Press Release: IMF Executive Board Approves FY11 Budgets, Completing Three-Year Fund Restructuring
IMF News, April 20, 2010
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- Published: April 20, 2010
Executive Board decision and restructuring outcomes
- The Executive Board approved the IMF’s FY2011 administrative and capital budgets, completing a three-year restructuring exercise.
- The restructuring produced savings of US$100 million in real terms.
- The restructuring resulted in a reduction of 380 staff positions.
Approved budgets and key figures
- Administrative budget (net of receipts) for the financial year ending April 30, 2011: US$891 million.
- Capital budget for the financial year ending April 30, 2011: US$48 million.
- The IMF’s medium-term deficit, previously projected at US$400 million a few years ago, has been cut to zero.
Medium-term outlook and budget assumptions
- The Executive Board took note of the indicative administrative budgets for FY2012 and FY2013 and the three-year capital plan for the FY2011-FY2013 period.
- The outer years of the medium-term budget reflect some uncertainty related to the impact of the global financial crisis and the future role of the institution.
- For now, the outer years of the budget (FY2012 and FY2013) are built on an assumption of zero growth; this assumption will be revisited after discussions on the future role of the Fund have been concluded.
Board actions and next steps
- Approval of FY2011 budgets finalizes the three-year restructuring effort.
- Indicative budgets for FY2012 and FY2013 and the FY2011-FY2013 capital plan were noted; further revisions depend on outcomes of discussions about the Fund’s future role.
Source: Press Release: IMF Executive Board Approves FY11 Budgets, Completing Three-Year Fund Restructuring (April 20, 2010).