The Executive Board of the International Monetary Fund (IMF) has approved the IMF’s financial year (FY) 2013 administrative and capital budgets and endorsed indicative budgets for FY2014–15. The staff paper for the Board is publicly available on the IMF’s website.

The net administrative budget for the financial year ending April 30, 2013, which covers all administrative expenses net of receipts (primarily from donors to help support technical assistance activities), has been set at $997 million, compared with $985 million in FY2012. Taking inflation into account, this is unchanged in real terms apart from a special one-off allocation related to the Tokyo Annual Meetings later this year. Personnel spending will remain largely unchanged, reflecting the Executive Board’s decision to grant a zero increase in the staff salary structure for FY2013. The net administrative budget includes some internal reallocations to provide funding for additional activities to assist members directly affected by the ongoing global crisis, and ensure the Fund can fulfill its mandate to serve the needs of all members. The capital budget includes financing for major building repairs to the older of the Fund’s two headquarters buildings.