{
  "title": "FY 2022 - FY 2024 Medium-Term Budget",
  "publication": "Policy Papers, May 27, 2021",
  "sourceUrl": "https://www.imf.org/en/publications/policy-papers/issues/2021/05/27/fy-2022-fy-2024-medium-term-budget-460487",
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  "summary": "Amidst the unfolding COVID-19 crisis, the Fund faces twin challenges. Signs of early crisis recovery are uneven across countries, and many face daunting crisis legacies.",
  "sections": [
    {
      "heading": "Context and challenges",
      "content": "- The Fund faces twin challenges from the COVID-19 crisis: uneven early crisis recovery across countries and widespread daunting crisis legacies.\n- Longer-term challenges requiring stepped‑up Fund effort and partnership include climate change, digitalization, and increasing divergence within and between countries."
    },
    {
      "heading": "FY 22–24 budget framework",
      "content": "- Following a decade of flat real budgets, staff will propose a structural augmentation for consideration by fall 2021 to be implemented over two to three years beginning in FY 23.\n- After the proposed augmentation, the budget would remain stable on a real basis at a new, higher level, recognizing the importance of ongoing fiscal prudence."
    },
    {
      "heading": "FY 22 administrative budget",
      "content": "- The proposed FY 22 budget:\n  - Sustains crisis response.\n  - Provides incremental resources for long-term priorities within the flat real budget envelope.\n  - Is built on extensive reprioritization and savings, including from modernization.\n  - Includes a proposed temporary increase in the carry forward ceiling to address crisis needs during the FY 22 to FY 24 period."
    },
    {
      "heading": "Capital budget and modernization",
      "content": "- Large-scale business modernization programs continue to be rolled out to strengthen agility and efficiency of Fund operations.\n- In response to a shift toward cloud-based IT solutions, staff propose a change in the budgetary treatment of these expenses.\n- Investment in facilities will focus on timely updates, repairs, and modernization to prepare for a post-crisis Fund with greater virtual engagement and a new hybrid office environment."
    },
    {
      "heading": "Budget sustainability and financial position",
      "content": "- The FY 22–24 medium-term budget framework, including assumptions for a material augmentation, is consistent with:\n  - A projected surplus in the Fund’s medium-term income position.\n  - Continued progress towards the precautionary balance target for coming years."
    },
    {
      "heading": "Budget risks and risk management",
      "content": "- Risks to the budget remain elevated and above risk acceptance levels in the midst of a global crisis.\n- Key risk drivers include:\n  - Uncertainty around the level of demand for Fund programs and ensuing staffing needs.\n  - Uncertainty around future donor funding for capacity development (CD).\n- Enterprise risk management continues to be strengthened alongside the budget."
    },
    {
      "heading": "Subject areas and keywords (as listed)",
      "content": "- Subjects: Budget planning and preparation, Climate change, COVID-19, Environment, Expenditure, Financial Sector Assessment Program, Financial sector policy and analysis, Health, Monetary policy, Political economy, Public financial management (PFM)\n- Keywords: approved FY, budget framework, Budget planning and preparation, budget summary, capital budget envelope, Climate change, COVID-19, Financial Sector Assessment Program, Global, IMF's budget deflator, Medium-Term capital budget, risk matrix\n\nFY 2022 - FY 2024 Medium-Term Budget, Policy Paper No. 2021/038 (2021); Pages: 79; DOI: https://doi.org/10.5089/9781513583327.007\n\n---\n\n Content in this bundle\n\n- Policy Paper\n  - Policy Paper (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Policy Paper (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/policy-papers/issues/2021/05/27/fy-2022-fy-2024-medium-term-budget-460487"
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    "Published: May 27, 2021",
    "Series: Policy Papers",
    "DOI: https://doi.org/10.5089/9781513583327.007",
    "The Fund faces twin challenges from the COVID-19 crisis: uneven early crisis recovery across countries and widespread daunting crisis legacies.",
    "Longer-term challenges requiring stepped‑up Fund effort and partnership include climate change, digitalization, and increasing divergence within and between countries.",
    "Following a decade of flat real budgets, staff will propose a structural augmentation for consideration by fall 2021 to be implemented over two to three years beginning in FY 23.",
    "After the proposed augmentation, the budget would remain stable on a real basis at a new, higher level, recognizing the importance of ongoing fiscal prudence.",
    "The proposed FY 22 budget:",
    "Large-scale business modernization programs continue to be rolled out to strengthen agility and efficiency of Fund operations.",
    "In response to a shift toward cloud-based IT solutions, staff propose a change in the budgetary treatment of these expenses.",
    "Investment in facilities will focus on timely updates, repairs, and modernization to prepare for a post-crisis Fund with greater virtual engagement and a new hybrid office environment.",
    "The FY 22–24 medium-term budget framework, including assumptions for a material augmentation, is consistent with:",
    "Risks to the budget remain elevated and above risk acceptance levels in the midst of a global crisis.",
    "Key risk drivers include:",
    "Enterprise risk management continues to be strengthened alongside the budget.",
    "Subjects: Budget planning and preparation, Climate change, COVID-19, Environment, Expenditure, Financial Sector Assessment Program, Financial sector policy and analysis, Health, Monetary policy, Political economy, Public financial management (PFM)",
    "Keywords: approved FY, budget framework, Budget planning and preparation, budget summary, capital budget envelope, Climate change, COVID-19, Financial Sector Assessment Program, Global, IMF's budget deflator, Medium-Term capital budget, risk matrix",
    "**Policy Paper**"
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