IMF Executive Board Approves Financial Year 2021-FY 2023 Medium-Term Budget

9 / 100 SEO Score

On April 27, 2020, the Executive Board of the International Monetary Fund (IMF) approved the IMF’s administrative and capital budgets for financial year (FY) 2021, beginning May 1, 2020, and took note of indicative budgets for FY 2022–23.

The budget is set amidst extraordinary uncertainty related to the COVID-19 outbreak, which will have a significant impact on Fund operations in FY 21.

The resource needs associated with the changing circumstances will continue to be assessed in coming months.

ALSO READ  Folasade Ogunsola: UNILAG Gets 1st Female Vice-Chancellor

The approved net administrative budget for FY 2021, which covers all administrative expenses less receipts (primarily from external sources to help support capacity building activities and excluding lending income), has been set at US$1,186 million.

The approved FY 2021 budget represents an unchanged resource envelope in real terms for the ninth year in a row, measured relative to the IMF’s budget deflator, with the exception of a small (0.6 percent) increase in FY 2017 to meet rising information and physical security costs.

ALSO READ  TB Joshua's Prophecy To David Lyon Re-echoes As Court Nullifies Bayelsa Election

At the same time, in light of immediate crisis-related needs, the Executive Board has approved a temporary increase in the maximum amount of unused budget resources that can be carried forward from previous years from 3 to 5 percent of the underlying budget.

The FY 2021 capital budget is set at US$99 million and provides financing for building facilities and information technology capital projects.

This includes projects to overhaul work practices and modernize digital platforms and tools.

In addition, a revised Capital Investment Framework has been put in place to codify governance and procedures in line with the changing landscape for capital investment.

ALSO READ  BREAKING: Oshiomhole Storms Aso Rock, Meets Buhari

 

The Street Reporters Newspaper is your BREAKING NEWS platform. Do you have Breaking news or Opinion article for us? | *Call: +234 817 504 7979 | Or Email Us: news@streetreporters.ng | Follow Us on Twitter https://twitter.com/streetreporters | Join Our Fans on Facebook: https://facebook.com/streetreporters.ng | Follow us on Instagram https://intagram.com/streetreporters | Advertise With Us: +2348035823617 | Visit Our Website: www.StreetReporters.ng

Share and Enjoy !

What's your thought about this story? Write your comment here

%d bloggers like this: