IMF executive board approves administrative budget

The International Monetary Fund’s (IMF) net administrative budget for the financial year ending April 30 2012 has been set at US$985-million, and compares with US$933-million in the 2011 financial year.

The IMF’s executive board announced the approval of the 2012 financial year administrative and capital budgets on Friday. The board also endorsed budgets for the 2013/14 financial year.

The US$985-million covered all administrative expenses net of receipts primarily from donors to help support technical assistance activities. The budget also included a small increase in the fund’s structural or underlying budget to enable it to carry out new responsibilities assigned to the IMF by its membership in the areas of crisis prevention, surveillance of the global economy, and financial sector analysis.

The IMF would continue to provide funding for a temporary spike in bilateral crisis-related activities to assist members directly affected by the ongoing global crisis, it said.

The capital budget was set at US$162-million, which included initial financing for major building repairs to the older of the fund’s two headquarters buildings.—I-Net Bridge

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