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IMF Annual Report 2023 [1]

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Date: 2024-10

Resources

Budget

In April 2022, the Executive Board authorized a net administrative budget for FY 2023 of $1,295 million, along with indicative budgets for FY 2024 and FY 2025. While continuing a long-standing tradition of fiscal prudence, Executive Directors approved a targeted budget augmentation framework to step up the IMF’s work on longer-term global challenges. The real net administrative budget is to increase on average by 2 percent each year during FY 2023 to FY 2025 relative to FY 2022, returning to a flat real budget trajectory thereafter, with a first allocation of $23 million in FY 2023. The gross administrative budget (excluding carryforward) stood at $1,562 million, which included $230 million in external reimbursements for capacity development activities.

The Board also approved a carryforward mechanism for externally funded spending to support the IMF’s structural transformation agenda. Total gross available resources for FY 2023 were $1,669 million, which included a $93 million IMF-financed carryforward and a $5 million externally financed carryforward. Capital funding of $78 million was approved for use over three years for building facilities and information technology capital projects.

Actual administrative expenditures in FY 2023 totaled $1,293 million, or 100 percent of the approved net budget and 101 percent for the general budget, excluding Offices of Executive Directors and the Independent Evaluation Office, with the use of some carryforward resources. Capital expenditures in FY 2023 totaled $96 million, including use of previously approved funding. Of this, $38 million was for direct capital spending on facilities, $45 million for IT-related expenditures, and $13 million for cloud-related licenses.

The FY 2023 budget supported the IMF’s efforts to address continued crisis needs related to near-term economic and financial challenges and to long-term drivers of global change. It also supported a shift to a hybrid work model and broader modernization of the organization. Savings from internal reprioritization and the pandemic-related travel repurposing were used to help finance these needs. While engagement with authorities remained partially virtual, demand for lending increased, with some members facing complex debt challenges. Financial Sector Assessment Programs and Article IV consultations have fully resumed, and capacity development delivery is closer to pre-pandemic levels. IMF strategies for climate change, digital money, and fragile and conflict-affected states that were approved for FY 2023 by the Executive Board are fully operational.

In April 2023, the Executive Board authorized a net administrative budget for FY 2024 of $1,411 million. This includes $29 million for the second annual augmentation allocation as well as a $7 million allocation for expenses related to the Annual Meetings in Morocco.

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[1] Url: https://www.imf.org/external/pubs/ft/ar/2023/who-we-are/resources/#:~:text=Quotas%3A%20Where%20the%20IMF%20Gets%20Its%20Money&text=Multilateral%20borrowing%20and%20bilateral%20borrowing,lending%20firepower%20to%20support%20members.

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