The International Monetary Fund unveiled its latest budget on April 22, with the executive board having approved no change in real terms for the eighth year in a row.

The budget document for the 2020 fiscal year says the IMF’s net administrative budget will be $1.16 billion, up relative to 2019 only in line with inflation, meaning the fund will need to make cost savings to meet several new spending priorities.

Such priorities include increased resources for work in low-income and “fragile”