FY2026-FY2028 Medium-Term Budget

Policy Papers, May 2, 2025

Source details

Publication date: May 2, 2025
Core message: The global economy has proven resilient in the post-pandemic period, with global disinflation continuing, but with significant remaining uncertainty.
Strategic context: Transformations in the economic landscape and persistent uncertainty are driving strong demand for Fund engagement.
Budget guidance: The proposed budget is guided by the longstanding principle of budget prudence.

Global macro backdrop: Continued global disinflation alongside significant remaining uncertainty.
Demand for IMF engagement: Strong, driven by the economic backdrop and transformations in the economic landscape.
Staffing and resourcing trajectory:
- A modest proposed structural top-up is included to supplement critical cybersecurity-related needs.
- Overall net resourcing to departments will decline, given ongoing unwinding of temporary pandemic-era resources.

Budget principle: Emphasis on budget prudence.
Targeted augmentation: Limited structural top-up focused specifically on cybersecurity-related needs.
Resource management: Unwinding of temporary pandemic-era resources leads to a net decline in departmental resourcing despite the cybersecurity top-up.

Subjects: Budget planning and preparation, Capital budget, Cyber risk, Expenditure, Public financial management (PFM), Technology
Keywords: budget agility, budget discipline, budget envelope, budget framework, budget overview, budget planning, Budget planning and preparation, budget prudence, budget resources, capital budget, Cyber risk, fund staff, Global, medium-term budget, staff work pressure