IMF国际货币组织全球-FY2019_30页_1000kb

FY2019—OUTPUT COST ESTIMATES AND BUDGET OUTTURN Summary

Core Content

This document provides an overview of the International Monetary Fund (IMF) budget utilization and spending patterns for Fiscal Year 2019 (FY19). It outlines the budget performance relative to the strategic priorities and operational targets, as well as the distribution of spending across different categories and regions.

Main Points

Budget Utilization

• The total net administrative expenditures in FY19 amounted to $1.131 billion, which is 99.7% of the $1.135 billion structural budget.
• The utilization rate of the total net available resources was 95.8%, slightly higher than FY18.
• The Fund-financed net expenditures were $1.134 billion, which is 99.9% of the approved budget, with $31 million carry forward remaining available for FY20.
• Gross externally financed expenditures were $175 million, $21 million below the operational target of $196 million.

Spending by Outputs

• The Fund's outputs remained largely unchanged, with a marginal shift from multilateral surveillance and capacity development (CD) to lending and bilateral surveillance.
• Country work accounted for about half of the total direct spending.
• Average spending per country was $2.2 million, with variations across regions and income groups:
  • African countries had the highest average spending at $2.9 million.
  • G-7 countries saw a significant increase in average spending to $2.8 million, driven by FSAPs for Canada, France, and Italy.
  • Fragile states had an average spend of $2.4 million, with CD accounting for 40% of the total.
  • Small states had an average spend of $1.2 million.
• Labor costs remained the main cost driver across all outputs, with a share ranging from 62% (CD) to 70% (multilateral surveillance).

Spending by Inputs

• Personnel spending totaled $995 million, $15 million below the structural budget.
  • Fund-financed personnel costs were $10 million above the budget, mainly due to higher spending on benefits, local salaries, and contractual resources.
  • Externally financed personnel costs were $24 million below the budget, reflecting underspending on CD.
• Travel spending increased by 3.3% compared to FY18, with utilization at 94%.
  • Fund-financed travel was essentially flat, showing improved cost control.
  • The number of missions decreased slightly, with the Western Hemisphere seeing the largest drop.
• Building and other expenses increased by 20%, driven by HQ1 Renewal activities.
• Capital expenditures were 20% higher than in FY18, with $141 million allocated to various projects.

Key Information

Budget and Expenditure Trends

• Fund-financed spending was aligned with the FY19–21 Medium-Term Budget (MTB), except for increased spending on Fund policy work.
• Externally financed CD was $6 million higher than FY18 but still $21 million below the operational target.
• FTE utilization increased by 18 from FY18 to FY19, with 31 more FTEs from Fund-financed and 13 fewer from externally financed.
• Average overtime rate remained at or above 15% for most B-levels.

Operational Challenges

• The shortfall in externally financed CD was attributed to changes in delivery modality, multiple and narrowly defined funding sources, delays in resident advisors, and gaps in data systems.
• The IMF02 (externally financed CD) outturn reflects under-execution in several regional centers and bilateral accounts, with some improvements in other delivery vehicles.

Regional and Income Group Analysis

• Africa had the highest average spending per country at $2.9 million, due to increased engagement and CD activities.
• G-7 countries saw a rise in spending to $2.8 million, while other advanced economies and emerging markets maintained relatively stable levels.
• Fragile states had an average spend of $2.4 million, with a higher proportion of CD spending.
• Small states had an average spend of $1.2 million, similar to the average for standard surveillance cases.

Efficiency and Management

• Efficiency gains and prudent budget management enabled the Fund to meet the Global Policy Agenda (GPA) priorities despite a flat real budget envelope.
• Reallocation of resources helped achieve strategic goals, with a focus on lending and bilateral surveillance.
• Modernization and streamlining efforts contributed to cost savings in some areas, such as policy advice and economic analysis.
• The new CD strategy emphasizes more frequent Board engagement, suggesting a potential need for re-calibration of governance cost allocations.

Conclusion

The FY19 budget and spending performance reflect the IMF's ability to manage resources efficiently while addressing operational challenges. Despite a flat budget, the Fund maintained high utilization rates, with a focus on country work, policy advice, and governance. Continued efforts to improve budget monitoring and reduce underspending are highlighted, particularly in the context of capacity development.