## FY2026-FY2028 Medium-Term Budget

_Policy Papers, May 2, 2025_

## Source details

**Canonical URL:** [FY2026-FY2028 Medium-Term Budget](https://www.imf.org/en/publications/policy-papers/issues/2025/05/02/fy2026-fy2028-medium-term-budget-566623)

## Other formats

- [Markdown version](/en/publications/policy-papers/issues/2025/05/02/fy2026-fy2028-medium-term-budget-566623/index.md)
- [Structured JSON version](/en/publications/policy-papers/issues/2025/05/02/fy2026-fy2028-medium-term-budget-566623/index.json)
- [Bundle manifest](/en/publications/policy-papers/issues/2025/05/02/fy2026-fy2028-medium-term-budget-566623/bundle-manifest.json)

## Bibliographic details
- Published: May 2, 2025
- Series: Policy Papers
- DOI: https://doi.org/10.5089/9798229008365.007

---

### Overview
- 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.

### Key findings and projections
- 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:
  - A modest proposed structural top-up is included to supplement critical cybersecurity-related needs.
  - Overall net resourcing to departments will decline, given ongoing unwinding of temporary pandemic-era resources.

### Policy orientation and priorities
- 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 and keywords (as provided)
- 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

---

## Content in this bundle

- **Policy Paper**
  - [Policy Paper (Markdown version)](/-/media/files/publications/pp/2025/english/ppea2025015.pdf.md){rel="alternate" type="text/markdown"}
  - [Policy Paper (PDF)](/-/media/files/publications/pp/2025/english/ppea2025015.pdf){rel="external" type="application/pdf"}

---

_Source: https://www.imf.org/en/publications/policy-papers/issues/2025/05/02/fy2026-fy2028-medium-term-budget-566623_