The International Monetary Fund (IMF) capital spending gulped $110.5m, the institution has said.
The Fund disclosed this in a publication titled, ‘FY2024—Budget Outturn.’
A breakdown shows that IMF’s capital spending for 2024 rose by 16 per cent relative to 2023 to $110.5m.
According to the Washington-based lender, facilities spending rose 30 per cent to $49m, focused on headquarters space reconfiguration, audio-visual and building systems, and field offices.
The documents further shows that IT intensive spending rose 7 per cent to $61m, with slightly lower direct spending than 2023, offset by a rise in spending on cloud licenses, with expenditures focused on modernization, cyber security, and hybrid needs.
IM disclosed that the execution of its overall net administrative budget was 100.0 per cent in 2024 while it achieved 100.6 per cent for the general budget, excluding the Office of Executive Directors and the Independent Evaluation Office.
IMF said it reflects the “Drawdown of $8m in one-off carryforward resourcing associated with underspend in prior years. It also reflected the full use of the resources provided under the first two years of the three-year augmentation and re-allocation of some 3.6 per cent of budget resources 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 post pandemic global environment.”
The multilateral lender said that 2024 has been marked with continued global uncertainty and slow, uneven economic recovery.
It said 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.
IMF said, “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.”