FY2024—Budget Outturn

FY24 was marked by continued global uncertainty and slow, uneven economic recovery.Multiple shocks, including conflicts in Ukraine and the Middle East, added pressures to an already challenging environment marred by geopolitical fragmentation, high debt levels, elevated interest rates, and risks to the economic outlook.Against this background, the Fund maintained its intensified policy engagement with the membership, met sustained high demand for financial assistance, and increased its capacity development.In doing so, it expanded its support to countries coping with the impact of climate change, increased support for countries in or at high risk of debt distress and strengthened its engagement with vulnerable and fragile states.Analytical and policy work provided the foundations for country advice and international collaboration on issues of common and cross-border interest.Execution of the Fund's overall net administrative budget was 100.0 percent in FY24 (100.6 percent for the general budget, excluding the Office of Executive Directors and the Independent Evaluation Office), and reflecting the drawdown of $8 million in one-off carryforward resourcing associated with underspend in prior years.It also reflected full use of the resources provided under the first two years of the three-year augmentation and reallocation of some 3.6 percent of budget resource to meet priority needs.Full utilization of the budget envelope, as well as continued high work pressures on staff, reflect the sustained strong demand for Fund's support in the challenging postpandemic global environment.Capital spending rose by 16 percent relative to FY23 to $110.5 million.Facilities spending rose 30 percent to $49 million, focused on headquarters space reconfiguration, audio visual and building systems, and field offices.IT intensive spending rose 7 percent to $61 million, with slightly lower direct spending than FY23, offset by a rise in spending on cloud licenses, with expenditures focused on modernization, cyber security, and hybrid needs.