## cy24-catalog-e

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### Director’s message and program purpose
- Presents IMF training courses scheduled for delivery in 2024 through regional training centers, at IMF Headquarters, and online.
- Program designed to strengthen human capital and economic institutions to facilitate a more sustainable, resilient, and inclusive recovery amid "a period of high uncertainty and multipronged shocks."
- Aims to enhance integration of capacity development with the IMF’s policy analysis.
- Encourages use of the online catalog at www.IMF.org/institute for detailed schedules and updates.
- Acknowledges financial support from member countries and partner institutions.
- Signatory: Dominique Desruelle, Director, Institute for Capacity Development, International Monetary Fund.

### Institute for Capacity Development (ICD): mandate, curriculum, and course design
- Mandate and delivery
  - Capacity development is a core IMF mandate; ICD organizes and delivers much of the training.
  - ICD administers courses delivered by other IMF departments together with regional training centers and programs.
  - Curriculum includes IMF core expertise and specialized courses by Finance, Fiscal Affairs, Legal, Monetary and Capital Markets, and Statistics Departments.
  - ICD customizes training to member country circumstances and institutional needs.
- Course content and modalities
  - Hands-on, policy-oriented training reflecting IMF core mandate to promote macroeconomic and financial stability.
  - Coverage includes public financial management, revenue administration, monetary policy analysis, economic statistics, and transformational issues such as climate change, digitalization, and gender equality.
  - Expanded online offerings in several languages; blended training combining self-paced online learning with interactive virtual or classroom components.
  - ICD leverages new communication and learning technologies and has "extensive experience in producing and delivering online courses."
  - Online program complements face-to-face training and expands accessibility to government and nongovernment participants.

### Regional training centers, programs, and partnerships (overview)
- Expansion of regional training centers and programs facilitates scaling training capacity and integrating blended/hybrid modalities.
- Regional centers and programs collaborate with ICD to administer and deliver courses across multiple venues.

### Catalog scope, participant selection, and recommended preparation
- Catalog coverage
  - Overview of IMF training at headquarters, online, regional training centers and programs; training by other organizations at RTCs is not discussed.
  - Describes participant selection processes and lists courses by topic (detailed descriptions provided later).
  - Recommends completion of introductory online courses before applying to classroom training; online completion may be a pre-requisite for some classroom offerings.
- Selection and application general rules
  - ICD does not accept hard-copy applications or nominations.
  - Selection processes vary by location; many courses require online application and supervisor sponsorship; some courses are invitation-only with government nominations.
  - Online Learning (OL) courses are open to all government officials of eligible IMF member countries at no charge; all who register are admitted—no participant limits per country or agency.
  - ELIGIBLE COUNTRIES: Participants accepted from all IMF member countries, except those few declared ineligible for technical assistance.

### Headquarters (HQ) and Online Learning (OL): languages, eligibility, and contacts
- HQ training — Washington, D.C.
  - Most HQ courses in English; some in Arabic, French, and Spanish.
  - Targeted at a global audience.
  - APPLICATION: Online application forms available for English, Arabic, French, and Spanish courses; Arabic course applications must be submitted in English.
  - Contact (Institute for Capacity Development, Headquarters): Ms. Pearl Acquaah — ICDTAS@IMF.org; Address: Institute for Capacity Development, International Monetary Fund, 700 19th Street, NW, Washington, DC 20431, USA
- Online Learning (OL)
  - OL complements and can serve as a prerequisite for classroom training and technical assistance; courses may also be standalone.
  - All online courses available in English; some also in French, Spanish, Russian, Arabic, and Portuguese.
  - Features: instructional text, images, high-quality video, interactive assessments, hands-on exercises, discussion forums; some courses time-bound with weekly deadlines; most self-paced.
  - REQUIREMENTS: Reliable Internet connection; some courses may require software such as Microsoft Excel or EViews (temporary licenses will be made available).
  - APPLICATION: Officials should register for a free edX account and access the OL application.
  - Contact (Institute for Capacity Development, Online Learning): Mr. James Knight — ICDTAS@IMF.org; Address: Institute for Capacity Development, International Monetary Fund, 700 19th Street, NW, Washington, DC 20431, USA

### Regional Training Centers — locations, scope, selection, and contacts (high-level)
- Africa Training Institute (ATI) — Ebène, Mauritius
  - Hosted ICD and IMF department courses since June 2013.
  - Coverage: government and central bank officials from 45 sub-Saharan African member countries.
  - Languages: typically English and French, or English with simultaneous interpretation into French and Portuguese.
  - Funding/collaborators: Governments of Mauritius, China, Germany, European Investment Bank, Australia, Korea, Russia, and beneficiary countries.
  - SELECTION PROCESS: Participation by application, sponsored by applicant’s supervisor or director of training; invitation-only courses use government nominations.
  - Contact: Mr. Carlos De Resende — ATICOM@IMF.org, cderesende@IMF.org; T. +(230) 401.2500; www.IMFATI.org
- China–IMF Capacity Development Center (CICDC) — Beijing, Shenzhen, Dalian
  - Inaugurated April 2018 by the IMF and the People’s Bank of China.
  - Purpose: training for China and countries associated with the Belt and Road Initiative.
  - Contact: Mr. Hui He — CICDCINFO@IMF.org; T. +(86) 010.5120.8718
- IMF–Middle East Center for Economics and Finance (CEF) — Kuwait
  - Started operations in 2011; inaugurated in 2014; hosted and funded by the State of Kuwait.
  - Scope: training for the 22 member countries of the Arab League; collaborations with METAC, OECD, World Bank, WTO, and others.
  - Languages: Arabic or English (generally with interpretation into Arabic).
  - Contact: Mr. Paulo Drummond — CEFINFO@IMF.org; T. +(965) 2224.5109 / +(965) 2224.5103
- Joint Vienna Institute (JVI) — Vienna, Austria
  - Established 1992; covers Central, Eastern, and Southeastern Europe, the Caucasus, Central Asia, Iran, and Türkiye.
  - Contact: Mr. Hervé Joly — JVI@JVI.org; T. + (4 3) 0.1.798 .94.95.55
- South Asia Regional Training and Technical Assistance Center (SARTTAC) — New Delhi, India
  - Opened January 2017; integrates training and TA for six South Asia countries.
  - Contact: Mr. David Cowen and Mr. Saji Thomas — INFOSARTTAC@IMF.org; T. +(91) 011.49281000; Twitter: @SARTTAC
- IMF–Singapore Regional Training Institute (STI)
  - Established 1998 in collaboration with the Governments of Singapore and Japan for Asia-Pacific officials.
  - Contact: Mr. Alfred Schipke — STIINFO@IMF.org; T. +(65) 6225.5311

### Regional Training Programs and Other Training (high-level)
- Georgia Training Program (GTP)
  - Established with the Ministry of Finance of Georgia and JVI; covers officials from 11 Caucasus, Eastern Europe and Central Asian countries.
  - Contact: Ms. Ana Margiani — a.margiani@MOF.ge; T. +(995) 32.226.10.26 (11 18)
- Other Training (OT)
  - ICD delivers courses at IMF Regional Technical Assistance Centers (RTACs) and various venues, often with regional partners.
  - Languages: Arabic, English, French, Portuguese, and Spanish.
  - Participation: generally by invitation with government nominations.

### Selected course descriptions, objectives, and target audiences
- Securities: definition, features, valuation, and security-by-security databases
  - Scope: definition and features of securities, securitization, valuation and recording, classification schemes, presentation tables, security-by-security databases; practical exercise on valuation and recording of different types of debt securities.
  - Objectives: identify concepts underlying securities statistics (sectorization, valuation, accounting rules); describe framework and technical challenges for security-by-security databases; calculate nominal and market values for different types of debt securities; interpret presentation tables recommended by the G-20 Data Gaps Initiative.
- Statistics on International Trade in Goods and Services (ITGS)
  - Target audience: officials compiling balance of payments, international merchandise trade, and/or international trade in services statistics; familiarity with BPM6 required.
  - Qualifications: degree in economics or statistics or equivalent; basic knowledge of balance of payments; at least one year of relevant compiling or data processing experience.
  - Description: thorough understanding of ITGS statistics based on BPM6 Compilation Guide and MSITS 2010 CG; lectures, workshops, and plenary discussions; emphasis on challenging services categories and digital trade compilation issues.
  - Objectives: explain compilation according to BPM6 Compilation Guide and MSITS 2010 CG; identify new data sources; apply statistical techniques to complex compilation issues; be aware of discussions on digital trade under BPM6 revision; identify data gaps and set strategies for improvement.
- Workshop on New Financial Soundness Indicators (FSIs) Metadata Report Forms (NFSIMRF)
  - Target audience: central bank and supervisory agency officials compiling FSIs for reporting to STA.
  - Qualifications: degree in economics or statistics or equivalent.
  - Description: two-day virtual workshop (2 hours each) on implementation of IMF’s 2019 FSICG; acquaints participants with new FSM template and provides hands-on guidance and case studies; demonstrates break in series feature and ICS access; introduces FSIs Institutional Coverage (FSIC) template.
  - Objectives: become fully familiar with structure of new metadata and institutional coverage report forms for reporting to the IMF.
- Exchange Rate Policy (ERP)
  - Target audience: junior to mid-level officials working with exchange rate policy and analysis.
  - Qualifications: advanced degree in economics or equivalent; comfortable with Microsoft Excel and Excel-based applications; working knowledge of EViews.
  - Description: comprehensive overview of exchange rate analysis and policy covering concepts (real, nominal, bilateral, multilateral, spot, forward), arbitrage conditions (UIP, law of one price, PPP, relative PPP), policy regimes and mix, FX interventions, currency crisis, reserve adequacy (ARA), External Balance Assessment (EBA), and early warning systems.
  - Objectives: assess reserve adequacy with traditional and IMF ARA metric; assess external balance with EBA and EBA-lite; construct early warning systems for currency crises; describe exchange rate regime choice and country-specific influences.
- Managing Capital Flows: Macroeconomic Analysis and Policies (MCF)
  - Target audience: junior to mid-level policymakers in central banks and finance ministries with capital account management responsibilities. No prior knowledge required.
  - Qualifications: advanced degree in economics or equivalent; good quantitative skills; basic Microsoft Excel; recommended prior FPP or MDS.
  - Description: dynamics of capital flows, effects on growth, volatility, crisis risk; refresher on balance of payments; determinants of flows; IMF Institutional View on capital flows; case studies and workshops.
  - Objectives: explain capital account dynamics; identify financial/economic risks from global capital markets; determine stabilization challenges; understand sequencing of liberalization; identify policy measures to prevent crises; evaluate reform impacts; propose policy actions.
- Model-Based Monetary Policy Analysis and Forecasting (MPAF)
  - Target audience: mid-level to senior officials responsible for monetary policy decision making and staff doing macroeconomic analysis and forecasting or operating macroeconomic models.
  - Qualifications: advanced degree in economics or equivalent; recommended completion of MP course and online MPAFx; comfortable with EViews and Matlab/Octave.
  - Description: rigorous training using simple Dynamic New Keynesian (DNK) models for monetary policy analysis and forecasting; tools to develop/extend canonical model; in-person country case studies.
  - Objectives: customize a simple model embodying monetary policy transmission and shocks; apply tools for analysis and forecasting using small semi-structural model; conduct nowcasting and near-term forecasting; develop medium-term quarterly projections of output, inflation, interest rate, exchange rate; identify risks and alternative scenarios; start building a simple model with national data.
- ONLINE: Model-Based Monetary Policy Analysis and Forecasting Course (MPAFx)
  - Target audience: all government officials; well-suited for central banks in early stages of FPAS introduction.
  - Qualifications: background in undergraduate macroeconomics, statistics, and econometrics; guidance provided on accessing Matlab or Octave.
  - Description: online introduction to a semi-structural macroeconomic model used as core of FPAS; implementation of canonical quarterly projection model (QPM) equations; hands-on filtration, forecasting, and calibration exercises using detailed country data for an inflation targeting central bank.
- QPM — canonical New Keynesian semi-structural model course (overview)
  - Focus: introduction to canonical New Keynesian semi-structural QPM, key properties, and practical implementation.
  - Environments: Matlab/Octave and the IRIS Toolbox for solving, maintaining, and forecasting with the QPM.
  - Practical components: coding for data transformation, filtration, model evaluation, reporting, calibration, baseline forecasting, and alternative scenario generation.
  - Objectives/skills: explain QPM building blocks; interpret key model equations; implement QPM in specialized software; distinguish state-space elements; identify codes for data transformation and evaluation; apply IRIS Toolbox functions; create output reports; calibrate QPM; produce baseline forecast and alternative scenarios.
- Monetary Policy course
  - Description: comprehensive overview of monetary policy regimes, transmission mechanisms, and role of policy in stabilization; bridges theory, empirical evidence, and operational experience; includes optimization tradeoffs, evolving frameworks, ESG principles, Unconventional Monetary Policy, central bank communication, and central bank digital currencies.
  - Objectives: analyze monetary policy decision making under various regimes; identify transmission to the real economy; evaluate responses to macro shocks; design sound monetary policy frameworks and prescribe consistent policies for central bank practitioners.
- Nowcasting course
  - Description: hands-on training integrating high-frequency indicators into forecasting; workshops and assignments to build nowcasting models and generate nowcasts.
  - Objectives: manage time-series data in EViews; estimate OLS and calculate forecasts; apply frequency consolidation, interpolation, seasonal adjustment, and leading indicators; formulate and estimate Bridge, MIDAS, and U-MIDAS regressions; generate and combine forecasts; evaluate nowcast accuracy; apply tools to country data for policy use.
- Safeguards Assessment course
  - Target audience: central bank governance and oversight bodies, senior central bank staff in accounting, reporting, auditing, risk management, internal control, legal, or reserve management operations.
  - Qualifications: university or postgraduate degree in accounting, business, economics, finance, or law, or professional certifications in auditing or finance.
  - Description: interactive exposure to IMF safeguards assessment methodology with emphasis on governance, oversight, transparency, external/internal audits, financial reporting, internal controls, reserve management, and reporting of monetary data to the IMF.
  - Objectives: assess strengths and vulnerabilities of central bank safeguards and governance; identify steps to improve financial safeguards; apply leading practices in governance, autonomy, accountability, and transparency; describe IMF safeguards policy requirements and importance of implementing recommendations.

### Selection guidelines, participation notes, and restrictions
- Selection priority: government officials with professional assignments closely related to course subject matter (ministries of finance, economy, planning; central banks; statistics agencies). Priority to statistical compilers for macroeconomic statistics courses.
- Sponsorship requirements: valid Sponsor’s Nomination Form certifying official endorsement, leave with regular pay, absence from other duties during course, and return to equal or greater responsibility after the course.
- Restrictions: IMF does not consider applications from local/state/municipal governments, non-governmental businesses, or private institutions for certain offerings.
- Previous attendance rules:
  - Those who have taken a course at HQ should generally wait two years before applying for another HQ course.
  - Those who have taken a course at a training center or program are generally not eligible to attend the same course at another training center or program.
- Self-financed status: candidates from international agencies and advanced regional countries, and local staff in IMF Resident Representative offices selected for regional centers, are considered self-financed and must cover accommodation, travel, and per diem if attending as self-financed.
- Online courses (OL): free and open to all government officials of IMF member countries with no restrictions on participant numbers.

*Source: Training Catalog 2024, Institute for Capacity Development, International Monetary Fund.*

### INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

### INTRODUCTION

### Director’s message
- The catalog presents IMF training courses scheduled for delivery in 2024 through the network of regional training centers, at IMF Headquarters, and online.
- The 2024 training program is designed to strengthen human capital and economic institutions to facilitate a more sustainable, resilient, and inclusive recovery amid "a period of high uncertainty and multipronged shocks."
- The program aims to enhance integration of capacity development with the IMF’s policy analysis.
- The Director invites readers to visit the online catalog at www.IMF.org/institute for detailed schedules and updates.
- The Director expresses appreciation for partnerships with member countries and institutions that provide financial support for the IMF’s capacity development efforts.
- Signatory: Dominique Desruelle, Director, Institute for Capacity Development, International Monetary Fund.

### Institute for Capacity Development (ICD): mandate and curriculum
- Capacity development is described as a core mandate of the International Monetary Fund.
- The Institute for Capacity Development organizes the training courses described and delivers much of the training itself.
- ICD, together with regional training centers and programs, administers courses delivered by other IMF departments.
- Curriculum offers training on a wide range of topics in which the IMF has expertise, including specialized courses by the Finance, Fiscal Affairs, Legal, Monetary and Capital Markets, and Statistics Departments.
- Each year, courses are offered multiple times at different venues worldwide.
- ICD regularly adapts courses and creates new ones to respond to evolving needs of officials from IMF member countries and to keep abreast of frontier developments in economic and financial analysis.
- ICD customizes training to a member country’s unique circumstances and specific institutional needs.

### Delivery modalities and course design
- The program provides hands-on and policy-oriented training reflecting the IMF core mandate to promote macroeconomic and financial stability.
- Course coverage includes fundamental economic concepts and tools in:
  - public financial management,
  - revenue administration,
  - monetary policy analysis,
  - economic statistics.
- The program also addresses transformational issues such as climate change, digitalization, and gender equality.
- Delivery is adapted to member countries’ evolving conditions and constraints.
- A wider range of online training courses is being offered in several languages.
- ICD leverages new communication and learning technologies and has "extensive experience in producing and delivering online courses."
- Blended training is being developed that combines self-paced online learning with interactive virtual or classroom courses to offer more flexible and targeted capacity development adapted to learners’ diverse needs.
- The online learning program complements face-to-face training, expands accessibility to government officials, and has expanded IMF training reach to nongovernment participants.

### Regional training centers, programs, and partnerships
- The expansion of regional training centers and programs has greatly facilitated ICD’s efforts to expand training capacity and integrate new delivery modalities such as blended and hybrid courses.
- Regional centers and programs work with ICD to administer and deliver courses across multiple venues.

*International Monetary Fund, Institute for Capacity Development — Training Catalog 2024 (INTRODUCTION).*

### INTRODUCTION

### INTRODUCTION

### Overview of IMF training and catalog scope
- The Institute for Capacity Development (ICD) provides information on IMF training that is either delivered or coordinated by the IMF Institute; training by other organizations at the Regional Training Centers (RTCs) is not discussed.
- The catalog:
  - Provides an overview of IMF training at headquarters, online, regional training centers and programs.
  - Describes participant selection processes at each location.
  - Lists courses by topic with detailed descriptions provided later in the catalog.
  - Recommends officials complete introductory online courses before applying to classroom training; completion of an online course may be a pre-requisite for specific classroom offerings.
- For schedule updates and the full digital catalog, ICD directs users to the Institute’s digital training catalog.

### Headquarters (HQ) training — Washington, D.C.
- Language and audience:
  - Most HQ courses are offered in English; some are also offered in Arabic, French, and Spanish.
  - Much of the HQ curriculum is targeted at a global audience.
- Eligibility and application:
  - ELIGIBLE COUNTRIES: Participants are accepted from all IMF member countries, except those few declared ineligible for technical assistance.
  - APPLICATION: Online application forms are available for English, Arabic, French, and Spanish courses; Arabic course applications must be submitted in English.
  - The Institute for Capacity Development does not accept hard-copy applications or nominations.
  - Some courses are by invitation only; agencies with interest may e-mail inquiries to ICDTAS@IMF.org.
- Contact information (Institute for Capacity Development, Headquarters):
  - Ms. Pearl Acquaah, Section Chief, Operations Management Division, ICD — ICDTAS@IMF.org
  - Address: Institute for Capacity Development, International Monetary Fund, 700 19th Street, NW, Washington, DC 20431, USA

### Online Learning (OL)
- Purpose and delivery:
  - OL is designed to complement and, in some cases, serve as a prerequisite for classroom training and technical assistance (TA); courses may also be taken as stand-alone.
  - All online courses are available in English; some are also available in French, Spanish, Russian, Arabic, and Portuguese.
  - OL courses feature instructional text, images, high-quality video, interactive assessments, hands-on exercises, and discussion forums.
  - Some courses are time-bound with weekly deadlines; most are offered continuously on a self-paced basis.
  - OL facilitates blended training (self-paced online + live virtual/classroom) and microlearning (bite-size resources).
- Eligibility, selection, requirements:
  - ELIGIBLE COUNTRIES: All IMF member countries except those ineligible for technical assistance.
  - SELECTION PROCESS: OL courses are open to all government officials at no charge; all who register are admitted—no participant limits per country or agency.
  - Sponsor information is not requested; TOEFL scores are not required.
  - APPLICATION: Officials should register for a free edX account (IMF online courses hosted on edX) and access the OL application.
  - REQUIREMENTS: Reliable Internet connection; some courses may require software such as Microsoft Excel or EViews (temporary licenses will be made available).
- Contact information (Institute for Capacity Development, Online Learning):
  - Mr. James Knight, Deputy Chief, Institute Training Program Division — ICDTAS@IMF.org
  - Address: Institute for Capacity Development, International Monetary Fund, 700 19th Street, NW, Washington, DC 20431, USA

### Regional Training Centers — locations, partnerships, and scope
- Africa Training Institute (ATI) — Ebène, Mauritius:
  - ATI has hosted ICD and IMF department courses since June 2013.
  - Course areas: macroeconomic management; financial sector policies; domestic resource mobilization; legal topics; bank supervision; public expenditure and debt management; macroeconomic data compilation and dissemination; regional integration; inclusive growth; and new priorities such as gender, governance, climate change, nowcasting, and macroeconomics of pandemics.
  - Coverage: Courses open to government and central bank officials from 45 sub-Saharan African member countries.
  - Language: Typically offered in English and French, or English with simultaneous interpretation into French and Portuguese.
  - Funding and collaborators: In collaboration with the Governments of Mauritius, China, Germany, the European Investment Bank, Australia, Korea, Russia, and additional financial support from beneficiary countries listed in the catalog.
  - SELECTION PROCESS: Participation by application, sponsored by applicant’s supervisor or director of training; invitation-only courses use government nominations at the request of the IMF department responsible.
  - Contact: Mr. Carlos De Resende, Deputy Director — ATICOM@IMF.org, cderesende@IMF.org; T. +(230) 401.2500; www.IMFATI.org

- China–IMF Capacity Development Center (CICDC) — Beijing, Shenzhen, Dalian:
  - Inaugurated April 2018 by the IMF and the People’s Bank of China.
  - Purpose: Provide training to officials in China and countries associated with the Belt and Road Initiative to strengthen economic institutions and human capacity in IMF core areas.
  - Headquarters: Beijing; supports training both in and outside China.
  - Contact: Mr. Hui He, Center Director — CICDCINFO@IMF.org; T. +(86) 010.5120.8718; Room 1808-A, East Tower, Twin Towers, No. B12, Jianguomenwai Avenue, Beijing 100022, P.R. China

- IMF–Middle East Center for Economics and Finance (CEF) — Kuwait:
  - CEF started operations in 2011 and was officially inaugurated in 2014; hosted and funded by the State of Kuwait.
  - Scope: Hands-on policy-oriented training for the 22 member countries of the Arab League; collaborates with IMF Capacity Development Departments (CDDs), METAC, OECD, World Bank, WTO, and other partners.
  - Languages: Courses offered in Arabic or English (generally with interpretation into Arabic).
  - SELECTION PROCESS: Participation mainly by application; invitation-only courses use government nominations upon receipt of an invitation letter from the CEF Director.
  - Contact: Mr. Paulo Drummond, Director — CEFINFO@IMF.org; T. +(965) 2224.5109 / +(965) 2224.5103

- Joint Vienna Institute (JVI) — Vienna, Austria:
  - Established 1992 to strengthen economic policies and institutions and foster networks across Central, Eastern, and Southeastern Europe, the Caucasus, Central Asia, Iran, and Türkiye.
  - Support: Primary Members and Contributing Members include national and international institutions.
  - SELECTION PROCESS and APPLICATION: Participation mainly by application; online application form available through IMF channels.
  - Contact: Mr. Hervé Joly, Director — JVI@JVI.org; T. + (4 3) 0.1.798 .94.95.55; Mariahilfer Strasse 97, 1060 Vienna, Austria

- South Asia Regional Training and Technical Assistance Center (SARTTAC) — New Delhi, India:
  - Opened January 2017 to integrate training and technical assistance for six South Asia countries and serve as focal point for IMF capacity development in the region.
  - SELECTION PROCESS: Participation mainly by application; invitation-only courses use government nominations at IMF department request.
  - Contact: Mr. David Cowen (Director) and Mr. Saji Thomas (Deputy Director) — INFOSARTTAC@IMF.org; T. +(91) 011.49281000; Worldmark 2 Building, Aerocity, New Delhi 110037, India; Twitter: @SARTTAC

- IMF–Singapore Regional Training Institute (STI):
  - Established 1998 in collaboration with the Governments of Singapore and Japan to organize courses for Asia-Pacific officials.
  - SELECTION PROCESS and APPLICATION: Participation mainly by application; online application is available via IMF channels.
  - Contact: Mr. Alfred Schipke, Director — STIINFO@IMF.org; T. +(65) 6225.5311; 79 Robinson Road, CapitaSky #16-01, Singapore 068897

### Regional Training Programs and Other Training
- Georgia Training Program (GTP):
  - Established by the IMF and the Ministry of Finance of Georgia in cooperation with the JVI.
  - Coverage: Officials from 11 Caucasus, Eastern Europe and Central Asian countries (Georgia, Azerbaijan, Armenia, Ukraine, Moldova, Belarus, Tajikistan, Uzbekistan, Kazakhstan, Kyrgyzstan, Turkmenistan).
  - SELECTION PROCESS: Most courses by application (online application available); invitation-only courses use government nominations at IMF department request.
  - Contact: Ms. Ana Margiani, Head of International Relations Department, The Academy of the Ministry of Finance, T. +(995) 32.226.10.26 (11 18); a.margiani@MOF.ge

- Other Training (OT):
  - ICD delivers courses at IMF Regional Technical Assistance Centers (RTACs) and various venues, often in collaboration with regional training organizations.
  - Languages: Courses offered in Arabic, English, French, Portuguese, and Spanish.
  - Scheduling and participation: Generally scheduled for regional/subregional needs; participation in OT courses is by invitation only with government nominations in response to requests for nominations.

### Delivery model, participant selection, and recommended preparation
- Course delivery:
  - Courses are delivered by ICD and specialized IMF departments.
  - Courses on each topic are listed by course title and organized alphabetically by course abbreviation.
- Participant selection and application:
  - Selection processes vary by location—many courses require online application and supervisor sponsorship; some courses are by invitation with government nominations.
  - ICD does not accept hard-copy applications or nominations.
- Recommended preparation:
  - ICD recommends officials complete one or several of the introductory online courses before applying to classroom training; online completion may be a pre-requisite for some classroom offerings.
- Scheduling and updates:
  - The current schedule with course descriptions is available in the Institute’s digital training catalog; participants are encouraged to check the digital catalog as new offerings are added regularly.

*Source: Institute for Capacity Development, International Monetary Fund — INTRODUCTION (Training Catalog 2024).*

### 2015. The course covers definition and features of securities,

### cy24-catalog-e - 2015. The course covers definition and features of securities,

### Securities: definition, features, valuation, and security-by-security databases
- Course scope:
  - Definition and features of securities, securitization, and related operation.
  - Valuation and recording of securities.
  - Classification schemes and presentation tables for securities.
  - Security-by-security databases.
  - Practical exercise on valuation and recording of different types of debt securities complements the lectures.
- Course objectives (upon completion participants should be able to):
  - Identify the concepts underlying securities statistics in terms of sectorization, valuation, and accounting rules.
  - Describe the framework and technical challenges involved in constructing security-by-security databases.
  - Calculate nominal and market values for different types of debt securities based on their characteristics and market fluctuations.
  - Interpret the presentation tables for securities statistics recommended by the G-20 Data Gaps Initiative.

### Statistics on International Trade in Goods and Services (ITGS)
- Target audience:
  - Officials whose main responsibility is compiling balance of payments, international merchandise trade statistics, and/or international trade in services statistics.
  - Participants should be familiar with the methodology of the Balance of Payments and International Investment Position Manual, sixth edition (BPM6).
- Qualifications:
  - Degree in economics or statistics or equivalent experience.
  - Basic knowledge of balance of payments concepts.
  - At least one year of experience in compiling balance of payments or in collecting and processing source data on goods and/or services for compiling balance of payments statistics.
- Course description:
  - Presented by Statistics Department to provide a thorough understanding of international trade in goods and services statistics.
  - Practical advice on data sources and techniques for compiling these statistics.
  - Mainly based on the BPM6 Compilation Guide and the Manual on Statistics of International Trade in Services 2010 Compilers Guide (MSITS 2010 CG).
  - Series of lectures, workshops, and plenary discussions on country practices covering concepts, sources, and methods.
  - Emphasis on challenging services categories: manufacturing and merchanting, insurance, financial services, and construction, including how they are recorded in the balance of payments.
  - Opportunities to discuss compilation problems and analytical uses of the statistics.
- Course objectives (upon completion participants should be able to):
  - Explain the compilation of international trade in goods and services accounts related to the balance of payments, according to the techniques provided in the BPM6 Compilation Guide and the MSITS 2010 CG.
  - Identify new data sources that could improve the compilation of statistics on the international trade in goods and services.
  - Apply appropriate statistical techniques for dealing with complex methodological and compilation issues in compiling statistics on international trade.
  - Be aware of the discussions on the compilation of digital trade in services under the current revision of BPM6.
  - Identify data gaps in the compilation of digital trade and set up a strategy for improving its compilation within external sector statistics.

### Workshop on New Financial Soundness Indicators (FSIs) Metadata Report Forms (NFSIMRF)
- Target audience:
  - Officials at central banks and supervisory agencies for the financial sector involved in the compilation of FSIs for reporting to STA.
- Qualifications:
  - Degree in economics or statistics or equivalent experience.
- Course description:
  - Two-day virtual workshop (2 hours each in duration) presented by Statistics Department.
  - Context: implementation of the IMF’s 2019 Financial Soundness Indicators Compilation Guide (FSICG); FSIs compilers expected to update their country’s metadata in the IMF’s FSI website during the transition period ending in December 2022.
  - Workshop acquaints participants with the structure of the new FSIs metadata (FSM) template and provides practical hands-on guidance and case studies on how to fill-in the new FSM template.
  - Reviews main methodological changes introduced by FSICG in the compilation of FSIs for deposit-takers relevant for comprehensive metadata.
  - Demonstrates the new break in series feature and provides guidance on how to access Integrated Collection System (ICS) to update the new FSM template.
  - Participants invited to make a short presentation on key aspects of their country’s FSIs metadata.
  - Introduces the new FSIs Institutional Coverage (FSIC) template to users.
- Course objectives (upon completion participants should be):
  - Fully familiar with the structure of the new metadata and institutional coverage report forms for reporting to the IMF.

### Exchange Rate Policy (ERP)
- Target audience:
  - Junior to mid-level officials who work with exchange rate policy and analysis.
- Qualifications:
  - Advanced degree in economics or equivalent professional experience.
  - Comfortable with Microsoft Excel and Excel-based applications.
  - Working knowledge of EViews.
- Course description:
  - Presented by the Institute for Capacity Development; comprehensive overview of exchange rate analysis and policy.
  - Topics covered include:
    - Key exchange rate concepts (real, nominal, bilateral, multilateral, spot, forward) and arbitrage conditions (UIP, law of one price, PPP, relative PPP); role in achieving internal and external balance; role in economic growth (undervaluation, Washington Consensus, the Balassa-Samuelson effect).
    - Exchange rate policy and regimes (taxonomy, impossible trinity) and associated policy mix (monetary policy independence, financial stability, fiscal policy, capital controls).
    - Practical problems in developing and emerging market economies (excessive volatility; de jure vs. de facto regimes; competitiveness, price stability; exchange-rate pass-through; targets and instruments).
    - Transitions from rigid to flexible exchange rate regimes (motives; speed of transition; deep and liquid domestic FX markets, derivatives markets, coherent intervention policy, nominal anchor; transition sequence).
    - FX interventions (sterilized or non-sterilized; motivations, channels, effectiveness, instruments, tactics, policy communication).
    - Currency crisis (causes, role of macroeconomic and prudential policies).
    - Assessing reserve adequacy (ARA).
    - External Balance Assessment (EBA).
    - Early warning system.
- Course objectives (upon completion participants should be able to):
  - Assess reserve adequacy with traditional and the IMF ARA metric.
  - Assess external balance position with EBA and EBA-lite methodologies.
  - Construct systems for early warning of currency crises using data on nominal exchange rates and international reserves.
  - Describe the exchange rate regime choice and how country-specific features could influence the choice.

### Managing Capital Flows: Macroeconomic Analysis and Policies (MCF)
- Target audience:
  - Junior to mid-level policy makers in central banks and finance ministries with policy responsibilities related to capital account management. No prior knowledge required.
- Qualifications:
  - Advanced degree in economics or equivalent experience.
  - Good quantitative skills and basic knowledge of Microsoft Excel.
  - Recommended that applicants have taken either the Financial Programming and Policies (FPP) or the Macroeconomic Diagnostics (MDS) course.
- Course description:
  - Presented by the Institute for Capacity Development to foster understanding of the dynamics of capital flows and their effects on economic growth, macroeconomic volatility, and risk of crisis.
  - Starts with refresher on balance of payments statistics and description of alternative measures of capital flows and financial (capital) account openness.
  - Covers determinants of capital flows, link between flows and growth/volatility/crisis risk, sequencing capital account liberalization, analytical methods and data sources for analysis and forecasting, and the IMF’s Institutional View on capital flows including macroeconomic policy, macroprudential measures, capital flow management tools, and exchange rate intervention.
  - Includes case studies of actual crises and practical workshop exercises.
- Course objectives (upon completion participants should be able to):
  - Explain the dynamics of the capital account using the balance of payments of a given country.
  - Identify the financial and economic risks that a global capital market creates for both small and large economies.
  - Determine challenges a country faces in attempting to stabilize the economy under different economic scenarios.
  - Understand appropriate sequencing of capital account liberalization and associated reforms.
  - Identify how policy actions can influence or prevent the occurrence of capital account crises.
  - Evaluate the impact of financial reform policies on economic growth and the risk of financial crisis.
  - Understand key features of the IMF’s Institutional View, and the use of macroeconomic policies, macroprudential measures and capital flow management tools.
  - Propose policy actions to address or avoid future crises and reduce their costs.

### Model-Based Monetary Policy Analysis and Forecasting (MPAF)
- Target audience:
  - Mid-level to senior officials responsible for monetary policy decision making and staff doing macroeconomic analysis and forecasting or operating macroeconomic models.
- Qualifications:
  - Advanced degree in economics or equivalent experience.
  - Strongly recommended completion of the Monetary Policy (MP) course and the online Monetary Policy Analysis and Forecasting (MPAFx) course.
  - Comfortable using quantitative software such as EViews and Matlab/Octave (specific knowledge not required).
- Course description:
  - Presented by the Institute for Capacity Development; rigorous training on the use of simple Dynamic New Keynesian (DNK) models to conduct monetary policy analysis and forecasting.
  - Emphasizes analysis of monetary policy responses to macroeconomic imbalances and shocks.
  - Participants receive tools to develop or extend the canonical model to fit their own monetary policy framework and country features.
  - In-person course uses country case studies.
- Course objectives (upon completion participants should be able to):
  - Customize a simple model of an economy that embodies the monetary policy transmission mechanism and shocks.
  - Acquire and apply tools used in modern central banks to conduct monetary policy analysis and forecasting using the small semi-structural model.
  - Conduct nowcasting and near-term forecasting using estimation-based econometric techniques supported by expert judgment.
  - Use the small semi-structural model to develop consistent medium-term quarterly projections of key macro variables e.g. output, inflation, interest rate, and exchange rate.
  - Identify risks in the baseline forecast and draw up medium-term projections for alternative scenarios that assume that the risks materialize.
  - Start building a simple model for monetary policy analysis and forecasting using their own national data when they return home.

### ONLINE: Model-Based Monetary Policy Analysis and Forecasting Course (MPAFx)
- Target audience:
  - All government officials; particularly well-suited for central banks in early stages of introducing Forecasting and Policy Analysis Systems (FPAS) with IMF assistance.
  - Course offered in English.
- Qualifications:
  - Background in undergraduate macroeconomics, statistics, and econometrics.
  - Participants are provided guidance on how to access Matlab or Octave software.
- Course description:
  - Online course presented by the Institute for Capacity Development introducing a semi-structural macroeconomic model often used as a core of FPAS at central banks.
  - Shows how to implement the key equations of a canonical quarterly projection model (QPM) in macroeconomic modeling software.
  - Uses detailed country data highlighting an inflation targeting central bank for hands-on historical filtration, forecasting, and calibration exercises.
  - The course covers two main technical aspects.

*IMF Training Catalog 2024.*

### introduction to a canonical New Keynesian model structure and

### introduction to a canonical New Keynesian model structure and

### Course overview (QPM: canonical New Keynesian model)
- Focus: introduction to a canonical New Keynesian semi-structural QPM, its key properties, and practical implementation.
- Implementation environments: Matlab/Octave and the IRIS Toolbox for solving, maintaining, and forecasting with the QPM.
- Practical components: coding for data transformation, filtration, model evaluation, reporting, calibration, baseline forecasting, and alternative scenario generation.
- Institution: presented by the Institute for Capacity Development, International Monetary Fund.

### QPM — Course objectives and skills to acquire
- Explain the key building blocks of a canonical semi-structural QPM.
- Interpret key model equations from a macroeconomic point of view.
- Implement a simple QPM using specialized macroeconomic modelling software.
- Distinguish the key elements of a QPM in state-space form: shocks, observable and unobservable variables, measurement and transition equations, steady-state parameters, equation coefficients.
- Identify necessary codes for data transformation, filtration, and evaluation of QPM properties.
- Apply basic IRIS Toolbox functions for solving the model.
- Create output reports using model codes.
- Develop a basic calibration of the QPM.
- Produce a baseline forecast and alternative scenarios using the QPM.

### Target audience and prerequisites (QPM & related courses)
- Target audience for model-based and monetary policy courses: junior to mid-level officials from emerging markets and low-income countries; junior and middle-level officials from ministries of finance, central banks, and other public institutions.
- Qualifications typically requested:
  - Advanced degree in economics or equivalent experience.
  - Comfort using Microsoft Excel and Excel-based applications (for some courses).
  - Basic understanding of time-series econometrics and comfort using EViews (for Nowcasting).
  - Recommended prior completion of courses such as Financial Programming and Policies (FPP) and Macroeconomic Diagnostic (MDS).

### Monetary Policy course — description and learning outcomes
- Course description: comprehensive overview of monetary policy regimes, transmission mechanisms, and the role of monetary policy in macroeconomic stabilization; bridges theory, empirical evidence, and operational experience; uses lectures and hands-on workshops; includes case studies focused on emerging market and developing economy policy challenges.
- Topics covered: optimization problems and tradeoffs in monetary policy, evolving monetary frameworks and central bank mandates, environmental, social and governance principles, Unconventional Monetary Policy, central bank communication, and recent developments such as central bank digital currencies and their implications for transmission and operations.
- Course objectives (upon completion):
  - Analyze how monetary policy decisions are made under various regimes to deliver price stability and meet other objectives.
  - Identify how these decisions are transmitted to the real economy.
  - Evaluate how the economy and monetary policy respond to macroeconomic shocks under various monetary policy frameworks, demonstrated through a group presentation.
  - For central bank practitioners: design a sound monetary policy framework and prescribe policies consistent with the chosen framework.

### Nowcasting course — description and objectives
- Course description: hands-on training in nowcasting tools that incorporate high-frequency economic indicators into forecasting; integrates training with technical assistance on data compilation and dissemination; workshops and assignments to build a nowcasting model and generate a nowcast.
- Course objectives (upon completion):
  - Manage time-series data in EViews, estimate OLS regressions, and calculate forecasts.
  - Apply statistical procedures in EViews: frequency consolidation, interpolation, seasonal adjustment, and leading indicators.
  - Identify appropriate high-frequency indicators and prepare them for nowcasting.
  - Formulate and estimate nowcasting regressions using Bridge, MIDAS, and U-MIDAS estimators.
  - Generate nowcasts and consolidate competing forecasts using combination forecasts.
  - Evaluate nowcast accuracy using multiple forecasting performance indicators.
  - Apply nowcasting tools to country data and interpret nowcasts for policy use.

### Safeguards Assessment course — description and objectives
- Target audience: central bank officials on governance and oversight bodies, senior central bank staff responsible for accounting, financial reporting, auditing, risk management, internal control, legal, or reserve management operations.
- Qualifications: university or postgraduate degree in accounting, business, economics, finance, or law, or professional certifications in auditing or finance.
- Course description: interactive exposure to the IMF safeguards assessment methodology with emphasis on central bank governance, independent oversight, transparency, and accountability; covers external and internal audit mechanisms, financial reporting, internal controls, reserve management, and reporting of monetary data to the IMF; reviews autonomy and good governance in central bank legislation.
- Course objectives (upon completion):
  - Assess strengths and vulnerabilities of central bank safeguards and governance frameworks.
  - Identify specific steps to improve financial safeguards.
  - Use leading practices in central bank governance, autonomy, accountability, and transparency.
  - Describe and explain the requirements of the IMF safeguards policy and the importance of implementing safeguards recommendations.

### Selection guidelines and participation notes
- Selection priority: government officials whose professional assignments are closely related to course subject matter (ministries of finance, economy, planning; central banks; statistics agencies). For macroeconomic statistics courses, priority to statistical compilers.
- Sponsorship requirements: valid Sponsor’s Nomination Form certifying official endorsement, leave with regular pay, absence from other duties during course, and return to equal or greater responsibility after the course.
- Restrictions: IMF does not consider applications from local/state/municipal governments, non-governmental businesses, or private institutions for certain offerings.
- Previous attendance rules:
  - Those who have taken a course at HQ should generally wait two years before applying for another course at HQ.
  - Those who have taken a course at a training center or program are generally not eligible to attend the same course at another training center or program.
- Self-financed status: candidates from international agencies and advanced regional countries, and local staff in IMF Resident Representative offices selected for regional centers, are considered self-financed and must cover accommodation, travel, and per diem if attending as self-financed.
- Online courses (OL): free and open to all government officials of IMF member countries with no restrictions on participant numbers.

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_Source: https://www.imf.org/-/media/files/icd/catalog/cy24-catalog-e.pdf_