## IMF Executive Board Approves FY2026–FY2028 Medium-Term Budget

_IMF News, May 2, 2025_

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**Canonical URL:** [IMF Executive Board Approves FY2026–FY2028 Medium-Term Budget](https://www.imf.org/en/news/articles/2025/05/02/pr-25127-imf-executive-board-approves-fy2026-fy2028-medium-term-budget)

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## Bibliographic details
- Published: May 2, 2025

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### Approval and context
- The Executive Board of the International Monetary Fund (IMF) approved the 2026-28 financial years (FY26-28) medium-term budget on April 18.
- Publication date: May 2, 2025.
- The global economy is described as "at a pivotal juncture" with transformations in the economic landscape and shifting policy priorities, increasing member demands for IMF support.
- The Fund’s budget is "roughly the same in real terms as it was two decades ago," reflecting longstanding emphasis on budget discipline.
- The Board emphasized:
  - continued prudent stewardship of members’ resources;
  - continued reprioritization to ensure agility in responding to membership needs;
  - recognition of challenging budget management given elevated demands and high budget execution rates, which require difficult tradeoffs.

### FY26 net administrative budget
- Approved net administrative budget for FY26 (May 1, 2025–April 30, 2026): US$1,551.7 million.
- This amount is stated to be consistent with projected income and the path for the precautionary balances target.
- Carryforward rule change:
  - Maximum amount of unused budget resources that can be carried forward from previous years will be reduced from 5 to 4 percent in FY26.
  - This carryforward level is expected to decline further to 3 percent in FY27.

### FY26 capital budget and priorities
- FY26 capital budget: US$132.5 million.
- Capital budget will support:
  - facilities-related needs and end-of-life facilities replacements;
  - field office support;
  - ongoing IT-intensive modernization and legacy replacements;
  - investment in Artificial Intelligence;
  - investment in the Fund’s cyber-security posture.

### Documentation
- Additional information is available in the staff paper on the FY26-28 Medium-Term Budget.

*IMF Executive Board Approves FY2026–FY2028 Medium-Term Budget — Press Release No. 25/127, May 2, 2025.*

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## References

- [Press Releases](https://www.imf.org/en/news/searchnews)
- [PRESS CENTER](http://presscenter.imf.org/)
- [staff paper on the FY26-28 Medium-Term Budget](https://www.imf.org/en/Publications/Policy-Papers/Issues/2025/05/02/FY2026-FY2087-Medium-Term-Budget-566623)
- [https://www.imf.org/en/home](https://www.imf.org/en/home)

_Source: https://www.imf.org/en/news/articles/2025/05/02/pr-25127-imf-executive-board-approves-fy2026-fy2028-medium-term-budget_