The International Monetary Fund’s (IMF) executive board approved the lender’s administrative and capital budgets for the financial year 2022.
The total administrative budget for the latest financial year, which began on May 1, has been set at $1.21 billion, while the capital budget for the year will be $79 million, according to a statement.
The budget “is set in the context of a global economic outlook that is marked by high uncertainty and the likelihood of uneven recovery, with many countries facing daunting crisis legacies,” the IMF said.
“The budget provides for continued fund support for its membership with the immediate crisis response and to navigate a safe exit from the crisis.”
The lender also said many countries may not return to the pre-Covid path of economic activity for several years, and those without the means to mitigate the impact of the crisis will be hardest hit.—Agencies