Press Release No. 10/161

Press Release No. 10/161
April 20, 2010

The Executive Board of the International Monetary Fund (IMF) has approved the IMF’s FY2011 administrative and capital budgets, completing a three-year restructuring exercise that has produced savings of US$100 million in real terms and a reduction of 380 staff positions.

The administrative budget (net of receipts) for the financial year ending April 30, 2011 is US$891 million, and the capital budget is US$48 million.

Budget savings together with improvements underway in securing additional investment income mean the IMF’s medium-term deficit, projected at US$400 million a few years ago, has been cut to zero.

The Executive Board also 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, but this will be revisited after discussions on the future role of the Fund have been concluded.