IFI governance

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IMF to spend $436 million on office refurb

13 June 2011

The April IMF board approval of its budgets for the 2012 financial year (FY), and indicative budgets for FY 2013-14, gave the first public insight into the amount the Fund plans to spend on refurbishing its offices (see Update 74). The capital budget will increase by $436 million over the next two years, which can be attributed to the Fund’s refurbishment project. NGOs have questioned whether this spend is an irresponsible and unnecessary use of the Fund’s resources. The IMF spent just $196 million (in 2011 dollars) to build a new second headquarters building in 2001. The Fund has not published a detailed breakdown of the costs or the options considered by the board.