{
  "title": "IMF Executive Board Approves FY2024–FY2026 Medium-Term Budget",
  "publication": "IMF News, May 31, 2023",
  "sourceUrl": "https://www.imf.org/en/news/articles/2023/05/31/pr23184-imf-executive-board-approves-fy2024-fy2026-medium-term-budget",
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  "summary": "The Board welcomed the Fund’s continued commitment to strict budget discipline through robust savings and reprioritization. Executive Directors endorsed the allocation of the second phase of resources as part of the three-year targeted budget augmentation framework approved in 2022.",
  "publishDate": "2023-05-31",
  "sections": [
    {
      "heading": "Global context and Board assessment",
      "content": "- The Executive Board considered the FY24-26 Medium-Term Budget \"against a complex global economic backdrop.\"\n- Key global challenges cited:\n  - The pandemic is receding in many countries.\n  - The global impact of Russia’s invasion of Ukraine.\n  - Intensifying geopolitical fragmentation.\n  - Multi-decade high inflation.\n  - Recent financial sector developments increasing uncertainty and downside risks.\n- The Board emphasized the Fund’s need to adapt to members’ needs in an increasingly shock-prone world and to support resilience and structural transformation in close cooperation with external partners."
    },
    {
      "heading": "Budget discipline, augmentation framework, and priorities",
      "content": "- The Board \"welcomed the Fund’s continued commitment to strict budget discipline through robust savings and reprioritization.\"\n- Executive Directors endorsed the allocation of the second phase of resources under the three-year targeted budget augmentation framework approved in 2022.\n- New resources are linked to:\n  - Tackling the macro-critical challenges of climate change.\n  - Addressing the rise of digital money.\n  - Reinforcing the Fund’s work on macrofinancial surveillance, fragility, and inequality.\n- The Board \"reiterated its expectation that the Fund would return to a flat real budget trajectory in FY26.\""
    },
    {
      "heading": "Approved FY24 administrative and capital budgets",
      "content": "- Approved net administrative budget for FY24 (May 1, 2023–April 30, 2024):\n  - US$1,411 million\n  - Described as \"consistent with projected income and continued progress towards the precautionary balances target.\"\n  - The budget includes a 2 percent structural augmentation.\n- Carryforward of unused budget resources:\n  - The maximum amount that can be carried forward from previous years will be reduced from 7 to 6 percent of the underlying budget.\n  - Purpose: to continue the gradual unwinding of temporary pandemic-related resourcing introduced in FY21.\n- FY24 capital budget:\n  - US$108 million\n  - Reflects resumption of facilities-related investments including hybrid workspace and field-based needs, continued stabilization of information technology investments, and a projected increase in cloud costs."
    },
    {
      "heading": "Capacity development and externally funded spending",
      "content": "- The Board endorsed the second of a three-year step increase in the externally funded spending limit approved last year to support capacity development (CD) efforts in structural transformation areas."
    },
    {
      "heading": "Documents and contacts noted on the page",
      "content": "- Press Release No. 23/184.\n- Media contact listed: PRESS OFFICER: Ting Yan; Phone: +1 202 623-7100; Email: MEDIA@IMF.org.\n- Publication date on page: May 31, 2023.\n- Additional materials: \"Additional information can be found in the staff paper on the FY24-26 Medium-Term Budget.\"\n\nSource: IMF press release \"IMF Executive Board Approves FY2024–FY2026 Medium-Term Budget.\"\n\n---\n\n\n References\n\n- Press Releases\n- PRESS CENTER\n- FY24-26 Medium-Term Budget.\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2023/05/31/pr23184-imf-executive-board-approves-fy2024-fy2026-medium-term-budget"
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    "Published: May 31, 2023",
    "The Executive Board considered the FY24-26 Medium-Term Budget \"against a complex global economic backdrop.\"",
    "Key global challenges cited:",
    "The Board emphasized the Fund’s need to adapt to members’ needs in an increasingly shock-prone world and to support resilience and structural transformation in close cooperation with external partners.",
    "The Board \"welcomed the Fund’s continued commitment to strict budget discipline through robust savings and reprioritization.\"",
    "Executive Directors endorsed the allocation of the second phase of resources under the three-year targeted budget augmentation framework approved in 2022.",
    "New resources are linked to:",
    "The Board \"reiterated its expectation that the Fund would return to a flat real budget trajectory in FY26.\"",
    "Approved net administrative budget for FY24 (May 1, 2023–April 30, 2024):",
    "Carryforward of unused budget resources:",
    "FY24 capital budget:",
    "The Board endorsed the second of a three-year step increase in the externally funded spending limit approved last year to support capacity development (CD) efforts in structural transformation areas.",
    "Press Release No. 23/184.",
    "Media contact listed: PRESS OFFICER: Ting Yan; Phone: +1 202 623-7100; Email: MEDIA@IMF.org.",
    "Publication date on page: May 31, 2023.",
    "Additional materials: \"Additional information can be found in the staff paper on the FY24-26 Medium-Term Budget.\"",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[FY24-26 Medium-Term Budget.](https://www.imf.org/en/Publications/Policy-Papers/Issues/2023/05/31/FY2024-FY2026-Medium-Term-Budget-533985)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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