{
  "title": "FY2026-FY2028 Medium-Term Budget",
  "publication": "Policy Papers, May 2, 2025",
  "sourceUrl": "https://www.imf.org/en/publications/policy-papers/issues/2025/05/02/fy2026-fy2028-medium-term-budget-566623",
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  "summary": "The global economy has proven resilient in the post-pandemic period, with global disinflation continuing, but with significant remaining uncertainty. This backdrop and transformations in the economic landscape are driving strong demand for Fund engagement.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Publication date: May 2, 2025\n- Core message: The global economy has proven resilient in the post-pandemic period, with global disinflation continuing, but with significant remaining uncertainty.\n- Strategic context: Transformations in the economic landscape and persistent uncertainty are driving strong demand for Fund engagement.\n- Budget guidance: The proposed budget is guided by the longstanding principle of budget prudence."
    },
    {
      "heading": "Key findings and projections",
      "content": "- Global macro backdrop: Continued global disinflation alongside significant remaining uncertainty.\n- Demand for IMF engagement: Strong, driven by the economic backdrop and transformations in the economic landscape.\n- Staffing and resourcing trajectory:\n  - A modest proposed structural top-up is included to supplement critical cybersecurity-related needs.\n  - Overall net resourcing to departments will decline, given ongoing unwinding of temporary pandemic-era resources."
    },
    {
      "heading": "Policy orientation and priorities",
      "content": "- Budget principle: Emphasis on budget prudence.\n- Targeted augmentation: Limited structural top-up focused specifically on cybersecurity-related needs.\n- Resource management: Unwinding of temporary pandemic-era resources leads to a net decline in departmental resourcing despite the cybersecurity top-up."
    },
    {
      "heading": "Subjects and keywords (as provided)",
      "content": "- Subjects: Budget planning and preparation, Capital budget, Cyber risk, Expenditure, Public financial management (PFM), Technology\n- Keywords: budget agility, budget discipline, budget envelope, budget framework, budget overview, budget planning, Budget planning and preparation, budget prudence, budget resources, capital budget, Cyber risk, fund staff, Global, medium-term budget, staff work pressure\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/2025/05/02/fy2026-fy2028-medium-term-budget-566623"
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    "Published: May 2, 2025",
    "Series: Policy Papers",
    "DOI: https://doi.org/10.5089/9798229008365.007",
    "Publication date: May 2, 2025",
    "Core message: The global economy has proven resilient in the post-pandemic period, with global disinflation continuing, but with significant remaining uncertainty.",
    "Strategic context: Transformations in the economic landscape and persistent uncertainty are driving strong demand for Fund engagement.",
    "Budget guidance: The proposed budget is guided by the longstanding principle of budget prudence.",
    "Global macro backdrop: Continued global disinflation alongside significant remaining uncertainty.",
    "Demand for IMF engagement: Strong, driven by the economic backdrop and transformations in the economic landscape.",
    "Staffing and resourcing trajectory:",
    "Budget principle: Emphasis on budget prudence.",
    "Targeted augmentation: Limited structural top-up focused specifically on cybersecurity-related needs.",
    "Resource management: Unwinding of temporary pandemic-era resources leads to a net decline in departmental resourcing despite the cybersecurity top-up.",
    "Subjects: Budget planning and preparation, Capital budget, Cyber risk, Expenditure, Public financial management (PFM), Technology",
    "Keywords: budget agility, budget discipline, budget envelope, budget framework, budget overview, budget planning, Budget planning and preparation, budget prudence, budget resources, capital budget, Cyber risk, fund staff, Global, medium-term budget, staff work pressure",
    "**Policy Paper**"
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