©
2014
International Monetary Fund
IMF POLICY PAPER
FY2015
–
FY2017 MEDIUM
-
TERM BUDGET
IMF staff regularly produces papers proposing new IMF policies, exploring options for reform, or reviewing existing IMF policies and operations. The following document(s) have been released and are included in this package:

The
Staff Report on the Medium
-
Term Budget was prepared by IMF staff and completed on March 31, 2014 for the Executive Board's consideration on April 28, 2014.

A
Press Release summarizing the views of the Executive Board as expressed during its
April 28, 2014 consideration of the staff report.
The policy of publication of staff reports and other documents allows for the deletion of market - sensitive information.
Electronic copies of IMF Policy Papers are available to the public from http://www.imf.org/external/pp/ppindex.aspx International Monetary Fund
Washington, D.C.
Mars 31,
2014
FY2015–FY2017 MEDIUM-TERM BUDGET
EXECUTIVE SUMMARY
The proposed FY 15–17 Medium-Term Budget (M
TB) was formulated within the Fund’s strategic planning framework to align allo cation of resources to the delivery of institutional priorities.
For the net administrative budget
,
the FY 15–17 MTB proposal includes:

In FY 15, an unchanged budget envelope in real terms, for the third year in a row. New demands are met once again throug h better utilization and reallocation of existing resources, including a sm all reduction in crisis allocations.

For FY 16–17, as a baseline assumption, a flat real budget envelope as well
.
In the baseline, further savings in crisis allo cations along with continued streamlining are counterbalanced by new priority demands and the need to rebuild the contingency. However, given uncertainties about the post-crisis world, a range of outcomes is also possible: