2009年-IMF国际货币组织全球_The_FY2010_41页_853kb

Summary of the FY2010–FY2012 Medium-Term Budget for the IMF

Core Content

This document outlines the proposed FY2010–FY2012 Medium-Term Budget (MTB) and capital budget for the International Monetary Fund (IMF), emphasizing the impact of the global financial crisis on its operations and financial planning. The budget strategy aims to maintain financial stability and deliver savings while addressing increased demands for crisis-related activities.

Main Objectives

• Crisis Response: To finance the increased demands from the global financial crisis, including enhanced surveillance, more extensive country programs, and technical assistance to affected nations.
• Budget Consolidation: To achieve significant cost reductions and maintain a sustainable budget framework.
• Resource Reallocation: To ensure that the Fund's operations remain efficient and effective, with a focus on core functions.

Key Points and Views

1. Budget Strategy and Consolidation

• The FY2010–FY2012 MTB is based on the FY2009–FY2011 MTB, which aimed to reduce administrative costs and reallocate resources toward core activities.
• The real budget envelope for FY2010 and FY2011 is the same as the FY2008–FY2010 MTB, with a constant real budget envelope for FY2012.
• The budget aims to save $100 million annually in real terms by FY2011, with a total savings of $2.5 billion in present value terms.

2. Impact of the Global Financial Crisis

• The crisis has led to an increase in the Fund's work, particularly in surveillance and technical assistance to countries affected by the crisis.
• The cost of additional crisis-related work is estimated at $32 million per year for FY2010 and FY2011.
• The crisis has also affected the Staff Retirement Plan (SRP) and Retired Staff Benefits Investment Account (RSBIA), requiring potential increases in contributions due to market valuation declines.

3. Use of Carry Forward and Contingency Reserves

• Up to 6% of the FY2009 unspent administrative budget can be carried forward to help finance crisis-related expenses.
• Contingency reserves are included in the MTB to address unanticipated expenditures. For FY2010 and FY2011, the contingency reserves are set at 0.75% and 1% of the Net Administrative Budget (NAB), respectively.
• The FY2012 contingency reserve is assumed to return to the normal level of 2% of the NAB, as crisis demands are expected to subside.

4. Adjustments to Output Plans

• The global financial crisis has altered the distribution of the Fund's outputs, increasing the share of country programs and global monitoring while reducing country and regional surveillance and capacity building.
• The decline in surveillance activities may be overstated due to the integration of certain functions (e.g., macro forecasts) into program activities.
• Efficiency measures, such as streamlined review processes, are being implemented to reduce input costs without compromising mission numbers or analysis quality.

5. Budget Reforms and Structural Changes

• Budget reforms, including improved costing and resource allocation, are expected to help sustain the savings and eliminate the structural deficit.
• The new income model will support the budgetary framework, ensuring that the Fund remains financially viable.
• The budget strategy relies on internal redeployment of resources and, if necessary, temporary supplementary budgeting.

Key Information

• Real Budget Savings: $100 million annually from FY2010 to FY2011, with a total present value of $2.5 billion.
• Staff Reduction: A total of 380 staff positions are expected to be reduced from the FY2008–FY2010 MTB.
• Crisis-Related Expenditures: Estimated at $32 million per year for FY2010 and FY2011.
• Contingency Reserves: Adjusted to meet crisis needs, with a reduction in the FY2010–FY2012 MTB to free up resources.
• Global External Deflator: Used to translate real budgets into nominal terms, with a 4% rate for FY2010–FY2011 and a 4.1% rate for FY2012.

Budget Envelopes

• Net Administrative Budget (NAB): $868 million in FY2009, increasing to $932 million in FY2012.
• Estimated Expenditures: Remain close to the NAB, with slight variations due to crisis-related adjustments.
• Structural Budget: Maintains the same levels as the NAB, with a focus on long-term sustainability.

Conclusion

The FY2010–FY2012 MTB is designed to address the evolving needs of the Fund in the context of the global financial crisis while maintaining fiscal discipline and structural efficiency. The strategy involves internal resource reallocation, temporary carry forward of unspent budget, and adjustments to output plans to ensure the Fund can respond effectively to crisis demands without increasing its long-term budgetary burden.