## FY2019-FY2021 Medium-Term Budget

## Source details

**Canonical URL:** [FY2019-FY2021 Medium-Term Budget](https://www.imf.org/en/publications/policy-papers/issues/2018/05/11/pp032918-fy2018-2019-medium-term-budget)

## Other formats

- [Markdown version](/en/publications/policy-papers/issues/2018/05/11/pp032918-fy2018-2019-medium-term-budget/index.md)
- [Structured JSON version](/en/publications/policy-papers/issues/2018/05/11/pp032918-fy2018-2019-medium-term-budget/index.json)
- [Bundle manifest](/en/publications/policy-papers/issues/2018/05/11/pp032918-fy2018-2019-medium-term-budget/bundle-manifest.json)

## Bibliographic details
- Published: May 11, 2018

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### Overview
- The FY 19 budget proposal is formulated against the backdrop of a strengthening global recovery and broadly balanced near term risks.
- The budget reflects a solid income position and a multi-year strategic agenda operationalized in the Global Policy Agenda (GPA) and Board Work Program to: help members take advantage of the current cyclical upswing to bolster growth, harness the benefits of technology for all, promote resilience, and respond swiftly to requests for program support.

### Net administrative budget and reallocations
- The net administrative budget for FY 19 remains unchanged in real terms, save for the extra customary travel allocation for Annual Meetings held abroad.
- This represents the seventh year in a row of flat real budget envelopes (excluding the ½ percentage point security related increase in FY 17).
- The proposal reflects reallocations of some 2½ percent of the net budget.
- As the expected FY 18 outturn is just below the approved budget, carry-forward resources equivalent to 4 percent of the net budget from earlier years would still be available.
  - Of these, roughly one half ($19 million) has been allocated upfront in the FY 19 budget process.

### Impact on Fund output structure
- The impact of savings and demands on the Fund’s overall output structure is modest.
- Fund-financed structural resources are projected to shift slightly from global oversight towards multilateral surveillance as a net result of reallocations from completed to new policy work and reviews, in line with the Board Work Program.
- Fund-financed country work—bilateral surveillance, lending and capacity development—falls somewhat.
- Externally financed capacity development (CD) is expected to grow further.
- Support and governance areas continue to experience structural pressures.

### Medium-term assumptions and risks
- The same level of real resources is assumed over the medium-term.
- With medium-term risks to the economic outlook still on the downside, were upside spending pressures to emerge, the flat real budget stance would require a continued ability to find offsetting savings to meet emerging and unforeseen priorities.

### Capital budget
- The capital budget envelope for FY 19 is broadly unchanged from the assumptions in the FY 18–20 Medium-Term Budget.
- The amounts for the outer years are indicative.

*FY2019-FY2021 Medium-Term Budget (May 11, 2018).*

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## Content in this bundle

- **Policy Paper**
  - [Policy Paper (Markdown version)](/-/media/files/publications/pp/2018/pp032918fy2019-2021-midterm-budget.pdf.md){rel="alternate" type="text/markdown"}
  - [Policy Paper (PDF)](/-/media/files/publications/pp/2018/pp032918fy2019-2021-midterm-budget.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/policy-papers/issues/2018/05/11/pp032918-fy2018-2019-medium-term-budget_