACIFIC: 6,825 - SUB-SAHARAN AFRICA: 5,764 - MIDDLE EAST AND CENTRAL ASIA: 4,566 - WESTERN HEMISPHERE: 3,069 - EUROPE: 2,389 ### Training participation by income group (FY 2026; Number of participants) - EMERGING MARKET AND MIDDLE-INCOME ECONOMIES: 9,517 - LOW-INCOME DEVELOPING COUNTRIES: 6,825 - ADVANCED ECONOMIES: 725 ### Top 10 Partners for IMF Capacity Development (Based on contributions in US dollars over the past five years, FYs 2022–26) - 1. Japan - 2. European Union - 3. Saudi Arabia - 4. Switzerland - 5. China - 6. India - 7. Kuwait - 8. Germany - 9. France - 10. The Netherlands ### Top 10 Recipients of IMF Capacity Development (FY 2026, ranked by capacity development delivered, in US dollars) - 1. Ukraine - 2. Sri Lanka - 3. Democratic Republic of the Congo - 4. Ghana - 5. The Gambia - 6. China - 7. Uganda - 8. Liberia - 9. Kenya - 10. Uzbekistan ### Top 10 Recipients by Training Participation (FY 2026, ranked by participant weeks) - 1. Indonesia - 2. Cameroon - 3. India - 4. China - 5. Bangladesh - 6. Sri Lanka - 7. Kenya - 8. Uzbekistan - 9. Pakistan *International Monetary Fund, 2026 Annual Report.* ### 10. Ukraine ### 10. Ukraine ### Sources and Notes - Sources: IMF, Participant and Applicant Tracking System; and IMF staff calculations. - Note: Participant weeks = number of participants times course duration. ### Thematic and Country Funds for IMF Capacity Development (As of April 30, 2026) - Table headline: Thematic and Country Funds for IMF Capacity Development (As of April 30, 2026). - Ukraine Capacity Development Fund partners listed by the IMF, Institute for Capacity Development: - Canada - European Union - Finland - Ireland - Japan - Latvia - Lithuania - The Netherlands - Poland - Slovak Republic - Switzerland - Note: Partners represent signed agreements, donor-approved allocations, and phase rollovers as of April 30, 2026. ### IMF Regional Capacity Development Centers (As of April 30, 2026) - Table headline: IMF Regional Capacity Development Centers (As of April 30, 2026). - Selected centers, partners, and member coverage as listed by the IMF, Institute for Capacity Development: - Africa Training Institute (ATI) - Partners: China, European Union, Mauritius (host), Saudi Arabia - Coverage: 45 countries in sub-Saharan Africa are eligible for training. - Caribbean Regional Technical Assistance Centre (CARTAC) - Partners: Barbados (host), Canada, Caribbean Development Bank, Eastern Caribbean Central Bank, European Union, The Netherlands, United Kingdom - Member countries: Anguilla, Antigua and Barbuda, Aruba, The Bahamas, Barbados, Belize, Bermuda, British Virgin Islands, Cayman Islands, Curaçao, Dominica, Grenada, Guyana, Haiti, Jamaica, Montserrat, Sint Maarten, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Suriname, Trinidad and Tobago, Turks and Caicos Islands - Caucasus, Central Asia, and Mongolia Regional Capacity Development Center (CCAMTAC) - Partners: Asian Development Bank, China, European Union, Kazakhstan (host), Korea, Poland, Russia, Switzerland, United States - Member countries: Armenia, Azerbaijan, Georgia, Kazakhstan, Kyrgyz Republic, Mongolia, Tajikistan, Turkmenistan, Uzbekistan - China-IMF Capacity Development Center (CICDC) - Partner: China (host) - Coverage: China and a range of other countries are eligible for training. - IMF Capacity Development Office in Thailand (CDOT) - Partners: Japan, Thailand (host) - Core beneficiary countries: Cambodia, Lao P.D.R., Myanmar, Vietnam; selected projects also cover other countries in Southeast Asia and in the Pacific island region - IMF-Singapore Regional Training Institute (STI) - Partners: Japan, Singapore (host) - Coverage: 38 countries in the Asia and Pacific region are eligible for training. - Joint Vienna Institute (JVI) - Partners: Austria (primary member and host) and international partners/donors - Coverage: 31 countries (30 in Central, Eastern, and Southeastern Europe, the Caucasus, and Central Asia, as well as Iran) are eligible for training. - Middle East Center for Economics and Finance (CEF) - Partner: Kuwait (host) - Coverage: Arab League member countries are eligible for training. - Middle East Regional Technical Assistance Center (METAC) - Partners: European Union, France, Germany, The Netherlands, Saudi Arabia, Switzerland - Member countries: Afghanistan, Algeria, Djibouti, Egypt, Iraq, Jordan, Lebanon, Libya, Morocco, Sudan, Syria, Tunisia, West Bank and Gaza, Yemen - Pacific Financial Technical Assistance Center (PFTAC) - Partners: Asian Development Bank, Australia, European Union, Fiji (host), Japan, Korea, New Zealand, United Kingdom, United States - Member countries: Cook Islands, Fiji, Kiribati, Marshall Islands, Micronesia, Nauru, Niue, Palau, Papua New Guinea, Samoa, Solomon Islands, Timor-Leste, Tokelau, Tonga, Tuvalu, Vanuatu - Regional Technical Assistance Center for Central Africa (AFRITAC Central) - Partners: Belgium, China, European Union, France, Gabon (host), Germany - Member countries: Burundi, Cameroon, Central African Republic, Chad, Democratic Republic of the Congo, Republic of Congo, Equatorial Guinea, Gabon, São Tomé and Príncipe - Regional Technical Assistance Center for East Africa (AFRITAC East) - Partners: China, European Union, Germany, The Netherlands, Norway, Saudi Arabia, Switzerland, Tanzania (host), United Kingdom - Member countries: Eritrea, Ethiopia, Kenya, Malawi, Rwanda, South Sudan, Tanzania, Uganda - Regional Technical Assistance Center for South Africa (AFRITAC South) - Partners: China, European Union, Germany, Mauritius (host), Norway, Saudi Arabia, Switzerland, United Kingdom - Member countries: Angola, Botswana, Comoros, Eswatini, Lesotho, Madagascar, Mauritius, Mozambique, Namibia, Seychelles, South Africa, Zambia, Zimbabwe - Regional Technical Assistance Center for West Africa (AFRITAC West) - Partners: Belgium, China, Côte d’Ivoire (host), European Union, France, Germany, Norway, Saudi Arabia - Member countries: Benin, Burkina Faso, Côte d’Ivoire, Guinea, Guinea-Bissau, Mali, Mauritania, Niger, Senegal, Togo - Regional Technical Assistance Center for West Africa 2 (AFRITAC West 2) - Partners: China, European Union, Ghana (host), Saudi Arabia, Switzerland, United Kingdom - Member countries: Cabo Verde, The Gambia, Ghana, Liberia, Nigeria, Sierra Leone - South Asia Regional Training and Technical Assistance Center (SARTTAC) - Partners: Australia, European Union, India (host), Korea - Member countries: Bangladesh, Bhutan, India, Maldives, Nepal, Sri Lanka - Note: The IMF also delivers courses through regional training programs and at its headquarters in Washington, DC. Partners represent signed agreements, donor-approved allocations, and phase rollovers as of April 30, 2026. ### IMF Support in International Forums - The IMF promotes international collaboration via active participation in key international forums and serves as a trusted advisor to the Group of Twenty (G20). - Under the 2025 South African G20 Presidency, the IMF supported the Finance Track through regular inputs to the Framework and the International Financial Architecture Working Groups, providing analysis on: - the global economy - the financial sector - debt vulnerabilities - capital flows - the Global Financial Safety Net - domestic resource mobilization - The IMF provided technical support for debt restructuring cases and helped build common understanding and improve restructuring processes through the Global Sovereign Debt Roundtable. - Together with the World Bank, the IMF advanced implementation of the three-pillar approach to assist countries with a strong reform agenda and sustainable debt when they face short-term financing challenges that may constrain capacity to invest in growth-enhancing spending. - The IMF provided analysis on macroeconomic vulnerabilities in Africa, preparations for the Financing for Development Conference, and efforts to strengthen domestic revenue mobilization. - The IMF assessed and worked to strengthen the Global Financial Safety Net through collaboration with regional financing arrangements. - Under the US G20 Presidency, the IMF contributed to priority areas including growth, global imbalances, and debt, offering analysis on drivers and impacts of global imbalances and advising on structural reforms to boost medium-term growth. - The IMF engages in the G7 Finance Track, offering policy advice and updates on global macroeconomic and financial developments and on global imbalances. - The IMF coordinated with other international organizations to respond to shocks and assess economic impacts of crises: - In 2022, the IMF set up a coordination group with the World Bank, the World Food Programme, and the World Trade Organization (WTO) to address food insecurity from the combined effects of the pandemic and the war in Ukraine. - In April 2026, the IMF assembled a coordination group including the International Energy Agency, the World Bank, and the WTO to share data and assess economic and energy-related impacts of the war in the Middle East, track country policy responses, and coordinate policy advice and assessment of financing needs and related provision of financial support. - At the Executive Board level during the 2026 fiscal year, the Liaison Committee engaged with several international organizations, including the World Bank, the WTO, the Financial Stability Board, and the UN Economic and Social Council, to promote coherence across the international economic, financial, trade, and development agenda and to keep the Board informed of evolving developments. - IMF management and staff participate in global economic discussions through engagement with regional bodies and standard-setting bodies, including membership of the Managing Director on the UN Chief Executives Board and staff engagement with the Financial Stability Board, the Financial Action Task Force, and the Basel Committee on Banking Supervision. - The IMF supports regional policy dialogue through engagement with partners such as ASEAN, Asia-Pacific Economic Cooperation, and the European Commission. ### Executive Directors, Senior Officials, and Organizational Leadership (As of April 30, 2026) - The Executive Board is composed of 25 Executive Directors and the Managing Director, who chairs the Board. - The Board conducts IMF day-to-day business, discusses national, regional, and global consequences of members’ economic policies, approves IMF financing, and oversees capacity development. - Selected Executive Directors and alternate arrangements as listed: - Jiyoung Choi: Mark Blackmore; Nghi Luu — Australia, Kiribati, Korea, Marshall Islands, Micronesia, Mongolia, Nauru, New Zealand, Palau, Papua New Guinea, Samoa, Seychelles, Solomon Islands, Tuvalu, Vanuatu - Jeroen Clicq: Vladyslav Rashkovan; Marnix van Rij — Andorra, Armenia, Belgium, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, Georgia, Israel, Luxembourg, Moldova, Montenegro, North Macedonia, Romania, The Netherlands, Ukraine - Additional Executive Directors and constituencies are listed in the IMF’s organizational overview. - IMF Senior Officials and Department Directors (selected) as of April 30, 2026: - Managing Director: Kristalina Georgieva - First Deputy Managing Director: Dan Katz - Deputy Managing Directors: Nigel Clarke; Kenji Okamura; Bo Li - Area Department Directors: Abebe Selassie (Director, African Department); Krishna Srinivasan (Director, Asia and Pacific Department); Alfred Kammer (Director, European Department); Jihad Azour (Director, Middle East and Central Asia Department); Nigel Chalk (Director, Western Hemisphere Department) - Functional Department Directors: Julie Kozack (Communications); Bernard Lauwers (Finance); Rodrigo Valdes (Fiscal Affairs); Catriona Purfield (Institute for Capacity Development); Yan Liu (General Counsel and Legal); Tobias Adrian (Financial Counsellor and Director, Monetary and Capital Markets Department); Pierre-Olivier Gourinchas (Economic Counsellor and Director, Research Department); Bert Kroese (Chief Statistician and Data Officer and Director, Statistics Department); Christian Mumssen (Director, Strategy, Policy, and Review Department) - Support and Office Directors: Sabina Bhatia (Corporate Services and Facilities); Brian Christensen (Human Resources); Shirin Hamid (Chief Information Officer and Director, Information Technology); Ceda Ogada (Secretary of the Fund); Michele Shannon (Office of Budget and Planning); Pablo Moreno (Independent Evaluation Office); Ashlene van der Colff (Office of Internal Audit); Derek Bills (Advisor, Investment Office); Romy Bowers (Director, Office of Risk Management) - Leadership transitions noted by the IMF: - Zeine Zeidane succeeded Abebe Selassie as Director of the African Department, effective May 4, 2026. - Mateusz Szczurek succeeded Alfred Kammer as Director of the European Department, effective July 27, 2026. - Silvana Tenreyro succeeded Pierre-Olivier Gourinchas as Director of the Research Department, effective August 10, 2026. - Tobias Adrian departed the IMF, effective August 31, 2026. ### Budget and Administrative Expenditures (FY 2026 and Related) - The Executive Board approved the FY 2026 net administrative budget of $1,552 million in FY 2026 dollars, with indicative budgets for FY 2027 and FY 2028. - The FY 2026 gross administrative budget envelope was $1,991 million, including $296 million in external reimbursements for capacity development activities (Table 3.1). - The gross budget incorporated: - $73 million in IMF-financed carryforward of unused resources from prior years - $8 million in externally financed carryforward - A capital budget of $133 million was approved for use over three years to support facilities-related and IT-intensive capital projects, including cloud-based licensing costs. - Rationale and context provided by IMF management: - The FY 2026 budget was shaped by heightened global economic uncertainty and elevated demand on the Fund’s surveillance, lending, and capacity development functions. - The budget was guided by principles of agility and discipline, supported by reprioritization, capture of efficiency gains, and a management-led streamlining review to rationalize internal processes and outputs. - The budget involved difficult trade-offs amid elevated demand. - Actual administrative expenditures in FY 2026 totaled $1,505 million, equivalent to 97 percent of the approved net budget and 97.5 percent for the general budget, excluding the Office of the Executive Directors and the Independent Evaluation Office. - Capital spending in FY 2026 increased (amount and further detail as reported by IMF budget documents). *Source: International Monetary Fund (IMF), Institute for Capacity Development, and IMF institutional reports as cited in the IMF Annual Report materials.* ### 2.4 percent to $130 million, comprising $56 million ### english-imf-annual-report-2026 - 2.4 percent to $130 million, comprising $56 million ### Administrative and Capital Budget Envelopes (FYs 2025–27) - Table 3.1 reported figures (Millions of US dollars): - Gross Fund Financed: FY 2025 = 1,642; Outturn = 1,492; Structural = 1,601; FY 2026 = 1,694; Outturn = 1,548; Structural = 1,651; FY 2027 Total Budget = 1,729. - Net administrative budget: FY 2025 = 1,501; Outturn = 1,451; Structural = 1,552; FY 2026 Total = 1,552; Outturn = 1,505; Structural = 1,601; FY 2027 Total Budget = 1,601. - General Receipts: 1, 494, 149, 494, 350, 50 (as listed in table). - Carryforward (limit) and other temporary: 93, —, —, 94, —, —, 78 (as listed). - Gross Externally Financed: 283, 225, 288, 296, 242, 296, 304. - Receipts (largely CD-related): 276, 225, 288, 288, 240, 296, 296. - Carryforward (limit): 8, —, —, 8, —, —, 9. - Gross administrative envelope: FY 2025 = 1,925; Outturn = 1,717; Structural = 1,889; FY 2026 = 1,991; Outturn = 1,790; Structural = 1,947; FY 2027 Total Budget = 2,034. - Capital (three-year funding availability): 122, 127, 133, 133, 130, 129, 129. - Facilities: 51, 62, 61, 61, 54, 54, 45. - HQ2 refresh: 3000, 112, 12 (as listed). - IT intensive: 68, 65, 71, 71, 74, 73, 73. - Memorandum items: Carryforward (actual) 79, —, —, 73, —, —, 60. - Specific capital spending highlighted: total increased 2.4 percent to $130 million, comprising $56 million in facilities-related direct capital spending, and $74 million for IT-intensive spending. ### Spending by Output Areas (FY 2026) - Direct country work accounts for about half of total IMF spending through: - Bilateral surveillance - Financial support (lending) - Direct capacity development delivery - Multilateral surveillance, policy and analytics, and IMF governance and finances account for an additional one-third of IMF spending. - Remaining spending comprises activities related to corporate services and oversight offices. - Figure 3.1 categorizes IMF spending by main output: Other Corporate Functions; Corporate Services and Facilities; Human Resources; Information Technology; IMF Governance & Finances; Policy & Analytics; Multilateral Surveillance, Global Cooperation, and Standard Setting; Capacity Development (CD); Bilateral Surveillance; Lending; Direct Country Operations. ### FY 2027 Budget Authorization and Prudence - In April 2026, the Executive Board authorized a net administrative budget for FY 2027 of $1,601 million ($1,559 million in FY 26 dollars), guided by the long-standing principle of budget prudence. ### Income Model, Charges, and Remuneration - Income model sources: - Lending income from fees and charges on use of credit from the General Resources Account, including service charges and commitment fees. - Surcharges on loans above a certain threshold and duration; special charges in certain circumstances. - Investment income from assets in the Fixed-Income and Endowment Subaccounts of the IMF’s Investment Account. - Charges and recent policy changes: - Basic rate of charge comprises the SDR interest rate plus a fixed margin expressed in basis points. - In October 2024, the Executive Board reduced the margin for the rate of charge from 100 basis points to 60 basis points above the SDR interest rate beginning November 1, 2024, for the remainder of FY 2025 and for FY 2026. - In April 2026, the Executive Board agreed to maintain the margin at 60 basis points for FY 2027 to FY 2028. - Service charge of 0.5 percent is levied on each drawing from the GRA. - Commitment fee charged at the beginning of each 12-month period on amounts available for purchase under GRA arrangements; refundable except for Short-Term Liquidity Line arrangements (nonrefundable). - Special charges on overdue charges apply only for the first six months a member is in arrears. - Remuneration: - IMF pays remuneration to members on their quota-based creditor positions in the GRA (remunerated reserve tranche positions) at the SDR interest rate. - IMF also pays interest at the SDR interest rate on outstanding borrowing under the New Arrangements to Borrow. ### Burden Sharing - Rates of charge and remuneration can be adjusted under a burden-sharing mechanism that distributes the cost of overdue financial obligations equally between debtor and creditor members. ### Net Income, Total Comprehensive Income, and Distribution Framework - GRA net income for FY 2026: - Including net investment income of SDR 984 million (US$1.3 billion) transferred from the Investment Account, GRA net income amounted to SDR 1.9 billion (US$2.6 billion) before the net income distribution decision. - Related transfer under the distribution framework: SDR 1.38 billion (US$1.9 billion) transferred from GRA resources to the Interim Placement Administered Account. - Investment Account contributions to GRA: - Fixed-Income Subaccount income: SDR 833 million (US$1.1 billion). - Endowment Subaccount payout: SDR 151 million (US$208 million) transferred to the GRA to meet administrative expenses. - Total comprehensive income for FY 2026: - Retained income in the Investment Account: SDR 1 billion (US$1.3 billion). - Pension-related remeasurement gain: SDR 1.9 billion (US$2.6 billion). - Total comprehensive income: SDR 4.8 billion (US$6.5 billion). - Distribution framework (Executive Board, October 2024): - Framework facilitates generation of additional Poverty Reduction and Growth Trust (PRGT) subsidy resources and supports a self-sustaining PRGT annual lending capacity of SDR 2.7 billion. - Framework consists of (1) a multiyear distribution plan for a maximum cumulative amount of SDR 6.9 billion from GRA resources, realized through annual distribution decisions; and (2) establishment of the Interim Placement Administered Account to hold such placements. - Annual transfer amounts determined either as the disposition of GRA net income of the relevant financial year and/or a reduction in the IMF’s general reserves. - As of April 30, 2026, the membership had not adopted the dividend policy; the Executive Board had approved an initial payout of $200 million to be transferred to the GRA to meet administrative expenses (dollar value of future payouts to rise based on the US consumer price index each year under the constant real payout rule). ### Financing Channels and Quotas - IMF makes resources available through four channels: - Regular (nonconcessional) lending from the GRA. - Concessional lending from the Poverty Reduction and Growth Trust. - Longer-term lending from the Resilience and Sustainability Trust. - SDR Department exchanges of SDR holdings for freely usable currencies. - Quotas and lending firepower: - IMF’s 191 member countries provide resources through quota subscriptions; quotas total SDR 476 billion (about $653 billion). - Together with multilateral and bilateral borrowing arrangements, these resources give the IMF access to about $1 trillion in nonconcessional lending firepower. - Quota review process and recent general review: - Board of Governors conducts general quota reviews at least every five years; reviews address overall quota size and distribution among members. - Seven reviews concluded no increase; nine reviews resulted in overall quota increases ranging from 31 percent to 100 percent. - Elements of quota increases: equal proportional element; selective element according to quota formula; ad hoc element to subset of members. - On November 7, 2023, the Executive Board proposed a 50 percent equiproportional quota increase. On December 15, 2023, the Board of Governors concluded the Sixteenth General Review of Quotas (16th GRQ) and approved the proposed 50 percent increase. *Source: IMF, 2026 Annual Report (selected sections on resources, income model, charges, net income, and quotas).* ### 238.6 billion, or $327.4 billion), which will bring total ### Quotas, Borrowing, and IMF Financial Capacity ### Quota Increases and Effectiveness Conditions - The 16th General Review of Quotas (16th GRQ) will increase total quotas to SDR 715.7 billion ($982 billion) when implemented. - Two general effectiveness conditions set by the Executive Board for quota increases under the 16th GRQ: - Consent condition: Members with at least 85 percent of total quotas on November 7, 2023, must consent in writing to their quota increases. The deadline initially set for receipt of consents was November 15, 2024; the Executive Board extended the deadline to May 15, 2026 on November 7, 2025, and approved another six-month extension through November 15, 2026 on May 8, 2026. - NAB rollback condition: Participants in the New Arrangements to Borrow (NAB) must provide the consents necessary for the NAB rollback to take effect. - Once general effectiveness conditions are met, a member’s quota increase will take effect upon that member’s consent and payment for its quota increase. ### Roles of Quotas - Quotas determine: - The maximum amount of financial resources a member is obliged to provide to the IMF. - The maximum amount of financing a member can obtain under normal access (based on its quota). - A member’s voting power: Each member has one vote per SDR 100,000 of quota plus basic votes (same for all members). - A member’s share in a general allocation of SDRs. ### Quota Payments (14th GRQ history and status) - The 14th General Review of Quotas doubled quotas from about SDR 238.5 billion (about $327.2 billion) to SDR 477 billion (about $654.5 billion); conditions for implementing the doubling were met on January 26, 2016. - As of April 30, 2026: - All but two IMF members had made their quota payments, accounting for more than 99 percent of the total quota increases. - Total quotas stood at SDR 476 billion (about $653 billion). ### Borrowing: NAB and BBAs - The NAB: - Is a set of credit arrangements with 40 participants. - Currently contributes an aggregate amount of SDR 364 billion. - Will be reduced to about SDR 303 billion once the 16th GRQ takes effect. - Current five-year NAB period started January 1, 2026, and is set through the end of 2030. - Activation requires consent of participants contributing at least 85 percent of the amount contributed under total credit arrangements of participants eligible to vote. - The NAB was activated 10 times between April 2011 and February 2016 (the most recent activation). - Bilateral Borrowing Agreements (BBAs): - Serve as a third line of defense after quotas and the NAB. - The current (2020) round has been in effect since January 1, 2021, with an initial term through December 31, 2023. - Executive Board decision in May 2023 and creditor consent extended terms by one year until December 31, 2024. - In March 2024, the Executive Board approved, subject to creditor consent, a framework for amending and extending BBAs beyond 2024 as transitional arrangements until the 16th GRQ quota increase becomes effective or for a maximum term until the end of 2027. - As of April 30, 2026, 39 BBAs had been extended beyond the end of 2024, providing the IMF with a total credit amount equivalent to about SDR 136.6 billion. - BBA activation conditions: IMF resources otherwise available for financing must have fallen below a threshold of SDR 100 billion and either the NAB has been activated or there are no available uncommitted NAB resources; activation requires approval by bilateral creditors representing 85 percent of the total credit amount committed. ### Special Drawing Rights (SDRs) and Allocations ### SDR Overview and Allocations - The SDR is an international reserve asset created in 1969; it is the IMF’s unit of account for some organizations and a potential claim on freely usable currencies of IMF members. - SDR valuation: Based on a basket of five currencies—US dollar, euro, Chinese renminbi, Japanese yen, and British pound. The most recent review concluded in May 2022; updated basket went into effect August 1, 2022. - As of April 30, 2026: - Total SDR allocations to members amounted to SDR 660.8 billion (equivalent to about $906.6 billion). - The August 2021 allocation accounted for SDR 456.5 billion (equivalent to about $650 billion), the largest allocation in history. - The IMF encouraged voluntary channeling of SDRs from countries with strong external positions to countries most in need; several members channeled SDRs to support the PRGT and the RST. - On May 10, 2024, the IMF’s Executive Board approved the use of SDRs for the acquisition of hybrid capital instruments issued by prescribed holders, adding to seven previously authorized SDR operations (settlement of financial obligations; loans; pledges; transfers as security for performance; swaps; forward operations; donations). ### Arrears Prevention and Resolution - Since June 2021, when Sudan cleared its arrears, the IMF has had no cases of protracted arrears. - The IMF’s strengthened cooperative strategy on arrears comprises three elements: - Prevention: IMF surveillance, policy conditionality, assessment of members’ capacity to repay, safeguards assessments, and technical assistance. - Intensified collaboration: Staff-monitored programs to help members in arrears establish a track record on policies and payments. - Remedial measures: Applied using an escalating timetable to members with overdue financial obligations that do not actively cooperate. ### Accountability, Risk Management, and Financial Safeguards ### Audit and Oversight Mechanisms - Audit mechanisms include an external audit firm, the independent External Audit Committee, and the Office of Internal Audit (OIA). - The External Audit Committee is independent of the IMF and reports to the Board of Governors; it has oversight responsibilities for the annual external audit of IMF financial statements and the internal audit framework. - The OIA reports directly to the Managing Director and maintains a functional reporting relationship with the External Audit Committee. - The OIA’s 2026 audit coverage included management of the IMF’s Investment Account and Trust Investment Assets; administrative aspects of Long-Term Technical Assistance Experts; departmental practices for safeguarding the IMF’s “Crown Jewels”; and the IMF’s procurement process and practices. - The OIA issued the “Fifteenth Periodic Monitoring Report (PMR) on the Status of Management Implementation Plans in Response to Board-Endorsed Independent Evaluation Office Recommendations.” The implementation rate was comparable to the 14th PMR and exceeded the average over the past seven PMR monitoring cycles. ### Precautionary Balances and Risk Review - Precautionary balances consist of adjusted balances in the general and special reserves and are central to the IMF’s financial risk management. - Medium-term target for precautionary balances: SDR 25 billion (reached at the end of FY 2024). - The Executive Board conducted the “2026 Review of the Adequacy of the Fund’s Precautionary Balances” on March 20, 2026: - Directors broadly agreed that the current target of SDR 25 billion, together with other risk management elements and IFRS 9 provisioning, provide robust financial protection. - Most Directors supported retaining the medium-term target at SDR 25 billion; a few favored raising the target. - Directors generally agreed to retain the current floor for precautionary balances at SDR 20 billion. - As of April 30, 2026, precautionary balances stood at SDR 26.3 billion (US$36.1 billion). ### Enterprise Risk Management and Evaluations - The Office of Risk Management (ORM) performs centralized enterprise risk management and serves as the second line of defense. - ORM implements the IMF’s Enterprise Risk Management (ERM) framework and Board-approved risk tolerance statements to identify, assess, and manage institution-wide risks. - The Independent Evaluation Office (IEO) is fully independent and completed its evaluation of “IMF Advice on Fiscal Policy” in FY 2026; ongoing evaluations included “The IMF and Climate Change” and “IMF Engagement on Debt Issues in Low-Income Countries.” - The IEO published its first Evaluation Policy and announced two new evaluations to launch in 2026: “IMF Advice on Monetary Policy” and “Political Economy Considerations in IMF Work.” ### Safeguards Assessments and Fiscal Safeguards - From 2000 to end-April 2026: - 414 safeguards assessments were conducted, covering 106 central banks. - Four assessments were completed in FY 2026; eight were in progress at the end of the financial year. - About 73 central banks are currently subject to monitoring while IMF credit remains outstanding. - Fiscal safeguards reviews: - Conducted when a member requests exceptional access, whenever at least 25 percent of funds are directed to state budget financing, or where there is high combined credit exposure with at least 25 percent of resources directed to budget financing. - At end-FY 2026: one fiscal safeguards review completed and one in progress. - Safeguards assessments evaluate central bank operations in six areas: Governance Arrangements; External Audit Mechanism; Legal Structure and Autonomy; Financial Reporting Framework; Internal Audit Mechanism; System of Internal Controls. ### IMF Corporate Citizenship and Staff Engagement ### Sustainability Initiatives - The IMF integrated sustainability into operations, lowering energy consumption and reducing waste in 2026. - The IMF achieved its third consecutive recertification for sustainable events (ISO 20121) in February 2026. - Energy-efficient technologies and equipment were deployed across IMF headquarters buildings. ### IMF Giving Together Program—FY 2026 Results - Giving Together is supported by employee and retiree contributions, corporate matching (50 percent year-round), and 100 percent matching during the two-month Fall Giving Campaign. - FY 2026 key figures: - Total Amount Raised: $5,128,679 - Humanitarian and Disaster Relief Efforts: $200,000 - Grants: $634,950 - Corporate Donations: $75,000 - Management Donations: $60,000 - Total Organizations Supported around the world: 1,580 - Number of Volunteering Hours: 463 - Units of Blood Collected: 170 - Lives Saved through Blood Drives: 510 - Staff Participation Record High: 65.71 percent - Fall Giving Campaign—“Together We Prosper”: - Raised $3,166,308.17 in donations and matching funds. - Staff participation reached 65.71 percent. - 2,437 staff members and 322 retirees contributed. - Volunteering: - 230 staff members recorded 463 volunteer hours across 16 volunteer opportunities in support of 8 causes. - Five blood drives held in FY 2026: 260 donors contributed 170 units, potentially saving up to 510 lives. - Grants, corporate, and management donations: - 45 grants totaling $634,950 awarded to local charities in the Washington metropolitan area. - Corporate donations more than $75,000 to local partners. - IMF management donated $60,000 during missions to Burkina Faso, Fiji, The Gambia, and Sri Lanka. - Corporate donations totaling $60,000 to local and international nonprofit organizations. ### People Strategy, Ethics, and Public Engagement - The IMF’s people strategy focuses on attracting and retaining technically expert staff, enhancing talent development, robust recruitment and promotion processes, leadership accountability, succession planning, and organizational effectiveness. - Priority areas include stronger geographic representation and implementation of the Disability Accessibility and Inclusion Strategy. - Ethics and conduct: - The Ethics Office (ETO), headed by the Ethics Advisor under the 2026 IMF Ethics Advisor—Terms of Reference, advises management and HR on ethical standards, provides training and confidential advice, oversees Annual Ethical Conduct and Core Values Certification, and manages the Financial Disclosure Program. - In FY 2026 the ETO relaunched triennial IMF-wide mandatory ethics training and responded to higher demand for ad hoc ethics training at headquarters and overseas. - Public engagement: - The IMF routinely engages political leaders, country authorities, private sector representatives, media, and nongovernment stakeholders (academia, civil society, parliamentarians, labor unions, youth leaders) to explain approaches and learn from others. --- _Source: https://www.imf.org/annual-report/2026/pdfs/english-imf-annual-report-2026.pdf_