## 2027 IMF Training Program

## Source details

**Canonical URL:** [2027 IMF Training Program](https://www.imf.org/-/media/files/capacity-developement/2027-imf-externaltraining-web.pdf)

## Other formats

- [Markdown version](/-/media/files/capacity-developement/2027-imf-externaltraining-web.pdf.md)
- [Structured JSON version](/-/media/files/capacity-developement/2027-imf-externaltraining-web.pdf.json)

---

### Director’s message — program purpose and priorities
- The 2027 IMF Training Program aims to make learning more accessible, practical, and responsive to the needs of IMF membership.
- The Institute for Capacity Development’s objective is to support government officials as they strengthen skills and policy tools to address complex economic challenges.
- The 2027 program builds on recent modernization efforts and further refines the illustrative learning paths introduced in 2026 to help participants and sponsoring agencies identify training opportunities aligned with professional needs, institutional priorities, and learning objectives.
- The program remains anchored in the IMF’s core areas of expertise while expanding and updating content to reflect evolving policy needs.
- Attribution: Director’s Message, Institute for Capacity Development, International Monetary Fund. CATRIONA PURFIELD, Director, Institute for Capacity Development

### Institute Training Hub — features and learning innovations
- Introduction in 2027 of the Institute Training Hub to simplify how officials find, register for, and participate in IMF training.
- Hub features:
  - Enhanced course search.
  - Streamlined registration.
  - Centralized access to learning materials.
  - Support for in-person, virtual, online, and blended learning.
  - Management of the learning journey from applications and approvals to course communications, transcripts, and certificates.
  - Modern, mobile-friendly experience.
- Foundation for emerging capabilities including artificial intelligence: AI-powered tools such as virtual tutoring and interactive role-play simulations to make learning more personalized, applied, and engaging.
- The IMF will share regular updates, important milestones, and practical guidance in preparation for the launch to ensure readiness when the new platform becomes available.

### Capacity development mandate, curriculum, and delivery modalities
- Capacity development is a core mandate of the International Monetary Fund; the Institute for Capacity Development (ICD), together with Regional Training Centers, administers IMF courses offered globally.
- Curriculum topics:
  - General macroeconomics
  - Financial sector and fiscal issues
  - Monetary and external sector policies
  - Legal and institutional frameworks
  - Statistics
  - Structural policies
- Delivery modalities integrated into the curriculum:
  - Online
  - Blended
  - Hybrid
  - In-person (face-to-face)
- Online Learning (OL) program features:
  - Courses available in English; some also in Arabic, French, Portuguese, Russian, and Spanish.
  - Instructional text, images, high-quality video, interactive assessments, hands-on exercises, and discussion forums.
  - Some courses are time-bound with strict weekly deadlines; most are self-paced and offered continuously throughout the year.
  - No enrollment limits for online courses; courses can serve as prerequisites or stand-alone learning experiences.
  - Facilitates blended training and microlearning (focused, bite-size resources).
- Microlearning: three- to five-minute videos, podcasts, infographics, interactive online content for on-the-job performance.

### Regional training venues and partnerships
- Headquarters Training:
  - Targeted at a global audience; participants accepted from all IMF member countries except those declared ineligible for technical assistance.
  - Most HQ courses in Washington, D.C. are offered in English; some in French and Spanish.
  - Institute for Capacity Development address: 700 19th Street, NW, Washington, DC 20431, USA.
- Regional Training Centers and Programs (high-level highlights):
  - Africa Training Institute (ATI), Mauritius: serving 45 members; courses typically in English with simultaneous interpretation into French and Portuguese; welcomes participants from fragile and conflict-affected states and female participants.
  - China–IMF Capacity Development Center (CICDC): inaugurated April 2018; headquartered in Beijing with China-based centers in Shenzhen and Dalian.
  - IMF–Middle East Center for Economics and Finance (CEF): hosted and funded by the State of Kuwait since 2011; serves 22 member countries of the Arab League.
  - Joint Vienna Institute (JVI): established since 1992; organizes training for Central, Eastern, and Southeastern Europe, the Caucasus, Central Asia, Iran, and Türkiye.
  - South Asia Regional Training and Technical Assistance Center (SARTTAC): opened January 2017 in New Delhi; integrates training and technical assistance for six South Asia countries and sub-national levels in India.
  - IMF–Singapore Regional Training Institute (STI): established 1998; serves 39 member countries in the Asia-Pacific region.
  - Paraguay Regional Training Program (RTP): commenced April 2025; collaboration with the Institute of the Central Bank of Paraguay; serves Mexico and ten South American countries including Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Paraguay, Peru, Uruguay, and Venezuela.
- ICD also delivers courses at IMF Regional Technical Assistance Centers (RTACs) and various other venues; courses are offered in Arabic, English, French, Portuguese, and Spanish.
- The 2027 program is made possible through partnerships with member countries and institutions that support the IMF’s capacity development mission.

### Participant selection, sponsorship, and cost coverage
- Target audience: government officials from IMF member countries, primarily from ministries of finance, economy, planning, central banks, and statistics agencies; other eligible agencies depending on course focus.
- Key selection considerations:
  - Professional relevance and qualifications: preference for applicants whose duties align closely with course topic; applicants must meet educational and technical prerequisites listed in course descriptions.
  - Proof of English language proficiency for English-only courses: upper-intermediate English required; acceptable proofs include university-level English course completion, work experience or academic degree in English-speaking countries, TOEFL/IELTS scores, or official HR certification.
  - Admission aims for equitable representation considering geographic diversity, gender balance, and country-specific characteristics.
  - HQ program: generally admits one official per country unless exceptional business needs justify more.
  - RTC programs: aim for broad regional representation.
  - Online learning: free and open to all government officials, with no limit on number of participants from a given country.
  - Blended learning: invitations to in-person segments may depend on attendance, engagement, and/or completion of virtual/asynchronous components.
  - Repeat participation: multiple in-person attendances in a short period or repeat enrollment will be flagged for review; repeat participation may be justified by business needs or significant course updates. Completing an online version does not preclude in-person participation.
- Sponsorship requirements:
  - Official sponsorship by applicant’s agency required (endorsement by supervisor, training director, or other designated official).
  - Sponsors must certify leave with full pay for course duration and that participants will return to their current position or one of equal or greater responsibility upon completion.
- Cost coverage:
  - All IMF courses are free of charge.
  - Airfare, accommodation, and subsistence are provided by the IMF to eligible government officials only.
  - Officials from high-income countries and international agencies are typically self-financed, covering accommodation, travel, and per diem.
  - Online courses remove enrollment limits and broaden access.

### Macroeconomic program structure, courses, and competencies
- Program title: Financial Programming and Policies (FPP)
  - Parts:
    - Part 1: Macroeconomic
    - Part 2: Program Design (FPP.2x)
- Core objective: Build technical skills in macroeconomic diagnostics, forecasting, and communication.
- Emphasis areas: analytical, forecasting, and communication skills; Advanced/specialized topics in macroeconomic strategy and policy.
- Online modules and course codes (selected):
  - ONLINE: Financial Programming and Policies
  - Accounts & Analysis (FPP.1x)
  - ONLINE: Macroeconomic Diagnostics (MDSx)
  - Macroeconomic Diagnostics (MDS)
  - ONLINE: Macroeconometric Forecasting (MFx)
  - Macroeconometric Forecasting and Analysis (MFA)
  - Vulnerability Diagnostics (VDS)
  - Macroeconomic Policy Communication (MPC)
  - Monetary and Fiscal Policy Analysis with DSGE Models (DSGE)
  - Nowcasting (NWC)
  - Economic Issues in Regional Integration (ERI)
  - ONLINE: Macroeconomic Management in Resource-Rich Countries (MRCx)
  - Macroeconomic Management in Resource-Rich Countries (MRC)
- FPP core competencies:
  - Diagnose macroeconomic imbalances across the four main macroeconomic sectors (real, fiscal, external, and monetary) and their interlinkages.
  - Create consistent macroeconomic baseline projections assuming policies do not change, respecting accounting and behavioral links.
  - Identify economic vulnerabilities and design adjustment scenarios; negotiate an economic adjustment program via role-playing simulation.

### Specialized macroeconomic modules and modeling tools
- Macroeconometric courses (MFx, MFA):
  - Qualifications: background in undergraduate statistics and econometrics; EViews used in demonstrations; MFA expects advanced degree and EViews comfort.
  - Technical focus: stationarity, co-integration, error correction models, ARMA, VAR, VECM, model evaluation, simulation, forecast uncertainty.
- DSGE courses (DSGE):
  - Audience: mid to senior officials; qualifications include MATLAB and Dynare familiarity.
  - Skills: build, simulate, and estimate DSGE models; adapt models to policy questions.
- Nowcasting (NWC):
  - Tools: Bridge, MIDAS, U-MIDAS estimators; use of high-frequency indicators; manage time-series data in EViews; estimate OLS regressions and forecasts.
- Quasi-Perfect Model (QPM):
  - Implementation in Matlab/Octave; use IRIS toolbox; produce baseline forecasts and alternative scenarios.

### Macroeconomic Management in Resource-Rich Countries (MRC)
- Audience: Mid-level to senior officials from central banks, ministries of finance, and other agencies for resource-rich countries.
- Core themes: growth and diversification, fiscal policy management, macroeconomic policy coordination, public-sector asset management.
- Objectives:
  - Analyze growth, inclusiveness, diversification, and sustainability in resource-rich countries.
  - Design fiscal frameworks and apply fiscal benchmarks to decide whether to consume, save, and/or invest resource proceeds.
  - Identify macro policy responses to commodity price shocks.

### Fiscal curriculum, tools, and specialized courses
- Curriculum goals: design, analyze, and implement fiscal and tax policies addressing macroeconomic stability, sustainable debt, inequality, informality, and climate change.
- Illustrative learning paths:
  - Fiscal policy analysis and design
  - Fiscal sustainability
  - Public financial management and fiscal risks
  - Revenue administration
- Key courses and tools:
  - Fiscal Analysis and Forecasting (FAF): revenue and spending analysis; fiscal forecasting and sustainability.
  - Fiscal Frameworks (FF): design fiscal rules; monitor fiscal performance; medium-term budgeting.
  - Fiscal Policy Analysis (FPA): empirical findings, Excel workshops, inclusive growth, energy subsidy reform.
  - Fiscal Rules and Frameworks (FRF): assess fiscal data quality; tailor fiscal rules; use in-year monitoring tools.
  - Energy Subsidy Reform (ESRx): Excel toolkit to assess distributional effects of subsidy reform scenarios.
  - Reforming Fuel Subsidies (RFS): design reform strategies and measure household welfare impacts.
- Fiscal sustainability tools:
  - Public Debt Dynamics Tool (DDT) and Public Debt Dynamics Tool with Gross Financing Needs (DDT-GFN).
  - DDTx objectives: project public debt; identify drivers of debt changes; compute fiscal adjustments; conduct stress tests including fan charts.
  - DDT-GFNx objectives: project GFN-to-GDP evolution; compute fiscal paths consistent with a user-defined GFN target; produce GFN ratio projections under alternative scenarios including fan charts.
  - Public Debt Sustainability and Debt Restructuring (DSDR): debt sustainability assessment and sovereign debt restructuring process.
  - Public Debt Dynamics Under Uncertainty (DDUx): produce fan charts using Monte Carlo simulations, VAR models, and fiscal reaction functions.
  - DIG and DIGNAR models (DIGx): analyze relations between public investment, growth, and debt dynamics; over 65 country applications noted.

### Public Financial Management (PFM), fiscal risks, and new courses
- Curriculum focus: PFM systems, budgeting frameworks, fiscal risks identification and mitigation, transparency, governance, and specialized topics.
- Selected new/specialized courses:
  - NEW Budgeting for Priorities (BFP): align budgets with strategic priorities; emphasis on gender equality and climate change.
  - NEW Corporate Governance and Legal Framework of SOEs (SOE-CGLF): legal reform, corporate governance, insolvency, competition, fiscal risk oversight.
  - Assessing and Managing Fiscal Risks (AMFR): define fiscal risks and contingent liabilities; develop fiscal risk statements.
  - Fiscal Frameworks and Medium-Term Budgeting (FMTB): design and implement MTBFs and link to fiscal rules.
  - Fiscal Transparency and Governance (FTG): identify vulnerabilities to corruption in the PFM cycle.
  - NEW Legal Foundations for Local Currency Bond Markets (LFLCBM): legal foundations of sovereign borrowing and markets.
  - NEW Public Debt: Law and Contracts (DCU): classify public debt contracts and apply debt transparency and contract principles.
  - NEW Public Investment Management (PIM): cover three phases of project cycle from the PIMA framework.

### Revenue administration, diagnostics, and certification
- Virtual Training to Advance Revenue Administration (VITARA) modules (selected):
  - VITARA-AUD, VITARA-CRM, VITARA-ERM, VITARA-FLD, VITARA-HRM, VITARA-ITD, VITARA-IGO, VITARA-ORG, VITARA-PDM, VITARA-PMG, VITARA-RMF, VITARA-RMS, VITARA-SMG, VITARA-TPR, VITARA-TPS.
  - Emphasis: practical tools, governance, digitalization, organizational design, reform management, and taxpayer-centered services.
- VGAPx (RA-GAP VAT Gap Estimation Model): prepare VGEM inputs; produce and interpret VGEM results.
- Tax Administration Diagnostic Assessment Tool (TADAT): methodology training, performance benchmarking; certification exam with a 75 percent pass mark for TADAT-trained person or assessor status (depending on eligibility).

### Monetary and external sector policies, exchange rate and capital flows
- Curriculum goals: monetary and exchange rate policy design and implementation, capital flow dynamics, model-based monetary policy analysis, central bank operational frameworks.
- Illustrative learning path:
  - Foundational: Monetary Policy (MP), Exchange Rate Policy (ERP), Managing Capital Flows (MCF).
  - Advanced: Model-Based Monetary Policy Analysis and Forecasting (MPAF / MPAFx).
  - Operational techniques: central bank operations, foreign exchange interventions, liquidity forecasting, risk management, emergency lending, legal frameworks.
- Exchange Rate Policy (ERP) topics and objectives:
  - Real/nominal exchange rates, arbitrage conditions (UIP, PPP), exchange rate regimes, FX interventions, reserve adequacy (ARA), External Balance Assessment (EBA).
  - Objective: assess reserve adequacy with IMF ARA metric; assess external balance with EBA and EBA-lite; construct early warning systems using nominal exchange rates and international reserves.
- Managing Capital Flows (MCF) objectives:
  - Identify financial and economic risks from global capital markets; recommend sequencing and policy measures to mitigate crisis risks; propose policy actions to address or avoid crises.
- Model-Based Monetary Policy Analysis and Forecasting (MPAF / MPAFx):
  - Technical focus: Dynamic New Keynesian (DNK) and semi-structural models; implement canonical quarterly projection model (QPM); use Matlab/Octave for historical filtration, forecasting, and calibration.
  - Objectives: produce consistent medium-term projections for output, inflation, interest rate, and exchange rate; identify risks and build alternative scenarios; start building country-specific models for policy analysis.

### Monetary and financial statistics, securities, and digitalization
- Monetary and Financial Statistics (MFS) conceptual framework:
  - Institutional units and sectors; residency and economic territory; characteristics of financial assets and liabilities.
  - Accounting rules: time of recording and valuation principles.
  - Transformation of accounting records of financial corporations into sectoral balance sheets; compilation of money and liquidity aggregates, domestic credit, and relevant indicators.
- MFS course sequence and objectives:
  - MFS-M (Intermediate): compile monetary statistics for central bank and other depository corporations using 2016 MFSMCG; practical exercises with IMF standardized report forms (SRFs); recognize treatment of CBDCs and electronic money.
  - MFS-A (Advanced): compile statistics for other financial corporations (OFCs); construct balance sheet approach (BSA) matrices; integrate Fintech, digital money, and climate finance topics.
- Reflecting Digitalization in Financial Sector Statistics (FSS-DIG):
  - Focus: CBDCs, e-money, stablecoins, crypto assets; methodologies to record new developments; use of regulatory and non-traditional data sources; institutional collaboration and harmonization domestically and cross-border.
- Securities Statistics (SS):
  - Delivered with BIS and ECB; methodology from Handbook on Securities Statistics (2015); covers valuation, classification, presentation tables, and security-by-security databases; addresses climate finance and tokenization.

### Practical components, peer learning, and assessment
- Practical components across curricula:
  - Excel-based toolkits and hands-on workshops (e.g., FPP, FAF, ESRx).
  - Software-based modeling and forecasting exercises (EViews, Matlab/Octave, Dynare, IRIS).
  - Case studies using country data, role-playing simulations, and assignment delivery.
  - Peer learning through sharing country experiences and participant presentations.
- Assessments and certification:
  - Some courses include exams or pass marks for certification (e.g., TADAT certification: 75 percent pass mark).

*Institute for Capacity Development, International Monetary Fund.*

### Introduction 2

### Introduction 2

### Director’s message — program purpose and priorities
- The 2027 IMF Training Program aims to make learning more accessible, practical, and responsive to the needs of IMF membership.
- The Institute for Capacity Development’s objective is to support government officials as they strengthen skills and policy tools to address complex economic challenges.
- The 2027 program builds on recent modernization efforts and further refines the illustrative learning paths introduced in 2026 to help participants and sponsoring agencies identify training opportunities aligned with professional needs, institutional priorities, and learning objectives.
- The program remains anchored in the IMF’s core areas of expertise while expanding and updating content to reflect evolving policy needs.

### Institute Training Hub — features and learning innovations
- Introduction of the Institute Training Hub to simplify how officials find, register for, and participate in IMF training.
- Hub features:
  - Enhanced course search.
  - Streamlined registration.
  - Centralized access to learning materials.
  - Support for in-person, virtual, online, and blended learning.
  - Management of the learning journey from applications and approvals to course communications, transcripts, and certificates.
  - Modern, mobile-friendly experience.
- The Hub provides a foundation for more innovative learning and supports emerging capabilities, including AI-powered tools such as virtual tutoring and interactive role-play simulations to make learning more personalized, applied, and engaging.

### Content expansion and course updates
- New and updated offerings strengthen the program in:
  - Public financial management.
  - Central bank operations.
  - Macroeconomic statistics.
  - Governance and anti-corruption.
- Selected courses updated to reflect technology-related knowledge, including artificial intelligence and fintech.

### Partnerships and engagement
- The 2027 program is made possible through strong partnerships with member countries and institutions that support the IMF’s capacity development mission.
- Stakeholders are invited to explore training opportunities at www.imf.org/institute and to stay connected with IMF Capacity Development through:
  - LinkedIn (IMF Capacity Development)
  - Facebook (IMF Capacity Development)
  - X (@imfcapdev)
  - YouTube (IMF Institute Learning Channel)

### Attribution
*Director’s Message, Institute for Capacity Development, International Monetary Fund. CATRIONA PURFIELD, Director, Institute for Capacity Development*

### Introduction

### Introduction

### Capacity Development Mandate and Curriculum
- Capacity development is a core mandate of the International Monetary Fund (IMF).
- The Institute for Capacity Development (ICD), together with Regional Training Centers, administers the IMF courses described in the Training Program, which are offered at venues throughout the world.
- Curriculum topics:
  - General macroeconomics
  - Financial sector and fiscal issues
  - Monetary and external sector policies
  - Legal and institutional frameworks
  - Statistics
  - Structural policies
- The curriculum is regularly adapted to respond to evolving needs of officials from IMF member countries and to keep abreast of the latest economic and financial analysis.
- Expansion of regional training centers and programs has enhanced training capacity and facilitated customization to member countries’ unique circumstances and institutional needs.

### Delivery Modalities and Online Learning
- Delivery modalities integrated into the curriculum:
  - Online
  - Blended
  - Hybrid
  - In-person (face-to-face)
- The IMF continues to develop its online learning program to complement face-to-face training and technical assistance and to make the program readily accessible to all learners.
- Online Learning (OL) program features:
  - Courses available in English; some also in Arabic, French, Portuguese, Russian, and Spanish.
  - Instructional text, images, high-quality video, interactive assessments, hands-on exercises, and discussion forums.
  - Some courses are time-bound with strict weekly deadlines; most are self-paced and offered continuously throughout the year.
  - No enrollment limits for online courses; courses can serve as prerequisites or stand-alone learning experiences.
  - Facilitates blended training and microlearning (focused, bite-size resources).
- All online courses are available in English; some are also available in Arabic, French, Portuguese, Russian, and Spanish.

### Training Venues and Regional Centers
- Headquarters (HQ) Training:
  - Targeted at a global audience; participants accepted from all IMF member countries except those declared ineligible for technical assistance.
  - Most courses at HQ in Washington, D.C. are offered in English; some in French and Spanish.
  - Institute for Capacity Development address: 700 19th Street, NW, Washington, DC 20431, USA.
- Regional Training Centers and Programs (high-level highlights):
  - Africa Training Institute (ATI), Mauritius: serving 45 members; courses typically in English with simultaneous interpretation into French and Portuguese; welcomes participants from fragile and conflict-affected states and female participants.
  - China–IMF Capacity Development Center (CICDC): inaugurated April 2018; headquartered in Beijing with China-based centers in Shenzhen and Dalian; supports training in and outside China.
  - IMF–Middle East Center for Economics and Finance (CEF): hosted and funded by the State of Kuwait since 2011; serves 22 member countries of the Arab League; courses offered in Arabic or English (generally with interpretation into Arabic).
  - Joint Vienna Institute (JVI): established since 1992; organizes training for Central, Eastern, and Southeastern Europe, the Caucasus, Central Asia, Iran, and Türkiye; supported by Austrian Federal Ministry of Finance, Austrian National Bank, IMF, and contributing members.
  - South Asia Regional Training and Technical Assistance Center (SARTTAC): opened January 2017 in New Delhi; integrates training and technical assistance for six South Asia countries and sub-national levels in India.
  - IMF–Singapore Regional Training Institute (STI): established 1998; serves 39 member countries in the Asia-Pacific region through partnership with Singapore and Japan.
  - Paraguay Regional Training Program (RTP): commenced April 2025; collaboration with the Institute of the Central Bank of Paraguay; serves Mexico and ten South American countries including Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Paraguay, Peru, Uruguay, and Venezuela.
- The ICD also delivers courses at IMF Regional Technical Assistance Centers (RTACs) and various other venues, often in collaboration with regional training organizations. Courses are offered in Arabic, English, French, Portuguese, and Spanish.

### Institute Training Hub (2027 Launch)
- In 2027, the IMF will introduce the Institute Training Hub, a new training platform to make it easier for government officials to find, register for, and participate in training opportunities.
- Platform capabilities:
  - Enhanced course search and streamlined registration
  - Centralized access to learning materials
  - Support for in-person, virtual, online, and blended learning
  - Management of learning journeys: training applications and approvals, course communications, transcripts, and certificates
  - Modern, mobile-friendly experience for officials and sponsors
  - Built on a modern, future-ready platform designed to support emerging capabilities, including artificial intelligence
- The IMF will share regular updates, important milestones, and practical guidance in preparation for the launch to ensure readiness when the new platform becomes available.

### Participant Selection Principles and Sponsorship
- Target audience: government officials from IMF member countries, primarily from ministries of finance, economy, planning, central banks, and statistics agencies; depending on course focus, officials from financial intelligence units, anticorruption bodies, prosecution offices, climate/gender/social policy agencies, regulatory authorities, and tax administrations may be eligible.
- Key selection considerations:
  - Professional relevance and qualifications: preference for applicants whose duties align closely with course topic; applicants must meet educational and technical prerequisites listed in course descriptions.
  - Proof of English language proficiency for English-only courses: upper-intermediate English required; acceptable proofs include university-level English course completion, work experience or academic degree in English-speaking countries, TOEFL/IELTS scores, or official HR certification.
  - Admission by program aims for equitable representation considering geographic diversity, gender balance, and country-specific characteristics.
  - HQ program: generally admits one official per country unless exceptional business needs justify more.
  - RTC programs: aim for broad representation from all member countries in the region.
  - Online learning: free and open to all government officials, with no limit on number of participants from a given country.
  - Blended learning: invitations to in-person segments may depend on attendance, engagement, and/or completion of virtual/asynchronous components.
  - Repeat participation: multiple in-person attendances in a short period or repeat enrollment will be flagged for review; repeat participation may be justified by business needs or significant course updates. Completing an online version does not preclude in-person participation.
- Sponsorship requirements:
  - Participation requires official sponsorship by the applicant’s agency, per internal guidelines (endorsement by supervisor, training director, or other designated official).
  - For invitation-only courses, candidates are nominated by government agencies at the department’s request.
  - Sponsors must certify that selected applicants will be granted leave with full pay for course duration, free from other duties during that time, and will return to their current position or one of equal or greater responsibility upon completion.

### Cost Coverage and Accessibility
- All IMF courses are free of charge.
- Airfare, accommodation, and subsistence are provided by the IMF to eligible government officials only.
- Officials from high-income countries and international agencies are typically self-financed, covering accommodation, travel, and per diem.
- Online courses remove enrollment limits and broaden access to government officials regardless of agency.

### Training Modalities (Definitions and Uses)
- Online Courses: Internet-delivered; may include multiple modules or single modules; typically in English, with many available in Arabic, French, Portuguese, Russian, and Spanish.
- In-Person Training: Physical presence of learners and instructors; offered at HQ and through RTCs and RTACs.
- Blended Courses: Foundational asynchronous online learning followed by advanced or hands-on synchronous in-person training and/or technical assistance.
- Virtual Training: Real-time online delivery using platforms such as Teams, Webex, and Zoom; preferred format for webinars.
- Microlearning: Quick, bite-sized on-demand content (three- to five-minute videos, podcasts, infographics, interactive online content) for knowledge transfer and on-the-job performance.
- Hybrid Training: Combines in-person and virtual attendance in real time.

### Learning Paths and Thematic Areas
- The Training Program introduces illustrative learning paths that guide learners through thematic areas or skill sets via structured sequences of courses.
- Learning paths typically begin with foundational concepts and advance to more complex or specialized topics; they are illustrative, not prescriptive.
- Example thematic area introduced: GENERAL MACROECONOMICS with a curriculum covering macroeconomic analysis, forecasting, policy design, communications, financial programming frameworks, diagnosis of macroeconomic imbalances, econometric tools, Dynamic Stochastic General Equilibrium Models, nowcasting, economic integration, and managing resource-rich economies.
- Target audience for General Macroeconomic Analysis and Policy Design: Officials in ministries of finance, economy, planning, and central banks aiming to enhance expertise in macroeconomic and financial policy design and implementation.

*Institute for Capacity Development, International Monetary Fund.*

### Part 1: Macroeconomic

### Part 1: Macroeconomic

### Program structure and objectives
- Program title: Financial Programming and Policies (FPP)
- Parts:
  - Part 1: Macroeconomic
  - Part 2: Program Design (FPP.2x)
- Core objective: Build more technical skills of macroeconomic diagnostics, forecasting, and communication.
- Emphasis areas: Enhancing analytical, forecasting, and communication skills; Advanced/specialized topics in macroeconomic strategy and policy.

### Course offerings and specializations
- Online modules and associated course codes:
  - ONLINE: Financial Programming and Policies
  - Accounts & Analysis (FPP.1x)
  - ONLINE: Macroeconomic Diagnostics (MDSx)
  - Macroeconomic Diagnostics (MDS)
  - ONLINE: Macroeconometric Forecasting (MFx)
  - Macroeconometric Forecasting and Analysis (MFA)
  - Vulnerability Diagnostics (VDS)
  - Macroeconomic Policy Communication (MPC)
  - Monetary and Fiscal Policy Analysis with DSGE Models (DSGE)
  - Nowcasting (NWC)
  - Economic Issues in Regional Integration (ERI)
  - ONLINE: Macroeconomic Management in Resource-Rich Countries (MRCx)
  - Macroeconomic Management in Resource-Rich Countries (MRC)

### Course focus: Advanced/Specialized topics
- Objective: Specialize in niche areas such as Dynamic Stochastic General Equilibrium modeling, nowcasting, resource-rich country management, and regional economic integration.
- Targeted technical skills: DSGE modeling, nowcasting methods, management of resource-rich economies, regional integration analysis.

### Course description — Economic Issues in Regional Integration (ERI)
- Target audience:
  - Mid-level to senior officials in central banks, ministries of finance, and other interested ministries and agencies in countries that are part of one or multiple regional integration arrangements or planning to further deepen such arrangements.
  - Staff from intergovernmental or supranational regional organizations.
- Qualifications:
  - Participants are expected to have an advanced degree in economics or equivalent experience.
  - Proficiency in the use of spreadsheets is required.
- Course description and learning activities:
  - Main objective: Broaden participants’ understanding of economic, monetary, and financial integration and its impact on trade, investment, and economic growth within the region and on the global economy.
  - Approaches:
    - Draws on economic theory and case studies from experiences in several regions.
    - Discusses “requirements” for economic, monetary, and financial integration.
    - Examines the economic and political consequences of regional integration.
  - Practical components:
    - Workshops designed to deepen participants’ knowledge of specific issues that may emerge in economic and monetary integration.
    - Use of case studies with country data to make assessments of the benefits and challenges of regional integration.
    - Participants are expected to deliver assignments based on these assessments.

*IMF CAPACITY DEVELOPMENT—Training Program 2027*

### conclusions in short presentations.

### conclusions in short presentations.

### Financial Programming and Policies (FPP) — core competencies
- Target audience: Officials from ministries of finance, economy, planning and central banks who advise on or help design and implement macroeconomic and financial policies.
- Qualifications: degree in economics or equivalent experience; proficiency in the use of spreadsheets.
- Core analytic focus:
  - Diagnose macroeconomic imbalances across the four main macroeconomic sectors (real, fiscal, external, and monetary) and their interlinkages.
  - Combine accounting and behavioral relationships with country case study data.
- Key course objectives and practical skills:
  - Create consistent macroeconomic baseline projections on the assumption that policies do not change, while respecting accounting and behavioral links among economic variables.
  - Analyze the baseline macroeconomic scenario and diagnose macroeconomic imbalances.
  - Identify economic vulnerabilities and risks in the baseline scenario and articulate how policy measures address them.
  - Prepare an adjustment scenario reflecting policy measures and their macroeconomic impact.
  - Negotiate an economic adjustment program via a role-playing simulation.
  - Incorporate further policy goals into a medium-term framework.

### General Macroeconomics — online modular training (FPP.1x, FPP.2x, FPP.0x)
- Audience and qualifications: Officials in ministries and central banks; basic Microsoft Excel skills essential; some economics background helpful.
- FPP.1x (Macroeconomic Accounts & Analysis) outcomes:
  - Calculate economic variables using macroeconomic accounting principles.
  - Interpret accounts of the real, fiscal, external, and monetary sectors.
  - Describe accounting and behavioral links between macroeconomic accounts.
  - Analyze economic and financial developments using an Excel-based hands-on framework.
- FPP.2x (Program Design) outcomes:
  - Construct baseline projections of real, external, government, and monetary sectors using sector-specific variables.
  - Create consistent one-year economic projections assuming policies do not change.
  - Use a macroeconomic model to analyze how policy changes affect a forecast.
  - Identify and appraise economic vulnerabilities in an emerging market economy and prepare policy scenarios from given data.
- FPP.0x (Introduction / primer) outcomes:
  - Explain the financial programming approach and diagnostic framework for internal and external imbalances.
  - Describe the four key macroeconomic sectors and recognize their interlinkages.
  - Review accounting and behavioral relationships using real-world country case study data.

### Macroeconomic Diagnostics, Forecasting, and Specialized Modeling
- Macroeconomic Diagnostics (MDS / MDSx):
  - Audience: central bank and ministry officials who diagnose macroeconomy and produce projections.
  - Skills: analyze potential output and output gaps; assess fiscal, monetary, exchange rate, and financial policy stance; evaluate macro-financial linkages and financial sector soundness indicators; assess sustainability of public and external debt.
- Macroeconometric Forecasting (MFx) and Macroeconometric Forecasting and Analysis (MFA):
  - Qualifications: background in undergraduate statistics and econometrics; EViews used in demonstrations; MFA expects advanced degree and EViews comfort.
  - Technical focus:
    - Properties of time series (stationarity/non-stationarity; co-integration).
    - Dynamic specifications (error correction models).
    - Model evaluation, design, simulation, forecast uncertainty and policy analysis.
  - Objectives: forecast time series and multiple-equation models using EViews; construct models using ARMA, VAR, VECM; evaluate forecasting performance.
- Monetary and Fiscal Policy Analysis with DSGE Models (DSGE / DSGE):
  - Audience: mid to senior officials using DSGE models; qualifications include MATLAB and Dynare familiarity.
  - Skills: build, simulate, and estimate DSGE models; adapt models to policy questions; interpret model advantages and limitations.
- Nowcasting (NWC):
  - Tools: Bridge, MIDAS, U-MIDAS estimators; use of high-frequency indicators; generate nowcasts and evaluate forecasting accuracy.
- Nowcasting outcomes:
  - Manage time-series data in EViews; estimate OLS regressions and forecasts; formulate nowcasting models and interpret nowcasts in policy settings.

### Macroeconomic Management in Resource-Rich Countries (MRC / MRCx)
- Audience: Mid-level to senior officials from central banks, ministries of finance, and other agencies for RRCs.
- Core analytic themes:
  - Macroeconomics of growth and diversification; fiscal policy management; macroeconomic policy coordination; public-sector asset management.
- Objectives:
  - Analyze economic performance in resource-rich countries in terms of growth, inclusiveness, diversification, and sustainability.
  - Design fiscal frameworks and apply fiscal benchmarks to decide whether to consume, save, and/or invest resource proceeds.
  - Identify appropriate macroeconomic policy responses to commodity price shocks.

### Fiscal Issues — curriculum overview and learning paths
- Curriculum goals:
  - Equip learners with theoretical and practical skills to design, analyze, and implement fiscal and tax policies addressing macroeconomic stability, sustainable debt, inequality, informality, and climate change.
  - Provide tools for fiscal forecasting, debt sustainability analysis, risk assessment, tax administration improvement, and public financial management.
- Illustrative learning paths include:
  - Fiscal policy analysis and design (Foundational, Practical Applications, Specialized Fiscal Policy Challenges).
  - Fiscal sustainability (Fundamentals, Advanced Public Debt Dynamics, Specialized Frameworks).
  - Public financial management and fiscal risks.
  - Revenue administration.

### Fiscal Policy Analysis and Design — key courses and competencies
- Fiscal Analysis and Forecasting (FAF):
  - Audience: junior officials in ministries of finance and central banks.
  - Focus: fiscal accounts and analysis, fiscal rules and councils, fiscal multipliers, natural resource revenue management, fiscal forecasting and sustainability.
  - Objectives: prepare detailed revenue and spending analyses; generate forecasts of revenue, spending, and fiscal balance; apply skills to real country case studies.
- Fiscal Frameworks (FF):
  - Audience: junior to mid-level officials in finance-related agencies.
  - Emphasis: objectives of government/fiscal policy; methodologies to analyze, monitor, and improve fiscal policy; transparency and accountability; fiscal risk assessment; medium-term budgets.
  - Objectives: design fiscal rules; monitor fiscal performance; contribute to medium-term budgeting while limiting recession risks and respecting sustainability.
- Fiscal Policy Analysis (FPA):
  - Audience: junior to senior officials engaged in policy planning, evaluation, and research.
  - Course features: empirical findings, Excel workshops, inclusive growth components (climate change and gender inequality), and non-core lectures on energy subsidy reform and resource-rich frameworks.
  - Objectives: use fiscal policy to attain macro-stability, equity, efficiency, and sustainable long-term growth; assess fiscal stance, multipliers, and sustainability.
- Fiscal Rules and Frameworks (FRF):
  - Audience: junior to senior government officials; recommended pre-requisite: FPP and FPA.
  - Focus: different fiscal rules and supporting institutions; medium-term fiscal frameworks and fiscal rules; the need for high-quality information and transparency.
  - Objectives: assess fiscal data quality; tailor fiscal rules to country circumstances; use an in-year tool to monitor fiscal performance.

### Energy and Subsidy Reform courses
- ONLINE: Energy Subsidy Reform (ESRx):
  - Tools: Excel-based toolkit to assess distributional effects of alternative subsidy reform scenarios and to design fuel pricing mechanisms.
  - Objectives: explain energy subsidies and estimate pre- and post-tax subsidies; design subsidy reform strategies and mitigating policies; design fuel pricing mechanisms to mitigate volatility.
- Reforming Fuel Subsidies (RFS):
  - Audience: mid to senior officials involved in fuel pricing or subsidy policy.
  - Objectives: explain rationales and measurement of energy subsidies; identify barriers to reform; design effective reform strategies and use tailored tools to measure subsidy impacts on household welfare.

### Fiscal Sustainability — tools and frameworks
- Fiscal Sustainability (FS) and online DDTx:
  - Tools: Excel-based Public Debt Dynamics Tool (DDT) and Public Debt Dynamics Tool with Gross Financing Needs (DDT-GFN).
  - DDTx objectives: project public debt; identify main drivers of debt changes; compute fiscal adjustments consistent with a public debt target; conduct stress tests including fan charts; identify main components of a debt sustainability analysis.
- DDT-GFNx objectives:
  - Project evolution of the GFN-to-GDP ratio using macrofiscal projections; compute fiscal paths consistent with a user-defined GFN target; produce GFN ratio projections under alternative scenarios including fan charts.
- Public Debt Sustainability and Debt Restructuring (DSDR):
  - Audience: mid- to senior-level officials.
  - Coverage: debt sustainability assessment, sovereign debt restructuring process, and the role and policies of the IMF.
  - Objectives: understand tools for debt sustainability analysis; best practices in sovereign debt management; principles and frameworks for restructuring; IMF role and mandate related to sovereign debt restructuring.
- Public Debt Dynamics Under Uncertainty (DDUx):
  - Objectives: explain and produce fan charts using Monte Carlo simulations, VAR models, and fiscal reaction functions; interpret fan charts to identify risks; understand safe debt and maximum debt limit concepts.
- DIG and DIGNAR models (DIGx):
  - Analyze relations between public investment, growth, and debt dynamics; interpret scenario analyses using DIG and DIGNAR models as reflected in IMF documents.
  - Note: DIG and DIGNAR have over 65 country applications in IMF and World Bank contexts.

### Public Financial Management (PFM) and Fiscal Risks
- Curriculum focus: PFM systems, budgeting frameworks, fiscal risks identification and mitigation, transparency, governance, and specialized topics (SOE oversight, public investment management, fiscal law, local currency bond markets, public debt law).
- Key new and specialized courses (selected highlights):
  - NEW Budgeting for Priorities (BFP): align public budgets with strategic national priorities; emphasis on gender equality and climate change.
  - NEW Corporate Governance and Legal Framework of SOEs (SOE-CGLF): legal reform approaches, corporate governance, insolvency, competition, and fiscal risk oversight.
  - Assessing and Managing Fiscal Risks (AMFR): define fiscal risks and contingent liabilities; develop fiscal risk statements; identify institutional arrangements for fiscal risk monitoring.
  - Fiscal Frameworks and Medium-Term Budgeting (FMTB): design and implement MTBFs and link to fiscal rules.
  - Fiscal Transparency and Governance (FTG): identify vulnerabilities to corruption in the public financial management cycle; promote fiscal transparency practices.
  - NEW Legal Foundations for Local Currency Bond Markets (LFLCBM): legal foundations of sovereign borrowing and markets; post-trading infrastructure; taxation of sovereign debt instruments.
  - NEW Public Debt: Law and Contracts (DCU): classify public debt contracts; apply debt transparency and sound debt management principles in contract drafting and negotiation.
  - NEW Public Investment Management (PIM): cover the three phases of the project cycle from the PIMA framework; link project appraisal and fiscal sustainability.

### Revenue Administration — VITARA and diagnostic tools
- Target audience: officials from tax and revenue administrations and finance ministries.
- Virtual Training to Advance Revenue Administration (VITARA) curriculum:
  - Modular online program covering audit (VITARA-AUD), compliance risk management (VITARA-CRM), enterprise risk management (VITARA-ERM), filing of declarations (VITARA-FLD), human resource management (VITARA-HRM), IT and data management (VITARA-ITD), institutional governance (VITARA-IGO), organization design (VITARA-ORG), payment and debt management (VITARA-PDM), performance management (VITARA-PMG), reform management fundamentals and specifics (VITARA-RMF, VITARA-RMS), strategic management (VITARA-SMG), taxpayer registration (VITARA-TPR), and taxpayer services (VITARA-TPS).
  - Emphasis: practical tools, governance, digitalization, organizational design, reform management, and taxpayer-centered services to improve voluntary compliance.
- RA-GAP VAT Gap Estimation Model (VGAPx):
  - Audience: officials involved in tax gap and revenue performance analysis.
  - Objectives: prepare VGEM data inputs; produce and interpret VGEM results; diagnose and correct errors affecting results.
- Tax Administration Diagnostic Assessment Tool (TADAT):
  - Audience: mid-level to senior tax/revenue officials and capacity development providers.
  - Course features: TADAT methodology training, performance benchmarking, use of TADAT metrics for reform strategies and monitoring.
  - Certification: exam with a 75 percent pass mark for participants seeking TADAT-trained person or assessor status (depending on eligibility).

### Monetary and External Sector Policies — analysis and implementation
- Curriculum goals:
  - Understand monetary and exchange rate policy design and implementation, capital flow dynamics, model-based monetary policy analysis, and central bank operational frameworks.
- Illustrative learning path:
  - Foundational courses: Monetary Policy (MP), Exchange Rate Policy (ERP), Managing Capital Flows (MCF).
  - Advanced tools: Model-Based Monetary Policy Analysis and Forecasting (MPAF / MPAFx).
  - Specialized operational techniques: central bank operations, foreign exchange interventions, liquidity forecasting, risk management, emergency lending, and legal frameworks.
- Exchange Rate Policy (ERP):
  - Topics: real/nominal exchange rates, arbitrage conditions (UIP, PPP), exchange rate regimes and policy mixes, transitions to flexible regimes, FX interventions, reserve adequacy (ARA), External Balance Assessment (EBA), and early warning systems for currency crises.
  - Objectives: assess reserve adequacy with IMF ARA metric; assess external balance with EBA and EBA-lite; construct early warning systems using nominal exchange rates and international reserves; evaluate exchange rate regime choice.
- Managing Capital Flows (MCF):
  - Topics: measures of capital flows and openness, determinants of flows, sequencing of capital account liberalization, analytical methods for flows analysis, IMF Institutional View on capital flows.
  - Objectives: identify financial and economic risks from global capital markets; recommend sequencing and policy measures to mitigate crisis risks; propose policy actions to address or avoid crises.
- Model-Based Monetary Policy Analysis and Forecasting (MPAF / MPAFx):
  - Audience: central bank officials involved in monetary policy decision making and FPAS development.
  - Technical focus: Dynamic New Keynesian (DNK) and semi-structural models; implement canonical quarterly projection model (QPM); use Matlab/Octave for historical filtration, forecasting, and calibration.
  - Objectives: customize simple models embodying monetary policy transmission; produce consistent medium-term projections for output, inflation, interest rate, and exchange rate; identify risks and build alternative scenarios; start building country-specific models for policy analysis.

*International Monetary Fund — IMF Capacity Development Training Program 2027*

### introduction to a canonical New Keynesian model

### introduction to a canonical New Keynesian model

### Structure and key properties
- Presentation covers the structure and key properties of a canonical semi-structural Quasi-Perfect Model (QPM).
- Emphasis on the building blocks and key model equations of a canonical semi-structural QPM.

### Implementation and software tools
- Implementation of the QPM in Matlab/Octave.
- Application of the IRIS toolbox for solving and maintaining the QPM.
- Tools and codes addressed include those necessary for data transformation, filtration, forecasts, and evaluation of QPM properties and model-based outputs.
- Practical components focus on producing a baseline forecast and alternative scenarios using the QPM.

### Course objectives
- Explain the building blocks and key model equations of a canonical semi-structural QPM.
- Implement and calibrate a simple QPM using a specialized software for macroeconomic modelling.
- Identify necessary codes for data transformation, filtration, forecasts, and evaluation of the QPM properties and model-based outputs.
- Produce a baseline forecast and alternative scenarios using the QPM.

*IMF Capacity Development—Training Program 2027*

### introduction of the framework for compiling monetary

### introduction of the framework for compiling monetary statistics

### Conceptual framework and building blocks
- Presents the fundamental building blocks of Monetary and Financial Statistics (MFS): the key concepts of institutional units and sectors, residency and economic territory, and the characteristics of financial assets and liabilities.
- Explains accounting rules for compiling MFS, including:
  - time of recording; and
  - valuation principles.
- Describes how information extracted from accounting records of financial corporations (central bank, other depository corporations, and other financial corporations) is transformed into sectoral balance sheets that underpin analytical presentations of monetary statistics.
- Discusses compilation of money and liquidity aggregates, domestic credit, and other relevant indicators and their significance for macroeconomic analysis and policy formulation.

### Course objectives (introductory MFS content)
- Understand the scope and use of MFS, including the source data for monetary statistics and the compilation process.
- Grasp foundational building blocks of MFS: residency, economic territory, institutional sectors, and characteristics of financial assets and liabilities.
- Apply accounting rules for MFS compilation, including time of recording and valuation principles.
- Understand different measures of money supply and other key aggregates and their compilation methods from sectoral balance sheets of financial corporations.
- Recognize structure and components of central bank, other depository corporations, and other financial corporations sectoral balance sheets and link them to analytical surveys.

### Monetary and Financial Statistics – Intermediate (MFS-M)
- Target audience: Officials from central banks and/or financial regulatory institutions involved in compilation and analysis of monetary statistics.
- Qualifications: Degree in economics or statistics or equivalent experience. Previous completion of the MFS online course is recommended.
- Course description highlights:
  - Focus on conceptual and practical aspects of compiling monetary statistics for central bank (CB) and other depository corporations (ODCs) as set out in the 2016 Monetary and Financial Statistics Manual and Compilation Guide (MFSMCG).
  - Covers residency and sectorization of institutional units, types of financial instruments, valuation principles, and accounting issues relevant to monetary statistics compilation.
  - Emphasizes defining characteristics of depository corporations (DCs) as money issuers and consolidation/rearrangement of DC sectoral balance sheets into analytical presentations (credit and money).
  - Discusses treatment of central bank digital currencies and electronic money in MFS and introduces other financial corporations (OFCs).
  - Practical elements: lectures and exercises using the IMF’s standardized report forms (SRFs) and derivation of analytical presentations from SRFs: central bank survey, ODCs survey, and the DCs survey.
  - Peer learning through sharing country experiences.
- Course objectives (MFS-M):
  - Grasp the MFS conceptual framework: sectoring, classification, valuation of financial instruments, and accounting principles.
  - Compile monetary statistics (sectoral balance sheets and surveys) for CB, ODC, and DC sectors.
  - Interpret how the DCs survey and money and credit aggregates support monetary policy analysis.
  - Recognize the treatment of electronic money and central bank digital currencies (CBDCs) in MFS.
  - Acquire initial insight into compilation of monetary statistics for other financial corporations.

### Monetary and Financial Statistics – Advanced (MFS-A)
- Target audience: Central bank officials and officials from regulatory agencies responsible for compiling monetary statistics.
- Qualifications: Degree in economics or statistics, or equivalent experience.
- Course description highlights:
  - Focuses on compiling monetary statistics for other financial corporations (OFCs) as set out in the 2016 MFSMCG.
  - Deepens understanding of OFCs (insurance corporations, pension funds, non-MMF investment funds, etc.), their balance sheet structures, and role in financial systems.
  - Shows how OFC data can be used to compile comprehensive monetary statistics to understand liquidity and financing to nonfinancial sectors and nonresidents by the financial corporations sector.
  - Discusses application of MFS in constructing the balance sheet approach (BSA) matrix and the IMF’s financial programming framework.
  - Integrates Fintech, digital money, and climate finance topics.
  - Practical elements: lectures and case studies, compiling OFCs subsector statistics using SRFs and deriving OFCs Survey (OFCS) and Financial Corporations Survey (FCS).
  - Emphasis on peer learning and country experience exchange.
- Course objectives (MFS-A):
  - Analyze the MFS conceptual framework: sectoring, classification, valuation, and accounting principles.
  - Describe the role of OFCs and distinguish types of OFCs.
  - Produce detailed analytical presentations of monetary data including OFCS and FCS using the IMF’s SRFs.
  - Identify and assess MFS interconnections within the IMF’s Macroeconomic Framework and use in the BSA.
  - Establish foundational understanding of FinTech and climate change impacts on financial sector statistics.

### Reflecting Digitalization in Financial Sector Statistics (FSS-DIG)
- Target audience: Officials from central banks, financial services supervisors and regulators, and other agencies compiling financial sector statistics, especially those collecting data on digital money, crypto assets, and digital payments.
- Qualifications: Degree in economics, finance, or statistics, or equivalent experience. Previous completion of the MFS online course is recommended. Experience in digitalization, fintech, and crypto assets is well seen but not required.
- Course description highlights:
  - Focus on how digitalization is transforming the financial landscape and the challenge of properly reflecting these developments in financial sector statistics.
  - Covers emergence of CBDCs, e-money, stablecoins, and crypto assets and the need for statistical methodology and data collection to capture new instruments and market participants.
  - Discusses methodologies to record new developments and the importance of collaboration among macroeconomic statisticians, regulators, policymakers, and international coordination.
  - Explores using regulatory data sources and non-traditional data sources to obtain relevant and high-quality data.
  - Peer learning: participants deliver presentations on country practices and experiences.
- Course objectives (FSS-DIG):
  - Assess sectoring of new financial players for proper recording in financial sector statistics.
  - Define and classify new financial instruments.
  - Analyze impact of new financial players and instruments on key financial aggregates.
  - Analyze and evaluate collection methods and data sources, including traditional (regulatory) and non-traditional sources.
  - Explain role of institutional collaboration and harmonization domestically and cross-border to establish consistent standards and comparability.

### Securities Statistics (SS)
- Target audience: Officials in central banks and other agencies responsible for collecting and compiling securities statistics.
- Qualifications: Degree in economics and/or statistics or equivalent experience. Knowledge of basic financial mathematics is an advantage.
- Course description highlights:
  - Delivered in collaboration with the Bank for International Settlements (BIS) and the European Central Bank (ECB).
  - Familiarizes participants with methodology recommended by the Handbook on Securities Statistics (joint IMF–BIS–ECB, 2015).
  - Covers definition and features of securities, valuation and accounting principles, classification schemes, presentation tables, and development/usage of security-by-security databases.
  - Addresses emerging issues such as climate finance and tokenization.
  - Hands-on workshops on valuation and recording of debt securities and practical exercises on classifying various debt securities.
- Course objectives (SS):
  - Analyze concepts underlying securities statistics: classification, sectoring of institutional sectors, valuation, and accounting rules.
  - Compute nominal and market values, premiums/discounts, and accrued interest for various debt securities, including indexed instruments, for recording positions and flows.
  - Develop presentation tables to support compilation and dissemination of securities statistics including those recommended under the G20 Data Gaps Initiative (DGI).
  - Evaluate frameworks for presenting securities statistics and gain insights into developing security-by-security databases.
  - Gain insights into methodological guidance on climate finance, including data reporting as part of Recommendation 4 under the ongoing G20 DGI-3 initiative.

---


_Source: https://www.imf.org/-/media/files/capacity-developement/2027-imf-externaltraining-web.pdf_