FY2025–FY2027 Medium-Term Budget

Policy Papers, May 10, 2024

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The Executive Board of the International Monetary Fund approved the 2025-27 financial years (FY25-27) medium-term budget.
The global economy has shown resilience to successive adverse shocks, but the overall global economic context remains complex with slow and uneven growth, increased fragmentation, deepening divergence, and still high interest rates despite easing inflationary pressures.
The FY25-27 budget is guided by principles of agility and budget discipline, reinforced by ongoing reprioritization and savings capture.
The budget builds on strong cooperation with other institutions to ensure the Fund focuses on areas within its mandate while addressing new demands.
With significant demands within a constrained budget environment, the budget reflects difficult tradeoffs.

Agility: design and resource allocation aimed at rapid adaptation to evolving global economic conditions.
Budget discipline: continued emphasis on controlling costs through reprioritization and capturing savings.
Mandate focus: prioritize work that falls within the Fund’s mandate while responding to emerging requests and needs.

Strengthening internal operations to improve both efficiency and effectiveness.
Adapting to changing needs in the post-pandemic workplace, including responses to rapid technological changes.
Continued emphasis on cooperation with other institutions to leverage complementarities and manage resource constraints.

Macro context: persistent slow and uneven growth, fragmentation, divergence, and elevated interest rates even as inflation eases.
Resource constraints: the budget confronts significant demands against a constrained envelope, necessitating difficult tradeoffs across priorities and activities.
Implementation approach: ongoing reprioritization and savings capture to align limited resources with strategic objectives.

International Monetary Fund. FY2025–FY2027 Medium-Term Budget. May 10, 2024.