## INTRODUCTION ## Source details **Canonical URL:** [INTRODUCTION](https://www.imf.org/-/media/files/icd/catalog/cy25-catalog-e.pdf) ## Other formats - [Markdown version](/-/media/files/icd/catalog/cy25-catalog-e.pdf.md) - [Structured JSON version](/-/media/files/icd/catalog/cy25-catalog-e.pdf.json) --- ### DIRECTOR’S MESSAGE - The Director for the Institute for Capacity Development presented the catalog of IMF training courses scheduled for delivery in 2025 through the network of regional training centers, IMF Headquarters, and online. - Training of government officials has been a hallmark of the International Monetary Fund’s offering to members since 1964. - The 2025 training program aims to further enhance integration of capacity development with the IMF’s policy analysis and to align policy-oriented training with hands-on technical assistance and peer-to-peer learning. - The Director expressed appreciation for partnerships with member countries and institutions that provide financial support for the IMF’s capacity development efforts. ### INSTITUTE ROLE AND PROGRAM - The Institute for Capacity Development (ICD) organizes and delivers much of the IMF’s training and administers courses that other IMF departments deliver. - Curriculum focuses on IMF core areas of expertise and includes specialized courses by the Finance, Fiscal Affairs, Legal, Monetary and Capital Markets, and Statistics Departments. - ICD adapts existing courses and creates new ones in response to evolving needs of officials from IMF member countries and developments at the frontier of economic and financial analysis. - Training is customized to a member country’s unique circumstances and specific institutional needs. - The online learning program complements face-to-face training and has expanded IMF training reach to nongovernment participants. ### DELIVERY MODALITIES AND THEMES - Delivery modalities emphasized for 2025: - More blended delivery that makes good use of technology. - Expansion of online learning offerings in languages other than English: Arabic, French, Portuguese, Russian, and Spanish. - Blended and hybrid courses, as well as microlearning with focused, bite-size resources. - Programmatic focus areas: - Public finance, financial stability, monetary policy, macroeconomic frameworks, and macroeconomic statistics. - Transformational issues: climate change, digitalization, and gender equality. ### DELIVERY LOCATIONS, ELIGIBILITY, APPLICATION, CONTACTS - Headquarters (HQ): - Most HQ courses in Washington, D.C. are offered in English; some are also offered in French and Spanish. - Much of the HQ curriculum is targeted at a global audience. - Eligible countries: Participants are accepted from all IMF member countries, except those few declared ineligible for technical assistance. - Application channels: online application forms (www.IMF.org/insapply; www.IMF.org/ins/candidature; www.IMF.org/ins/solicitud). Applications for Arabic courses must be submitted in English. ICD does not accept hard-copy applications or nominations. Some courses are by invitation only; agencies may e-mail inquiries to ICDTAS@IMF.org. - HQ contact: Ms. Pearl Acquaah, Section Chief, Operations Management Division, Institute for Capacity Development, International Monetary Fund, 700 19th Street, NW, Washington, DC 20431, USA; ICDTAS@IMF.org. - Online Learning (OL): - Objectives: complement classroom training, serve as prerequisites, or stand-alone experiences. - Languages: all online courses available in English; some also in Arabic, French, Portuguese, Russian, and Spanish. - Characteristics: mix of instructional text, images, high-quality video, interactive assessments, hands-on exercises, discussion forums; some time-bound with strict weekly deadlines; most self-paced and continuously offered. - Enrollment: OL enables unlimited enrollment per country/agency for government officials at no charge; sponsor information and TOEFL scores not requested. - Requirements: reliable Internet; some courses may require Microsoft Excel or EViews (temporary license provided where required). - Contact: Mr. James Knight, Deputy Chief, Institute Training Program Division, Institute for Capacity Development, International Monetary Fund, 700 19th Street, NW, Washington, DC 20431, USA; ICDTAS@IMF.org. ### REGIONAL TRAINING CENTERS — SCOPE, EXAMPLES, AND ELIGIBILITY - General: - ICD delivers courses at Regional Training Centers and Regional Technical Assistance Centers (RTACs), often in collaboration with regional organizations; languages include Arabic, English, French, Portuguese, and Spanish. - Participation in OT/regional courses is typically by invitation and candidate nomination by government agencies. - Africa Training Institute (ATI): - Partners: Governments of Mauritius, China, Germany, the European Investment Bank, the European Union, Australia, Korea, Russia, and beneficiary countries. - Delivery since June 2013: macroeconomic management, financial sector policies, domestic resource mobilization, bank supervision, public expenditure and debt management, digitization (fintech and govtech), macroeconomic data compilation, regional integration, gender, governance, climate change, nowcasting, macroeconomics of pandemics. - Eligibility: 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. - Contact: Mr. Sukhwinder Singh, Director, Africa Training Institute, 7th Floor, Bramer House, Ebène, Mauritius; T. +(230) 401.250 0; ATICOM@IMF.org; www.IMFATI.org. - China-IMF Capacity Development Center (CICDC): - Headquartered in Beijing with centers in Shenzhen and Dalian; supports training in and outside China; target: officials in China and countries associated with the Belt and Road Initiative. - Contact: Center Director Mr. Hui He; Room 1808-A, East Tower, Twin Towers, No. B12, Jianguomenwai Avenue, Beijing 100022, P.R. China; +(86) 010.5120.8718; CICDCINFO@IMF.org; www.IMFCICDC.org. - IMF–Middle East Center for Economics and Finance (CEF): - Hosted and funded by the State of Kuwait; operations started in 2011; mandate: hands-on policy-oriented training to the 22 member countries of the Arab League. - Languages: Arabic or English (generally with interpretation into Arabic). - Contact: Director Mr. Paulo Drummond; The Symphony Style Building, Salem Al Mubarak St., Salmiya, P.O. Box 273 / Salmiya, 22003, Kuwait; +(965) 2224.5109 / +(965) 2224.5103; CEFINFO@IMF.org. - Joint Vienna Institute (JVI): - Established in 1992; target regions: Central, Eastern, and Southeastern Europe, the Caucasus, Central Asia, Iran, and Türkiye. - Support: Primary Members and Contributing Members including Austrian Federal Ministry of Finance, Austrian National Bank, IMF, EBRD, EIB, World Bank, OECD, WTO. - Contact: Director Mr. Hervé Joly; Mariahilfer Strasse 97, 1060 Vienna, Austria; + (4 3) 0.1.798 .94.95.55; JVI@JVI.org. - South Asia Regional Training and Technical Assistance Center (SARTTAC): - Opened January 2017 in Delhi; covers six South Asia countries; integrates training and TA. - Contact: Director Ms. Giorgia Albertin; Deputy Director Mr. Saji Thomas; South Asia Regional Training and Technical Assistance Center, 6th Floor, Worldmark 2 Building, Aerocity, New Delhi 110037, India; +(91) 011.49281000; INFOSARTTAC@IMF.org; www.SARTTAC.org. - IMF–Singapore Regional Training Institute (STI): - Established 1998 with Governments of Singapore and Japan; covers officials from 38 countries in Asia-Pacific. - Contact: Director Mr. Paul Cashin; IMF-Singapore Regional Training Institute, 79 Robinson Road, CapitaSky #16-01, Singapore 068897; +(65) 6225.5311; STIINFO@IMF.org; www.IMFSTI.org. ### PARTICIPANT SELECTION, SPONSORSHIP, AND ACCESS - Selection principles: - Priority to government officials whose professional assignments are closely related to the subject matter. - Participation mainly by application, sponsored by the applicant’s supervisor or director of training; invitation-only courses require government nominations at the request of the IMF department responsible for the course. - All applicants and nominees must submit a valid Sponsor’s Nomination Form certifying official endorsement and leave arrangements. - Previous participation is considered; those who have taken a course at a training center are generally ineligible to attend the same course at another training center. - Self-financed participants: - Candidates from international agencies and advanced economies accepted to attend IMF training events are considered self-financed and must cover all costs. - Local staff in IMF Resident Representative offices selected to train at regional centers are self-financed but eligible to attend training at HQ as regular participants. - Online selection: - Online courses are free of charge and open to all government officials of IMF member countries with no restrictions on number of officials who can participate. - Application and scheduling: - Applications submitted via www.IMF.org/insapply (and language-specific forms); the current schedule with full course descriptions is available at www.IMF.org/institute/all-locations. - Late applications are not accepted. ### DELIVERY PRINCIPLES AND PREPARATORY RECOMMENDATIONS - Courses are delivered by ICD and specialized IMF departments. - Course listings are organized by course title and abbreviation. - Officials are advised to complete introductory online courses before applying to classroom training; some online courses may be prerequisites for classroom courses. ### MAJOR THEMATIC COURSE OFFERINGS (SELECTION) - Financial Sector Policies: Annual Borrowing Plan (ABP); Bank Restructuring and Resolution (BR); Cash and Debt Management (CDM); Central Bank Digital Currencies: Principles and Policy Considerations (CBDC); Collateral and Risk Management Framework (CRMF); Core Elements of Banking Supervision (CBS). - Fiscal Policy and Debt Tools: Debt Sustainability Framework for Low Income Countries (LIC-DSFx); Public Debt Dynamics Tool (DDT); Public Debt Dynamics Under Uncertainty (DDUx); Public Debt, Investment, and Growth (DIGx); Fiscal Policy Analysis (FPA); Fiscal Frameworks (FF); Fiscal Sustainability (FS). - Macroeconomic Analysis and Forecasting: Financial Programming and Policies (FPP.1x and FPP.2x); Macroeconomic Diagnostics (MDS and MDSx); Macroeconometric Forecasting (MFx) and Macroeconometric Forecasting and Analysis (MFA); Monetary and Fiscal Policy Analysis with DSGE Models (DSGE); Model-Based Monetary Policy Analysis and Forecasting (MPAF and MPAFx); Nowcasting (NWC). - Climate, Energy, and Inclusive Growth: Macroeconomics of Climate Change (MCC) and MCCx series; Energy Subsidy Reform (ESRx); Inclusive Growth (IG) and IGx modules; Gender Inequality and Macroeconomics (GM). - Legal, Governance, and Financial Integrity: AML/CFT risk-based supervision; CFT Best Practices Course (CFT-BPC); Confronting Macro-Critical Corruption (CMCC); Foundations of Central Bank Law (FCBLx); Implementing International AML/CFT Standards (AMLS); Enhancing Beneficial Ownership Transparency (AMLCFT-ETF); Legal Frameworks for Banking Supervision and Resolution (LBSR); Public Debt Sustainability and Debt Restructuring (DSDR). - Macroeconomic Statistics: Balance of Payments and International Investment Position Statistics – Intermediate (BPIIPS-M); Balance of Payments and IIP online (BOP-IIPx); Balance Sheet Approach (BSA); Big Data for Macroeconomic Statistics (BDMS); Compilation Basics for Macroeconomic Statistics (CBMSx); Compilation of Macro-relevant Environment and Climate Change Statistics – Fundamental (CMECC-F); CPIx and CPI-A; wide range of other STA courses implementing BPM6, GFSM 2014, 2008 SNA, 2019 FSI Guide, and related manuals. ### SELECTED COURSE SUMMARIES — LEARNING OBJECTIVES AND TARGET AUDIENCES - Annual Borrowing Plan (ABP): - Target: officials in debt management offices, ministries of finance, or central banks. - Objective highlights: design ABP and auction calendar using MTDS AT and ABPT; assess auction calendars; identify ABP optimal for scenarios; describe link between debt and cash management. - Bank Restructuring and Resolution (BR): - Target: mid-level to senior officials in central banks, regulatory agencies, supervisory authorities, ministries of finance, deposit insurance funds. - Objective highlights: crisis preparedness and management building blocks; identification of weak banks; design resolution regimes and strategies; address distressed assets. - Cash and Debt Management (CDM): - Target: officials from finance ministries, treasury departments, debt management offices, cash management units, and central banks. - Objective highlights: link cash and debt management; integrate portfolio management; forecast cash flows; manage contingent liabilities and financing risks. - Central Bank Digital Currencies (CBDC): - Target: mid-level to senior central bank and regulatory officials. - Objective highlights: rationale for CBDCs; design and implementation framework; assess benefits, costs, and risks; implications for financial stability and monetary policy; lessons from pilots. - Collateral and Risk Management Framework (CRMF): - Target: mid- to senior-level central bank officials. - Objective highlights: collateral eligibility determinants; narrow vs. broad frameworks; haircut quantitative frameworks including tail-risk models; ELA principles and operationalization; ELA legal architecture building blocks. - Financial Statistics and Tools: - Public Debt Dynamics Tool (DDT): six-hour online course using some 10 macro variables to project debt under baseline and stress tests with fan charts. - DDUx: producing and interpreting fan charts; concepts of maximum debt limit and safe debt. - DIGx: use DIG and DIGNAR models to analyze public investment, growth, and debt interactions; over the past decade, DIG and DIGNAR models had over 65 country applications. - Macroeconomic Programming and Forecasting: - FPP.1x and FPP.2x: create consistent macroeconomic baseline projections; diagnose imbalances; prepare adjustment scenarios; use Excel-based country case studies. - MPAF/MPAFx and QPM: introduce canonical QPM, implement in Matlab/Octave and IRIS toolbox; customize simple semi-structural models for FPAS; nowcasting tools and techniques. - Climate and Inclusive Growth: - MCC and MCCx series: cover science, mitigation, adaptation, transition to net-zero, climate risks for financial sector, and green public finance tools (Climate-PIMA, DIGNAD features). - IG and IGx modules: measure inclusiveness, design inclusive growth strategies, assess fiscal, governance, labor market, and climate linkages. - Legal and Governance: - AMLS and AMLCFT-ETF: FATF standards, beneficial ownership registers, and action planning. - CMCC: prioritize macro-critical corruption vulnerabilities and design anticorruption strategies. - FCBLx and LBSR: central bank law and financial sector legal infrastructure for supervision and resolution. ### TRAINING TOOLS, MODULE CHARACTERISTICS, AND DELIVERY PRACTICES - Course formats include in-person workshops, case studies, simulations, hands-on Excel and software exercises (EViews, Matlab/Octave, IRIS), virtual workshops, and online self-paced modules. - Online modules frequently provide temporary software licenses where required. - VITARA series: short online modules (typically eight-hour modules) for tax administrations covering functional areas such as audit, compliance risk management, ERM, IT and data management, taxpayer services, performance management, and reform management. - Many technical courses include practical toolkits (e.g., PFRAM 2.0 for PPP fiscal impact analysis; FAD’s Fiscal Risk Toolkit; Climate-PIMA; DIGNAD/DIGNAR models). ### FREQUENTLY ASKED ADMINISTRATIVE QUESTIONS — KEY POINTS - Cost: All IMF courses are free of charge for eligible government officials; airfare, accommodation, and subsistence are provided by the IMF to eligible government officials only. Advanced economy country officials or international agency officials attend as self-financed and are not eligible to receive airfare, accommodation or subsistence. - Eligibility determination: criteria are determined by region; check IMF eligibility guidance (www.IMF.org/institute/eligibility). - Late applications: No, late applications are not accepted. - Languages: HQ and regional offerings include multiple languages; online courses are primarily in English with several also offered in Arabic, French, Portuguese, Russian, and Spanish. *Training Catalog 2025, Institute for Capacity Development, International Monetary Fund.* ### INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### INTRODUCTION ### DIRECTOR’S MESSAGE - The Director for the Institute for Capacity Development presented the catalog of IMF training courses scheduled for delivery in 2025 through the network of regional training centers, IMF Headquarters, and online. - Training of government officials has been a hallmark of the International Monetary Fund’s offering to members since 1964. - The 2025 training program aims to further enhance integration of capacity development with the IMF’s policy analysis and to align policy-oriented training with hands-on technical assistance and peer-to-peer learning. - The Director expressed appreciation for partnerships with member countries and institutions that provide financial support for the IMF’s capacity development efforts. ### INSTITUTE ROLE AND PROGRAM - The Institute for Capacity Development (ICD) organizes and delivers much of the IMF’s training and administers courses that other IMF departments deliver. - Curriculum focuses on IMF core areas of expertise and includes specialized courses by the Finance, Fiscal Affairs, Legal, Monetary and Capital Markets, and Statistics Departments. - ICD regularly adapts existing courses and creates new ones in response to evolving needs of officials from IMF member countries and developments at the frontier of economic and financial analysis. - The program customizes training to a member country’s unique circumstances and specific institutional needs. - The online learning program complements face-to-face training and has expanded IMF training reach to nongovernment participants. ### DELIVERY MODALITIES AND THEMES - Delivery modalities emphasized for 2025: - More blended delivery that makes good use of technology. - Expansion of online learning offerings in languages other than English: Arabic, French, Portuguese, Russian, and Spanish. - Blended and hybrid courses, as well as microlearning with focused, bite-size resources. - Programmatic focus areas: - Public finance, financial stability, monetary policy, macroeconomic frameworks, and macroeconomic statistics. - Transformational issues: climate change, digitalization, and gender equality. ### HEADQUARTERS (HQ) — ELIGIBILITY, APPLICATION, SCHEDULE, CONTACTS - HQ course language and audience: - Most HQ courses in Washington, D.C. are offered in English; some are also offered in French and Spanish. - Much of the HQ curriculum is targeted at a global audience. - Eligible countries: Participants are accepted from all IMF member countries, except those few declared ineligible for technical assistance. (Refer to IMF member country eligibility resources.) - Application channels: - Online application forms: www.IMF.org/insapply for English and Arabic courses, www.IMF.org/ins/candidature for French courses, and www.IMF.org/ins/solicitud for Spanish courses. - Applications for Arabic courses 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 may e-mail inquiries to ICDTAS@IMF.org. - Schedule: The current schedule with a full description of the courses is available at www.IMF.org/institute/all-locations. - HQ contact information: - Ms. Pearl Acquaah, Section Chief, Operations Management Division, Institute for Capacity Development, International Monetary Fund, 700 19th Street, NW, Washington, DC 20431, USA; ICDTAS@IMF.org. ### ONLINE LEARNING (OL) — FEATURES, ELIGIBILITY, APPLICATION, REQUIREMENTS, CONTACTS - OL objectives: - Complement and, in some cases, serve as a prerequisite for classroom training and technical assistance (TA). - Serve as a stand-alone learning experience. - Language availability: - All online courses available in English; some also available in Arabic, French, Portuguese, Russian, and Spanish. - Course characteristics: - Mix of 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 offered continuously on a self-paced basis. - OL enables unlimited enrollment per country/agency for government officials at no charge. - OL facilitates blended training combining self-paced online learning with live virtual or classroom courses. - Eligibility and selection: - All IMF member countries, except countries ineligible for technical assistance, are eligible for OL courses. - OL courses are open to all government officials at no charge regardless of employment agency; all who register will be admitted—there are no limits to the number of participants per country or agency. - Sponsor information is not requested and a TOEFL score is not required. - Application: The OL application can be accessed at www.IMF.org/insapply. - Requirements: Reliable Internet connection; some courses may require software such as Microsoft Excel or EViews (a temporary license will be made available where required). - Schedule and information: The current schedule with course descriptions is available at www.IMF.org/institute/all-locations; participants are encouraged to check the digital catalog for new offerings. - OL contact information: - Mr. James Knight, Deputy Chief, Institute Training Program Division, Institute for Capacity Development, International Monetary Fund, 700 19th Street, NW, Washington, DC 20431, USA; ICDTAS@IMF.org. ### REGIONAL TRAINING CENTERS — EXAMPLE: ATI - The Africa Training Institute (ATI) operates in collaboration with the Governments of Mauritius, China, Germany, the European Investment Bank, the European Union, Australia, Korea, Russia, and with additional financial support from beneficiary countries. - ATI delivery since June 2013: - Courses in macroeconomic management and financial sector policies and specialized topics: domestic resource mobilization, legal topics, bank supervision, public expenditure and debt management, digitization (fintech and govtech), macroeconomic data compilation and dissemination, regional integration and inclusive growth. - More recent priorities include gender, governance, climate change, nowcasting, and macroeconomics of pandemics. - Eligible participants and languages: - Courses are open to government and central bank officials from 45 sub-Saharan African member countries. - Courses typically offered in English and French, or in English with simultaneous interpretation into French and Portuguese. - Selection process: Participation by application, sponsored by the applicant’s supervisor or director of training; if by invitation, candidates are nominated by government agencies at the request of the IMF department responsible for the course. - Schedule and contact: - Current schedule available at www.IMFATI.org/content/ATI/home/training.html and www.IMF.org/en/capacity-development/training/ICDTC/schedule/AT - Mr. Sukhwinder Singh, Director, Africa Training Institute, 7th Floor, Bramer House, Ebène, Mauritius; T. +(230) 401.250 0; ATICOM@IMF.org; www.IMFATI.org. ### CATALOG SCOPE, STRUCTURE, AND PARTICIPANT SELECTION - The catalog provides an overview of IMF training delivered or coordinated by the Institute for Capacity Development, including courses at headquarters, online, and regional training centers and programs. - It describes the process of selecting course participants at each location and provides information on websites and contacts. - The catalog lists courses by topic with detailed descriptions provided later in the catalog. - The catalog does not discuss training by other organizations at the regional training centers. - Contents outline includes major topical sections with starting page references: Financial Sector Policies (page 13), Fiscal Policy (page 29), General Macroeconomic Analysis (page 45), Inclusive Growth and Structural Policies (page 49), Legal Issues (page 57), Macroeconomic Statistics (page 63), Monetary, Exchange Rate, and Capital Account Policies (page 82), Safeguards Assessments (page 86), Participant Selection and Sponsorship (page 87), Course Topics (page 89). *Training Catalog 2025, Institute for Capacity Development, International Monetary Fund* ### 2018. It provides training to officials in China and countries ### 2018. It provides training to officials in China and countries associated with the Belt and Road Initiative ### China-IMF Capacity Development Center (CICDC) - Purpose: Strengthen economic institutions and foster human capacity development in core areas of IMF expertise for officials in China and countries associated with the Belt and Road Initiative. - Footprint: - Headquartered in Beijing with China-based training centers in Shenzhen and Dalian. - Supports training both in and outside China. - Contact details (as provided by the Center): - Center Director: Mr. Hui He - Address: Room 1808-A, East Tower, Twin Towers, No. B12, Jianguomenwai Avenue, Beijing 100022, P.R. China - Telephone: +(86) 010.5120.8718 - Email: CICDCINFO@IMF.org - Website: www.IMFCICDC.org ### IMF–Middle East Center for Economics and Finance (CEF) - Host and funding: Hosted and funded by the State of Kuwait; operations started in 2011 and officially inaugurated in 2014. - Mandate: Provide hands-on policy-oriented training in economics and finance to the 22 member countries of the Arab League; tailor training to capacity development priorities of member countries. - Collaboration: Works with IMF Capacity Development Departments (CDDs), METAC, OECD, World Bank, WTO, bilateral and multilateral partners, and country authorities across Arab countries. - Delivery: - Courses offered in Arabic or English (generally with interpretation into Arabic). - Organizes conferences and seminars on cutting-edge and emerging policy topics relevant to the region. - Eligibility and selection: - Eligible participants: Government officials from Arab League countries. - Participation mainly by application; invitation-only courses require nomination by government agencies upon invitation. - Contact details: - Director: Mr. Paulo Drummond - Address: The Symphony Style Building, Salem Al Mubarak St., Salmiya, P.O. Box 273 / Salmiya, 22003, Kuwait - Telephone: +(965) 2224.5109 / +(965) 2224.5103 - Fax: +(965) 2224.5055 - Email: CEFINFO@IMF.org - Website: www.CEF.IMF.org ### Joint Vienna Institute (JVI) - Purpose: Strengthen economic policies and institutions and foster networks of officials across Central, Eastern, and Southeastern Europe, the Caucasus, Central Asia, Iran, and Türkiye. - Establishment and support: Established in 1992; supported by Primary Members (Austrian Federal Ministry of Finance, Austrian National Bank, IMF) and Contributing Members (EBRD, EIB, World Bank, OECD, WTO); European Commission observer since late 2007. - Eligibility and selection: - Country eligibility information available from IMF Institute eligibility guidance. - Participation mainly by application; invitation-only courses require nomination by government agencies at the request of the IMF department responsible for the course. - Application and schedule: - Online application: www.IMF.org/insapply - Schedule and course descriptions: www.JVI.org and www.IMF.org/institute/all-locations - Contact details: - Director: Mr. Hervé Joly - Address: Mariahilfer Strasse 97, 1060 Vienna, Austria - Telephone: + (4 3) 0.1.798 .94.95.55 - Email: JVI@JVI.org - Website: www.JVI.org ### South Asia Regional Training and Technical Assistance Center (SARTTAC) - Launch: Opened in January 2017 in Delhi, India. - Mandate: Respond to training and technical assistance needs of six South Asia countries; first center fully integrating training and technical assistance for the region. - Eligibility and selection: - Country eligibility information available from IMF Institute eligibility guidance. - Participation mainly by application; invitation-only courses require nomination by government agencies at the request of the IMF department responsible for the course. - Schedule: Current schedule and course descriptions available at www.SARTTAC.org and www.IMF.org/en/capacity-development/training/ICDTC/schedule/SA - Contact details: - Director: Ms. Giorgia Albertin; Deputy Director: Mr. Saji Thomas - Address: South Asia Regional Training and Technical Assistance Center, 6th Floor, Worldmark 2 Building, Aerocity, New Delhi 110037, India - Telephone: +(91) 011.49281000 - Email: INFOSARTTAC@ IMF.org - Website: www.SARTTAC.org - Twitter: @SART TAC ### IMF–Singapore Regional Training Institute (STI) - Establishment and partners: Established in 1998 in collaboration with the Governments of Singapore and Japan. - Coverage: Organizes courses for officials from 38 countries in the Asia-Pacific region. - Eligibility and selection: - Country eligibility information available from IMF Institute eligibility guidance. - Participation mainly by application; invitation-only courses require nomination by government agencies at the request of the IMF department responsible for the course. - Application and schedule: - Online application: www.IMF.org/insapply - Schedule and course descriptions: www.IMFSTI.org and www.IMF.org/institute/all-locations - Contact details: - Director: Mr. Paul Cashin - Address: IMF-Singapore Regional Training Institute, 79 Robinson Road, CapitaSky #16-01, Singapore 068897 - Telephone: +(65) 6225.5311 - Fax: + (6 5 ) 6 2 2 5 . 6 0 8 0 - Email: STIINFO@IMF.org - Website: www.IMFSTI.org ### Other Training (OT) and Regional Technical Assistance Centers - Delivery: Institute for Capacity Development (ICD) delivers courses at IMF Regional Technical Assistance Centers (RTACs) and other venues, often in collaboration with regional training organizations. - Languages: Courses offered in Arabic, English, French, Portuguese, and Spanish. - Scheduling and participation: - Courses scheduled to meet regional or subregional training needs; participation in OT courses is by invitation only and candidates are nominated by government agencies in response to requests for nominations. - Location and schedule details available via the digital catalog at www.IMF.org/institute/all-locations. ### Course delivery principles and preparatory recommendations - Courses are delivered by ICD and specialized IMF departments. - Course listings are organized by course title and abbreviation. - Recommendation: Officials are advised to complete one or several introductory online courses before applying to classroom training; some online courses may be prerequisites for classroom courses. ### Selected Financial Sector Course Descriptions and Objectives - Annual Borrowing Plan (ABP): Implementing a Debt Management Strategy Through an ABP - Target audience: Officials from debt management offices, ministries of finance, or central banks dealing with public debt management. - Qualifications: Degree in economics or finance or equivalent experience; familiarity with the joint IMF-WB MTDS framework and its analytical tool (MTDS AT) is highly recommended. - Course focus: Build capacity to design an annual borrowing plan (ABP) and an auction calendar using MTDS AT outputs and the ABP tool (ABPT); emphasize issuance patterns, maintaining size of issuance for long-term instruments, and using short-term instruments to maintain a positive cash balance. - Key learning outcomes: - Assess alternative auction calendars in line with a chosen debt management strategy (DMS). - Identify an annual borrowing plan optimal for different scenarios (e.g., lengthening maturity, prefinancing). - Describe the link between debt and cash management. - Present the ABP in context of meeting the government’s financing needs. - Bank Restructuring and Resolution (BR) - Target audience: Mid-level to senior officials in central banks, regulatory agencies, supervisory authorities, ministries of finance, deposit insurance funds, and other agencies responsible for supervision, resolution, and financial safety nets. - Qualifications: Experience in bank supervision, bank resolution, and/or depositor protection. - Course focus: Conceptual and operational issues related to restructuring and resolution of weak and failing banks, including identification and supervision of weak banks, operational preparedness, crisis containment, resolution options, cross-border resolution, system-wide diagnostics, and dealing with distressed assets. - Key learning outcomes: - Explain building blocks of crisis preparedness and management. - Identify weak banks and devise response strategies. - Pinpoint key design features of effective resolution regimes and enhance operational preparedness. - Identify stabilization options and design credible strategies for restructuring and resolution at individual and system-wide levels. - Compare options for dealing with distressed assets. - Cash and Debt Management (CDM) - Target audience: Officials from finance ministries, treasury departments, debt management offices, cash management units, and central banks. - Qualifications: Degree in economics or finance or equivalent experience, and at least two years of working experience in debt or cash management. - Course focus: Link cash and debt management and their interactions with fiscal and monetary policies; emphasize annual borrowing plans, issuance calendars, cash flow and cash balance forecasts, and management of contingent liabilities and financing risks. - Key learning outcomes: - Describe the linkage between debt and cash management. - Explain managing government cash and debt as an integrated portfolio. - Understand management of contingent liabilities and associated risks for cash and debt management. - Describe importance of sending consistent signals to markets regarding government financial management strategy. - Central Bank Digital Currencies: Principles and Policy Considerations (CBDC) - Target audience: Mid-level to senior officials in central banks and government agencies dealing with financial sector regulation. - Qualifications: Advanced degree in economics or finance or equivalent work experience. - Course focus: Foundation in CBDCs, assessment of CBDC business case from users’ and central banks’ perspectives, forms of CBDCs, design considerations and framework, benefits, costs and risks, implications for financial stability, bank intermediation, monetary policy transmission, financial inclusion, and regulatory considerations; includes country case studies and pilots. - Key learning outcomes: - Explain economic rationale for CBDCs compared to other payment instruments. - Use course framework to think about CBDC design and implementation. - Assess benefits and costs of CBDCs using course concepts. - Identify threats to financial stability and various risks from case studies. - Extract lessons from country pilots to prevent design pitfalls. - Collateral and Risk Management Framework (CRMF) - Target audience: Mid- to senior-level officials in central banks. - Qualifications: Experience in central bank operations, risk management, financial markets, and/or quantitative competencies. - Course focus: Collateral and risk management framework for standard monetary operations and Emergency Liquidity Assistance (ELA); covers asset eligibility, valuation, risk control measures, conditionality for ELA, acceptance of credit claims as collateral, ELA in dollarized economies, liquidity support to non-bank financial institutions, and includes an ELA simulation case study. - Key learning outcomes (select highlights): - Identify main determinants for collateral eligibility (safety, liquidity, volume, observable prices, operational risks and costs, sufficient availability, legal certainty, correlation risk). - Explain narrow vs. broad collateral frameworks and valuation approaches. - Understand risk equivalence and quantitative framework for setting haircuts, including tail-risk-based models. - Explain ELA principles: temporary nature, last resort support, solvency and viability, collateral, conditionality, monitoring through funding plans; key ELA parameters (maturity, time limit, interest rate). - Design ELA simulations to support preparedness and operationalization. - Identify building blocks for ELA legal architecture (central bank law, ELA regulation, ELA procedures, MOUs with Ministry of Finance and banking supervisor). - Core Elements of Banking Supervision (CBS) - Target audience: Bank supervisors. - Qualifications: Familiarity with basic banking regulation and supervisory procedures. - Course scope: Offers a comprehensive overview of banking supervision (course description continued beyond provided excerpt). *Source: Training Catalog 2025, IMF Institute for Capacity Development.* ### introduction to the key conceptual and operational aspects of bank ### introduction to the key conceptual and operational aspects of bank ### Course overview - Introduction to the key conceptual and operational aspects of bank regulation and supervision. - Covers the supervision and regulation of the key banking risks: credit, liquidity, market, and operational risks. - Framed in the context of the Basel Core Principles and risk-based supervision. - Includes updates on the latest regulatory developments. - Emphasizes interactive learning with workshops, case studies, and exercises simulating real-world supervisory scenarios. - Special addresses by guest speakers provide additional perspectives. ### Key topics and emphasis - Prudential regulatory framework components and implementation in supervision. - Risk-based supervision approaches and tools to assess and address bank fragilities. - Supervision and regulation of credit risk, liquidity risk, market risk, and operational risk. - Lessons from past financial stability threats to inform preventive measures. - Practical application of international standards (Basel Core Principles) in supervisory practice. ### Learning methods and participant engagement - Combination of workshops, case studies, and exercises simulating real-world supervisory scenarios. - Interactive learning encouraging participants to share insights and experiences. - Special addresses by guest speakers to enhance practical perspectives. ### Course objectives - Identify and explain the main components of the prudential regulatory framework. - Describe and apply effective supervisory approaches and tools. - Extract lessons from past financial stability threats to prevent their recurrence. *IMF Training Catalog 2025 — Financial Sector Policies* ### 2.0  analytical tool to identify and quantify the fiscal impact of both ### 2.0 analytical tool to identify and quantify the fiscal impact of both individual projects and the overall portfolio of PPP projects ### PFRAM 2.0 and fiscal treatment of PPPs - The course uses the analytical tool PFRAM 2.0 to: - Identify main fiscal costs and risks arising from different types of PPP projects. - Understand international accounting and reporting standards for recording PPP transactions in government main fiscal aggregates (i.e., deficit and debt) following both the cash and accrual accounting bases. - Estimate main contingent liabilities arising from PPP contracts (e.g., debt guarantees, minimum revenue guarantees, and contract termination clauses). - Develop a fiscal risks matrix for different types of PPP projects using PFRAM 2.0 and discuss good international practices for managing and mitigating specific fiscal risks from PPPs. - Assess a portfolio of PPP projects focusing on its overall fiscal impact under different macroeconomic scenarios, and simulate the fiscal impact of contract termination. - Course objectives (participant competences upon completion): - Identify main fiscal costs and risks from PPPs. - Use PFRAM 2.0 to map accounting/reporting implications on deficit and debt under cash and accrual bases. - Estimate contingent liabilities from common PPP contract clauses. - Develop fiscal risk matrices and mitigation approaches. - Assess portfolio-level fiscal impact and termination simulations. ### Debt Sustainability Framework for Low Income Countries (LIC-DSFx) - Presented jointly by the Institute for Capacity Development and the Strategy, Policy, and Review Department, in collaboration with the World Bank. - Course content and steps: - Overview of the World Bank–IMF Debt Sustainability Framework for Low Income Countries (LIC DSF). - Identification of data requirements and the “realism tools” used to assess plausibility of macroeconomic projections. - Computation of a country’s debt-carrying capacity to determine thresholds for debt-burden indicators. - Use of baseline and stress test scenarios to signal risks of debt distress when indicators breach thresholds. - Use of judgment to arrive at a final risk rating. - Course objectives: - Identify data requirements for the LIC DSF template. - Identify steps in producing debt risk ratings for low-income countries. - Understand LIC DSF realism tools and stress test scenarios. - Identify how LIC DSF computes thresholds for debt-burden indicators and interpret risk ratings and outputs in WB and IMF reports. ### Public Debt Dynamics Tool (DDT) and related online offerings - Public Debt Dynamics Tool (DDT): - Six-hour online course presented by the Institute for Capacity Development. - Uses projections of some 10 key macroeconomic and fiscal variables to produce public debt projections under baseline and stress test scenarios, including fan charts. - Identifies main drivers of public debt changes and computes measures of fiscal adjustments to achieve a user-defined public debt target. - Course objectives include projecting public debt, identifying drivers of debt changes, computing fiscal adjustment measures, conducting stress tests including fan charts, and identifying debt sustainability components. - Public Debt Dynamics Under Uncertainty (DDUx): - Jointly presented by the Institute for Capacity Development and the Fiscal Affairs Department. - Teaches production and interpretation of fan charts and concepts of maximum debt limit and safe debt. - Course objectives include explaining and producing fan charts (via simple Monte Carlo simulations, VAR models, and fiscal reaction functions) and evaluating debt dynamics under uncertainty. - Public Debt, Investment, and Growth (DIGx): - Presented by the Institute for Capacity Development and the Research Department. - Uses the DIG and DIGNAR models to analyze relations between public investment, growth, and public debt dynamics. - Highlights interactions: investment-growth nexus, fiscal adjustment, private sector response, and the role of financing type, rate of return on public capital, efficiency of public investment, and revenue mobilization capacity. - Over the past decade, the DIG and DIGNAR models have had over 65 country applications in the context of Fund-supported programs and surveillance work. - Course objectives include understanding model basics, key elements, policy-response dependencies, and interpretation of policy scenario outputs as reflected in official IMF documents such as Article IV reports. ### Fiscal Analysis and Forecasting, Frameworks, and Sustainability tools - Fiscal Policy Analysis (FPA): - Presented by the Institute for Capacity Development. - Covers fiscal accounts and analysis, fiscal rules and councils, fiscal multipliers, natural resource revenue management, fiscal forecasting, and fiscal sustainability with workshops and Excel-based exercises. - Course objectives include preparing detailed analyses of revenue and spending, generating forecasts for fiscal aggregates and fiscal balance, and applying skills to real country case studies. - Fiscal Frameworks (FF): - Presented by the Institute for Capacity Development. - Reviews objectives of government and fiscal policy, tools to analyze and improve fiscal policy, transparency, and accountability mechanisms for medium- to long-term fiscal objectives. - Course objectives include describing the debate on the role of government and fiscal policy, using data to assess national fiscal policy, designing fiscal rules, monitoring fiscal performance, and contributing to medium-term budgets. - Fiscal Sustainability (FS): - Introduces the Excel-based Public Debt Dynamics Tool (DDT) for projecting stock of public debt under baseline and alternative scenarios, including natural-disaster scenarios and fan charts. - Uses DDT to estimate paths of fiscal adjustments consistent with a user-defined debt target. - Course objectives include projecting public debt, identifying drivers of debt changes, computing fiscal adjustments consistent with a debt target, conducting stress tests using fan charts, and identifying components of a debt sustainability analysis to assess risk of debt distress. ### Fiscal risk management and related toolkits - Understanding, Assessing and Managing Fiscal Risks (UAMFR) — Fiscal Affairs Department: - Part of FAD’s Fiscal Risk Work Program. - Provides overview of key sources of fiscal risks, techniques to analyze and mitigate them, institutional arrangements, and FAD’s Fiscal Risk Toolkit (practical Excel-based tools). - Discusses standards for reporting and disclosing fiscal risks as prescribed in the IMF’s Fiscal Transparency Code. - Course objectives include defining fiscal risks and contingent liabilities, identifying and prioritizing main fiscal risks, understanding techniques for assessing macro-fiscal risks from sources (government loan guarantees, state-owned enterprises, public-private partnerships), identifying institutional arrangements for fiscal risk monitoring and management, and preparing a fiscal risk statement. ### Revenue administration, tax policy, and VITARA modules - RA-GAP VAT Gap Estimation Model (VGAPx): - Teaches VAT gap modeling framework and VGEM use, with modules on measuring actual VAT, constructing potential VAT base, and running and interpreting the model. - Course objectives include preparing data inputs for VGEM, producing and interpreting VGEM results, and diagnosing and correcting errors. - Revenue Forecasting and Analysis (RFAx): - Focuses on quantitative methods for forecasting and evaluating revenue implications of tax changes across major taxes and emphasizes institutional frameworks for revenue forecasting. - Course objectives include describing the role of revenue forecasting, identifying institutional good practices, data requirements, applying macro-based models, input-output and micro-simulation techniques, and recognizing strengths and limitations of models. - Tax Administration Diagnostic Assessment Tool (TADAT): - Teaches TADAT methodology, international good practices, and skills to conduct benchmarking assessments, interpret results, and use metrics for reform strategies. - An exam with a 75 percent pass mark is offered for certification eligibility. - Course objectives include in-depth understanding of tax administration good practices, use of TADAT metrics, writing components of TADAT Performance Assessment Reports, interpreting results holistically, linking measurable dimensions, and managing assessment teams. - Tax Policy and Administration: Theory and Practice (TPAT): - Broadens knowledge on tax system design, administration, and monitoring with emphasis on region-specific issues and international taxation topics. - Course objectives include summarizing tax policy design principles, identifying core elements of major taxes, recognizing international taxation problems and tools, analyzing tax administration organization and compliance management, and understanding tools for tax system assessment (TADAT, RA-GAP, Tax Expenditure Assessment Tool, ISORA). ### VITARA series — targeted short modules for tax administrations - VITARA modules are short online offerings (typically eight-hour modules for many) presented jointly by CIAT, IOTA, IMF, and OECD, covering: - VITARA – Audit Program (VITARA-AUD): audit function design, governance, staffing, and performance measures. - VITARA – Compliance Risk Management (VITARA-CRM): CRM concepts, governance, data use, and CRM processes. - VITARA – Enterprise Risk Management (VITARA-ERM): ERM basics, frameworks (ISO, COSO), governance, and ERM policy components. - VITARA – Filing of Declarations (VITARA-FLD): filing protocols, compliance risks, legal and technological issues for declarations. - VITARA – Human Resource Management (VITARA-HRM): HRM strategy, organizational models, career paths, remuneration, and learning and development. - VITARA – Information Technology and Data Management (VITARA-ITD): IT strategy, automated tax administration models, IT governance, data quality, and security. - VITARA – Institutional Governance (VITARA-IGO): internal/external governance frameworks, accountability, transparency, safeguards, and internal controls. - VITARA – Organization (VITARA-ORG): organizational design, models, HQ vs Field roles, and special units. - VITARA – Payment and Debt Management (VITARA-PDM): debt management strategy, recovery, enforcement tools, write-off provisions, and dispute resolution. - VITARA – Performance Management (VITARA-PMG): PM frameworks, roles, measuring and reporting performance. - VITARA – Reform Management Fundamentals (VITARA-RMF) and Managing a Reform Program (VITARA-RMS): reform program design, project management phases, resourcing, risk management, change management, monitoring and post-implementation evaluation. - VITARA – Strategic Management (VITARA-SMG): strategic planning, alignment, timelines, resources, and critical success factors. - VITARA – Taxpayer Registration (VITARA-TAR): registration process, register integrity, governance, register maintenance and cleansing. - VITARA – Taxpayer Services (VITARA-TPS): taxpayer-centered services, service channels, segmentation, resource planning, and digitalization innovations. - Common characteristics of VITARA modules: - Target audience: executives and senior managers in tax administrations or officials responsible for the covered function. - Qualifications/requirements: access to a computer with a reliable Internet connection and a Google Chrome web browser; some modules state there are no prerequisites. - Course objectives are focused on operational design, governance, performance measurement, and practical implementation steps for each functional area. *Source: Training Catalog 2025, Fiscal Policy course descriptions and objectives as presented by IMF Institute for Capacity Development, Fiscal Affairs Department, Strategy, Policy, and Review Department, and joint partners.* ### Part 1: Macroeconomic Accounts and Analysis (FPP.1x) course and ### Part 1: Macroeconomic Accounts and Analysis (FPP.1x) course and related FPP.2x program ### Overview - The courses are presented by the Institute for Capacity Development and explain how to diagnose macroeconomic imbalances and correct them through a coordinated set of adjustment policies. - Coverage spans the four main macroeconomic sectors: real, fiscal, external, and monetary, emphasizing both accounting and behavioral relationships and using data from a country case study. - Delivery formats: - Online: Financial Programming and Policies, Part 1: Macroeconomic Accounts & Analysis (FPP.1x) - Online: Financial Programming and Policies, Part 2: Program Design (FPP.2x) ### FPP.1x — Course description and objectives - Course description: - Explains basic skills required to conduct financial programming. - Presents accounting frameworks, interpretations of variables and indicators, and basic analysis for each sector (real, fiscal, external, monetary). - Uses hands-on, Excel-based framework and a country case study for practical analysis. - Course objectives (Upon completion participants should be able to): - 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 to understand economic and financial developments and diagnose macroeconomic imbalances. - Identify economic vulnerabilities and risks in the baseline scenario and articulate how policy measures address them. - Prepare an adjustment scenario that reflects the policy measures and their macroeconomic impact. - Negotiate an economic adjustment program with the respective counterparty in a role-playing simulation exercise. - Identify further policy goals and measures that will be incorporated into a medium-term framework. - Calculate economic variables using macroeconomic accounting principles. - Interpret the accounts of the real, fiscal, external, and monetary sectors that comprise the macroeconomy. - Describe the accounting and behavioral links between the macroeconomic accounts. - Analyze economic and financial developments of a case study country using a hands-on, Excel-based framework. ### FPP.1x and FPP.2x — Target audience and qualifications - Target audience: - All government officials are welcome to register. - Particularly relevant for officials in ministries of finance, economy, planning and central banks who advise on or help implement macroeconomic and financial policies. - Languages offered: - FPP.1x: English, French, Spanish, Russian, and Arabic. - FPP.2x: English, French, and Spanish. - Qualifications: - Some knowledge of economics is helpful. - Basic Microsoft Excel skills and access to a computer with a reliable Internet connection and a Google Chrome web browser are essential. ### FPP.2x — Course description and objectives - Course description: - Builds on FPP.1x to expand understanding of the design and application of macroeconomic and financial policies. - Presents simple forecasting methods for each macroeconomic sector and demonstrates preparation of a macroeconomic adjustment program for a case study country. - Course objectives (Upon completion participants should be able to): - Construct baseline projections of the real, external, government, and monetary sectors using sector-specific variables. - Describe the relationships between the sectors in both accounting and behavioral terms. - Create consistent one-year economic projections on the assumption that policies do not change. - Use a macroeconomic model to analyze how policy changes affect a forecast. - Identify and appraise the economic vulnerabilities inherent in an emerging market economy. - Prepare a macroeconomic policy scenario using a given set of data. ### Macroeconomic Diagnostics (MDS and MDSx) - MDS (in-person) — Course description: - Strengthens ability to comprehensively assess a country’s macroeconomic situation: current state of the economy; stance of fiscal and monetary policy; financial stability; exchange rate; sectoral vulnerabilities; and medium-term outlook, especially sustainability of public and external debt. - Emphasizes practical tools and regional case studies to illustrate application to policymaking. - MDS objectives (Upon completion participants should be able to): - Analyze potential output, calculate output gaps, and diagnose the outlook for the economy. - Assess the stance of current fiscal, monetary, exchange rate, and financial policies. - Assess macro-financial linkages, including through analysis of financial sector soundness indicators. - Assess the medium-term prospects of the economy, especially the sustainability of public and external debt. - Identify possible external and internal economic risks and vulnerabilities to economic growth and develop policies to address them. - MDSx (online) — Target audience and qualifications: - Target: officials in central banks and ministries of finance or economy directly involved in diagnosing the state of the macroeconomy and making projections. - Languages: English and French. - Qualifications: Some knowledge of economics; basic Microsoft Excel skills; reliable Internet connection and Google Chrome web browser are essential. ### Macroeconometric Forecasting (MFx) and Macroeconometric Forecasting and Analysis (MFA) - MFx — Course description: - Reinforces macroeconomic forecasting and modeling skills using modern econometric techniques. - Demonstrations and applications use EViews; temporary licenses for EViews are made available for the duration of the course. - Focus areas: - Data and model properties (stationarity/non-stationarity and co-integration) - Dynamic specifications (error correction models) - Model evaluation, design, and simulation - Forecast uncertainty and policy analysis - MFx objectives (Upon completion participants should be able to): - Forecast time series and multiple equation models using EViews. - Assess statistical characteristics of time series and apply appropriate forecasting methods. - Construct a macroeconometric model using ARMA, VAR, and VECM methods. - Use a variety of statistical techniques to evaluate forecasting model performance. - MFA — Course description and objectives: - Rigorous foundation estimating macro-econometric models for nowcasting, forecasting, and policy analysis. - Examines univariate and multivariate time series models, state-space models, and nowcasting techniques such as BRIDGE, MIDAS, and UMIDAS. - Workshops use EViews; participants work in groups on hands-on estimation and forecasting exercises. - Objectives include identifying foundations and limitations of econometric specifications and using EViews to enhance institutional policy analysis and forecasting capabilities. ### Monetary and Fiscal Policy Analysis with DSGE Models (DSGE) - Target audience and qualifications: - Mid-level to senior officials who use DSGE models in macroeconomic analysis of monetary and fiscal policy. - Participants expected to have an advanced degree in economics or equivalent experience, solid quantitative skills, and basic knowledge of MATLAB/Octave and Dynare/Iris (specific knowledge not required). - Recommended: completion of the online Monetary Policy Analysis and Forecasting (MPAFx) course. - Course description: - Focuses on building, using, and interpreting DSGE models to analyze monetary and fiscal matters. - Covers model design and implementation issues and uses region-specific case studies. - Explores benefits and limitations of DSGE models for policy analysis and advice. - Course objectives (Upon completion participants should be able to): - Describe models and techniques (simulation and estimation) used by policymakers to analyze monetary, fiscal, and structural issues. - Augment or modify model structure to address an economic policy question. - Apply DSGE models developed in the course to various policy questions and interpret results. - Identify advantages and limitations of DSGE models for policy analysis and advice. - Construct a basic DSGE model from first principles using data specific to their own country in the region. ### Climate in Macroeconomic Frameworks (CMF) — introductory note - Target audience and qualifications: - Government officials from ministries of finance, central banks, and other government agencies involved in monitoring and assessing macroeconomic implications of climate change and related policies. - Participants expected to have an advanced degree in economics or equivalent experience and be proficient in Microsoft Excel. - Comfort with quantitative software such as EViews or Matlab is expected, though specific knowledge is not required. - Strong recommendation to first complete the online Macroeconomics of Climate Change: Science, Economics, and Policies, along with the online Financial Programming and Policies. *Institute for Capacity Development — Training Catalog 2025* ### Part 1 courses. ### Part 1 courses ### Climate, Energy, and Inclusive Growth - Macroeconomics of Climate Change (MCC) - Target audience: Mid-level to senior officials; particularly useful for central banks, ministries of finance, and agencies designing macroeconomic and climate policies. - Qualifications: Advanced degree in economics or equivalent experience; proficiency in Microsoft Excel. Recommended prerequisite: MCCx-SEP. - Description: Overview of science and economic costs of climate change; policy options for adaptation and mitigation (including pricing carbon emissions and removal of fossil fuel subsidies); transition challenges and opportunities. - Objectives: - Understand the costs of climate change. - Design comprehensive strategies for mitigation commitments and investment in the net-zero transition. - Work with climate data to analyze macroeconomic impact. - Macroeconomics of Climate Change — Science, Economics, and Policies (MCCx-SEP) — online - Target audience: All government officials; particularly for officials in central banks, ministries of finance, and other agencies on macroeconomics and climate change. - Qualifications: Some knowledge of economics; access to computer and Google Chrome. - Description: First in a six-part MCCx series; covers science and economics behind climate change, global action framework, and IMF engagement on climate issues. - Objectives include identifying causes and physical damages of climate change and explaining IMF engagement. - MCCx Series (online components and objectives) - MCCx-MS (Mitigation Strategies): explain rationale for mitigation; identify mitigation policy instruments; compare advantages/disadvantages of carbon pricing; analyze macroeconomic impacts of mitigation; considerations for scaling up carbon pricing. - MCCx-TNZ (Transitioning to Net-zero): define four building blocks of a growth and distribution friendly mitigation strategy; compare effects of mitigation on commodity prices, trade patterns, and fossil fuel exporters; describe general investment needs for net-zero transition; identify roadmap for decarbonization. - MCCx-EA (Economics of Adaptation): define adaptation and when it is macrocritical; identify policies to promote investment in adaptation; explain three-pillar strategy to mainstream adaptation; introduces DIGNAD climate modeling tool. - MCCx-CRFS (Climate Risks for the Financial Sector): identify need to improve climate-change-related financial information and the three building blocks of climate information architecture; explain developments in regulation and supervision of climate-related financial risks; describe stress testing and climate scenarios; implications for central bank operations. - MCCx-GPF (Green Public Finance): identify linkages between climate challenges and public investment management; describe Climate-PIMA tool; define PFM; identify entry points for mainstreaming climate across the budget cycle; principles for green PFM reforms; describe DIGNAD features. - Energy Subsidy Reform (ESRx) — online - Target audience: All government officials; particularly officials in finance, economy, and planning ministries. Offered in English and Arabic. - Qualifications: Some economics knowledge; basic Microsoft Excel; reliable Internet and Google Chrome. - Description: Joint ICD and Fiscal Affairs/Middle East and Central Asia/Asia and Pacific Departments; definitions and measurement of energy subsidies; economic, social, and environmental implications; toolkits for distributional effects and fuel pricing mechanism design; country success and failure case studies. - Objectives include explaining energy subsidies, estimating pre- and post-tax subsidies, defining corrective energy taxes, designing robust subsidy reform strategies, and using an Excel-based toolkit to assess household impacts by income groups. - Inclusive Growth (IG) — in-person and IGx online modules - Target audience: Mid-level to senior officials involved in economic and strategic planning, monitoring policies tackling poverty and inequality, climate change, and job creation. - Qualifications: Degree in economics or social sciences or equivalent experience; recommended completion of IGx or modules (IGx-CI, IGx-FP, IGx-GOV, IGx-CC, IGx-LMGT). - Description: ICD course focused on inclusive growth concepts, the Inclusive Growth Dashboard, effects of macroeconomic policies on growth, poverty, inequality, job creation, and long-term structural trends such as demographics and climate change. - Objectives: interpret poverty and inequality measures; analyze macroeconomic policy roles; identify obstacles and prioritize reforms; design an inclusive growth strategy. - Online Inclusive Growth (IGx) and IGx submodules (Governance, Climate Change, Fiscal Policy, Concepts and Indicators, Labor Markets Gender and Technology) - IGx (overall online): define inclusive growth; measure inclusiveness with indicators; explain fiscal policy role; assess labor market inclusiveness including gender and technology effects; governance importance; identify climate-related risks and design policy mixes. - IGx-GOV: explain governance–inclusive growth linkages; list governance indicators; summarize policies to improve governance. - IGx-CC: define climate change risks at country and global levels; outline mitigation and adaptation policies; design inclusive reform strategies. - IGx-FP: examine fiscal policy role for inclusion; analyze tradeoffs between growth and equity; identify political economy challenges for fiscal reforms. - IGx-CI: define inclusive growth, measure poverty and inequality (including growth incidence curves), and non-income multidimensional welfare measures. - IGx-LMGT: define inclusive labor market; interpret labor market indicators; examine discrimination, informality, AI and technology impacts; analyze gender inequality and policy tradeoffs. - Gender Inequality and Macroeconomics (GM) - Target audience: Mid-level to senior officials from central banks, ministries of finance, and other agencies designing gender-responsive policies. - Qualifications: Preference for officials engaged in gender-responsive policy; degree in economics or social sciences or equivalent; proficient in Excel. - Description: ICD course on macroeconomic implications of gender inequality, trends including COVID-19 impacts, and policy options in fiscal, labor, financial, and legal areas; active learning with lectures, workshops, breakout sessions, homework, and participant presentations. - Objectives: understand links between gender equality and macroeconomics; use gender-disaggregated data and toolkits; discuss policies including gender budgeting; formulate prioritized reform programs. ### Regional Integration, Resource-Rich Countries, and Vulnerabilities - Economic Issues in Regional Integration (ERI) - Target audience: Mid-level to senior officials in central banks, ministries of finance, and ministries/agencies in countries part of or deepening regional integration arrangements; intergovernmental regional organization staff invited. - Qualifications: Advanced degree in economics or equivalent experience; proficient with spreadsheets. - Description: ICD course on economic, monetary, and financial integration impacts on trade, investment, growth; theory and regional case studies; workshops using country data and participant presentations. - Objectives: analyze types and trends in regional integration; critically assess opportunities and challenges; assess implications for growth, inequality, and convergence; summarize economic and political arguments affecting countries. - Macroeconomic Management in Resource-Rich Countries (MRC) and MRCx (online) - Target audience: Mid-level to senior officials in central banks, ministries of finance, and agencies in resource-rich countries (RRCs). - Qualifications: Advanced degree in economics or equivalent; proficiency in Excel. Recommendation: complete MRCx online course. - Description: Issues in growth, diversification, fiscal management, policy coordination, and public-sector asset management; lectures, workshops, debates, and case studies. - Objectives: analyze economic performance in RRCs (growth, inclusiveness, diversification, sustainability); design fiscal frameworks and benchmarks for consume/save/invest decisions; identify macro responses to commodity price shocks; design transparency policies including sovereign wealth fund institutions. - MRCx online is offered in English, French, and Russian and covers similar objectives. - Vulnerability Diagnostics (VDS) - Target audience: Officials in central banks, ministries of finance, and agencies with macro-fiscal units who monitor multisectoral vulnerabilities and risks. - Qualifications: Advanced degree in economics or equivalent; basic econometrics background; familiarity with econometric software. - Description: Complements Macroeconomic Diagnostics (MDS); enhances ability to assess fiscal, financial, and external vulnerabilities in an integrated fashion using diagnostic tools to capture tail risks. - Objectives: assess risks using fiscal, financial, external, and real sector vulnerability indicators; describe how vulnerabilities can morph into crises; use diagnostic tools (including IMF surveillance tools) to track multi-sectoral vulnerabilities and predict tail risks; adapt diagnostic templates to country data. ### Legal, Governance, and Financial Integrity Training - Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Risk-based Supervision of Financial Institutions — online - Target audience: Officials from ministries of finance, FIUs, central banks, supervisory bodies, and public audit bodies. - Qualifications: 3–5 years’ experience implementing a risk-based approach; reliable Internet. - Description: Legal Department course on building risk-based AML/CFT regulatory and supervisory frameworks across banking, securities, and insurance sectors. - Objectives: understand legal and regulatory frameworks; identify higher risk areas by risk factors; develop risk-based supervisory methodologies and tools; formulate supervisory strategies and allocate resources based on risk. - CFT Best Practices Course (CFT-BPC) - Target audience: Junior to mid-level officials dealing with terrorism financing, financial intelligence, targeted financial sanctions, investigations, prosecution, and adjudication. - Qualifications: Degree in law, criminology, economics, political science, or relevant experience; knowledge of UN CFT frameworks desirable. - Description: Legal Department course based on IMF publication “Countering the Financing of Terrorism: Good Practices to Enhance Effectiveness”; case scenarios, teamwork, practical focus. - Objectives include assessing CFT risks and vulnerabilities; identifying pragmatic disruption solutions; understanding private sector detection and reporting challenges; appreciating financial intelligence strategic value; using investigation toolkits to support prosecutions; understanding Terrorism-Related Targeted Financial Sanctions and international cooperation instruments. - Confronting Macro-Critical Corruption (CMCC) - Target audience: Policymakers, regulators, lawmakers, and practitioners designing and monitoring anticorruption programs. - Qualifications: At least three years’ relevant experience. - Description: Legal Department course aligned with IMF’s 2018 Framework for Enhanced Engagement in Governance and international experience; focuses on legal and institutional aspects, political economy, tailored anticorruption strategies, and implementation challenges with regional case studies. - Workshop modules cover why corruption matters (macroeconomic significance), identifying and prioritizing corruption vulnerabilities, anticorruption strategies, effective laws, and developing institutions. - Objectives: identify country corruption challenges and define short-, medium-, and long-term actions; apply lessons from other experiences; strategize on preparing, approving, and implementing anticorruption, transparency, and integrity policies. - Foundations of Central Bank Law (FCBLx) — online - Target audience: Legal advisors of central banks and ministries of finance. - Qualifications: Law degree and work on central bank legal issues; reliable Internet. - Description: ICD and Legal Department course on legal underpinnings of central bank mandate, decision-making, autonomy, accountability, transparency, and operations; combines theory with practical exercises on legal framework design. - Objectives: identify key legal issues in central bank legislation; interpret international good practices; analyze domestic legislation against good practices; formulate law reform recommendations; explain and defend proposed amendments. - Implementing International AML/CFT Standards (AMLS) and Enhancing Beneficial Ownership Transparency (AMLCFT-ETF) - AMLS target audience: Legal drafters, policy makers, supervisors, FIUs, criminal justice officials preparing for mutual evaluations. Attendance by invitation. - AMLS description: Legal Department course on FATF 40 Recommendations and new Methodology for assessing compliance; practical exercises and implementation discussions. - AMLS objectives: deepen understanding of FATF standards; develop action plans for better implementation. - AMLCFT-ETF target audience: Legal drafters, FIUs, company registrars, tax authorities, law enforcement, supervisors, procurement authorities, and ministries involved with beneficial ownership frameworks. Attendance by invitation. - AMLCFT-ETF description: Financial Integrity Group course on FATF Recommendations 24 and 25; establishing beneficial ownership registers; identification, verification, access, dissemination; relevance across AML/CFT, procurement, conflict of interest, sanctions. - AMLCFT-ETF objectives: outline and analyze FATF 24 and 25 requirements; draw up medium-term action plans for beneficial ownership transparency; identify policy, legal, and regulatory considerations for register setup. - International Issues in Tax Law Design (TLWD) - Target audience: Lawyers in ministries of finance and tax authorities dealing with tax policy and administration legal aspects. - Qualifications: Five years’ relevant experience; solid knowledge of fiscal and tax law. Attendance by invitation. - Description: Legal Department and outside experts course on cross-border issues, BEPS, digitalization, tax incentives, natural resource taxation, tax treaties, and dispute resolution. - Objectives: explain links between fiscal laws; identify key legal and policy issues and best practices; analyze domestic tax legislation against international practices; identify effective legal design approaches; advise stakeholders on amendments. - Legal Aspects of International Financial Institutions (LAIF) - Target audience: Lawyers and professionals in central banks, ministries of finance and justice dealing with legal aspects of relations with IFIs. - Qualifications: Five years’ experience and preferably a law degree. Attendance by invitation. - Description: Legal Department course on legal, institutional, and operational features of IFIs (IMF and World Bank) and member linkages. - Objectives: in-depth knowledge of history, governance, structure, and functions of IFIs; contribute more effectively to member-IFI interactions; identify IFI challenges and draw lessons for member country policy instruments and legal frameworks. - Legal Frameworks for Banking Supervision and Resolution (LBSR) - Target audience: Lawyers in central banks, ministries of finance, supervisory and resolution authorities, deposit insurance agencies involved in bank regulation, supervision, resolution, and crisis management. - Qualifications: Five years’ experience; advanced law degree preferred. Attendance by invitation. - Description: Legal Department course on institutional and legal infrastructure for regulation, supervision, bank resolution, safety nets, crisis management, and emerging legal developments (fintech, climate change). - Objectives: identify key legal issues and international best practices; understand emerging legal developments; analyze domestic financial sector legislation; develop law reform recommendations. - Practical Considerations in Money Laundering Investigations (PCMLI) - Target audience: FIU officials, law enforcement, prosecutors, and judges involved in ML investigations, prosecutions, and asset recovery. - Qualifications: Minimum two years’ AML/CFT experience. - Description: One-week Legal Department course on operational enforcement aspects of money laundering investigations with practical exercises. - Objectives: use key tools and data sources for ML investigations; understand challenges to successful prosecution; develop policies to institutionalize good enforcement practices. - Public Debt Sustainability and Debt Restructuring (DSDR) - Target audience: Mid- to senior-level officials from ministries of finance, central banks, debt management units, and other public debt stakeholders. - Qualifications: Degree in law, economics, or finance or equivalent; good quantitative skills; computer proficiency. - Description: Legal, SPR, MCM Departments, and ICD course on debt sustainability tools, mitigating debt risks, and sovereign debt restructuring process including IMF role; may include outside experts. - Objectives: apply tools for debt sustainability analysis; best practices in sovereign debt management; principles and frameworks for sovereign debt restructuring and IMF role. - Public Financial Management Legal Frameworks (LFPFM) - Target audience: Lawyers from ministries of finance, line ministries, central banks, audit bodies, state-owned enterprises, sovereign wealth funds, and attorneys-general dealing with PFM legal issues. Attendance by invitation. - Qualifications: Five years’ experience; advanced law degree preferred. - Description: Legal Department course on institutional and legal issues of sound PFM, including budget formulation, fiscal rules, public debt management, SOE fiscal governance, PIM, PPPs, and emerging issues such as gender and climate change. - Objectives: identify sound PFM legal practices; assess domestic legislation against international good practices; develop reform recommendations; defend proposals with stakeholders. - Workshop on Corporate and Household Insolvency (CHI) - Target audience: Senior policymakers designing or implementing corporate and household insolvency legislation. - Qualifications: Five years’ experience; advanced law degree preferred. Attendance by invitation. - Description: Legal Department workshop for sharing experience on insolvency reform, enforcement, alternative treatments of distressed debt, and enforcement practices; includes international experts and institutions. - Objectives: assess interaction of policy objectives and technical solutions in insolvency; identify future trends; extract lessons from country experiences. ### Macroeconomic Statistics (Selection of courses and objectives) - Balance of Payments and International Investment Position Statistics – Intermediate (BPIIPS-M) - Target audience: Compilers of external sector statistics familiar with BPM6 methodology. - Qualifications: Degree in economics or statistics and at least two years’ compilation experience or completion of Compilation of Balance of Payments Statistics course. - Description: STA course on concepts, data sources, and compilation techniques for balance of payments and IIP; emphasis on complex methodological issues and BPM6 update themes. - Objectives: apply knowledge to complex methodological issues; describe high-level BPM6 update themes; identify data sources to improve ESS coverage; describe analytical uses of ESS. - Balance of Payments and International Investment Position (BOP-IIPx) — online (basic) - Target audience: Those compiling or planning to compile BOP and IIP statistics and the general public. - Qualifications: Some economics and statistics knowledge; reliable Internet and Google Chrome. - Description: STA basic-level course introducing BPM6 framework, current, capital and financial accounts, accounting rules, and integration of BOP with IIP. - Objectives: explain international accounts framework and indicators; apply core concepts (residence, economic territory); classify cross-border transactions per BPM6; record main current account components; identify financial transactions and direct investment framework. - Balance Sheet Approach (BSA) - Target audience: Officials compiling monetary, government, and external sector statistics; supervision and macro-financial analysts. - Qualifications: Degree in economics or statistics or equivalent. - Description: STA course on compiling and analyzing the BSA matrix, integrating sectoral balance sheets (financial sector, central government, nonfinancial corporate, household, external) into a from-whom-to-whom matrix to identify exposures and vulnerabilities. - Objectives: compile BSA matrix using monetary, government, and external data; review source data and identify medium-term work plans to address data gaps; use BSA to identify balance sheet imbalances and shock vulnerabilities. - Big Data for Macroeconomic Statistics (BDMS) - Target audience: Technical staff of national statistical offices and central banks working on nowcasting and data science projects. - Qualifications: Degree in economics, statistics, data science, or equivalent. - Description: Workshop by STA and AfDB Data Innovation Lab/IMF Big Data Center on Big Data applications for high-frequency macro statistics, machine learning for nowcasting, geospatial and NLP techniques, and PortWatch trade monitoring. - Objectives: set up Big Data architecture; apply machine learning for GDP nowcasting and trade monitoring; use Google Earth Engine, Dynamic World, Jupyter Notebook for satellite analysis; conduct NLP sentiment analysis; improve timelines and granularity of official statistics. - Compilation of Balance of Payments Statistics (BPSCG) - Target audience: Compilers of BOP and/or IIP who are familiar with BPM6. - Qualifications: Degree in economics or statistics and at least one year compiling BOP/IIP. - Description: STA practical guidance course based on BPM6 Compilation Guide; lectures, workshops, and case studies on compilation practices and data sources. - Objectives: compile and disseminate BOP and IIP using Guide techniques; identify new data sources; apply statistical techniques for complex issues; deepen analytical use of international accounts. - Compilation Basics for Macroeconomic Statistics (CBMSx) — online - Target audience: Officials compiling macroeconomic and financial statistics. - Qualifications: Some economics and statistics knowledge; Google Chrome and Excel access. - Description: STA online course reviewing basic skills, concepts, and principles for compiling and disseminating macroeconomic and financial statistics (institutional units, sectors, accounting rules, instruments, stocks/flows, IMF Data Standards). - Objectives: differentiate institutional units and sectors; apply residence concept; record stocks and flows; apply accounting rules; classify financial instruments; summarize Data Standards Initiatives. - Compilation of Macro-relevant Environment and Climate Change Statistics – Fundamental (CMECC-F) - Target audience: Officials compiling environment and climate change statistics in NSOs, ministries, central banks, supervisory agencies. - Qualifications: Degree in economics or statistics; working or intending to work on environmental/climate statistics. - Description: STA course on macro-relevant climate indicators: environmental accounting, energy and emission accounts, mineral and energy asset accounts including renewables, climate risks, carbon footprints, climate finance, climate-related expenditures, updates to statistical standards, IMF tools, and non-traditional data use. - Objectives: overview environmental accounting concepts; overview data and indicators for climate economic/financial implications; identify data sources and compilation methods; describe role of climate financing; identify policy uses. - Consumer Price Index Online (CPIx) and Consumer Price Index – Advanced (CPI-A) - CPIx target audience: CPI compilers and users. - CPIx description: STA online course on CPI concepts, index number formulas, sampling, treatment of missing prices, linking series, and links to 2008 SNA; follows CPI Manual (2020). - CPIx objectives: identify CPI uses and concepts; explain index formulas; define sampling levels; treatment of missing prices; update CPI weights and link series. - CPI-A target audience: CPI compilers with degree in economics or statistics. - CPI-A description: Advanced STA course expanding CPIx topics including index number theory, weights development/validation, sampling, new data sources, digital economy coverage, and international best practices. - CPI-A objectives: apply recommended index methods; handle unavailable items and quality change; assess CPI against international guidelines. - Wide range of additional STA courses (selection) - Cross-Border Position Statistics (CBPS): compile IIP, EDS, CPIS, CDIS per BPM6 and related guides; identify new sources; analytical uses. - External Debt Statistics (EDS-M and EDSx online): intermediate and basic courses on 2013 EDS Guide concepts, compilation, debt sustainability basics. - Financial Soundness Indicators (FSI and FSIX online): compile FSIs per 2019 FSI Guide; prepare sectoral financial statements for deposit-takers, OFCs, NFCs; metadata reporting and macro-financial interpretation. - Government Finance Statistics (GFS-F, GFS-A, and GFSx online): fundamental to advanced GFS training based on GFSM 2014; coverage includes social protection, pension liabilities, guarantees, PPPs, and public sector balance sheets. - Balance of Payments, BSA, ISA, NAS, QNA, MFS, PDS, RPPI, Securities Statistics, and many other specialized courses and online variants covering compilation methods, analytical uses, and emerging issues (fintech, CBDCs, climate, satellite data). - Objectives across these courses consistently include applying international manuals and guides (BPM6, GFSM 2014, 2008 SNA, MFSMCG 2016, PSDSG 2011, 2019 FSI Guide, PPI/XPIs manuals, etc.), identifying data gaps, developing work plans, and improving compilation and dissemination for policy use. *Source: Institute for Capacity Development, Training Catalog 2025, International Monetary Fund.* ### 2015. The course covers definition and features of securities, ### cy25-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. - A practical exercise on valuation and recording of different types of debt securities complements the lectures. - COURSE OBJECTIVES: Upon completion of this course, 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: Participants are expected to have a degree in economics or statistics or equivalent experience; have basic knowledge of balance of payments concepts; and have 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). - Course consists of lectures, workshops, and plenary discussions on country practices covering concepts, sources, and methods for compiling statistics associated with international trade in goods and services. - Emphasizes treatment and recording in the balance of payments for challenging services categories such as manufacturing and merchanting, insurance, financial services, and construction. - Participants discuss compilation problems and gain insights into analytical uses of statistics on the international trade in goods and services. - COURSE OBJECTIVES: Upon completion of this course, 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 Financial Soundness Indicators for Other Financial Corporations (FSI-OFC) - TARGET AUDIENCE: Officials at central banks and supervisory agencies of the financial sector (mainly the deposit takers, insurance corporations, money market funds, and pension funds) involved in the compilation and analysis of FSIs and reporting the FSIs to the IMF. - QUALIFICATIONS: Participants are expected to have a degree in economics, statistics, finance or accounting, or equivalent experience. Access to a computer with a reliable Internet connection and a Google Chrome web browser are essential. - COURSE DESCRIPTION: - Two-day virtual workshop (2 hours each in duration), presented by the IMF Statistics Department. - Introduces concepts, definitions, and methodology for compilation of Financial Soundness Indicators (FSIs) for insurance corporations, money market funds, pension funds, and the OFCs sector as a whole. - Based on the IMF 2019 Financial Soundness Indicators Compilation Guide. - Focuses on: - Preparation of the sectoral financial statements and compilation of FSIs for insurance corporations, money market funds, and pension funds. - Analytical value of the OFCs’ FSIs, and their importance for financial stability analysis. - Metadata reporting for OFCs. - COURSE OBJECTIVES: Upon completion of this workshop, participants should be able to: - Source data and prepare the sectoral financial statements to compile FSIs for insurance corporations, money market funds, and pension funds. - Interpret the FSIs for OFCs and their implication for the soundness of the financial system. ### Workshop on New Financial Soundness Indicators (FSIs) Metadata Report Forms (NFSIMRF) - TARGET AUDIENCE: Officials at central banks and supervisory agencies for the financial sector who are involved in the compilation of FSIs for reporting to STA. - QUALIFICATIONS: Participants are expected to have a degree in economics or statistics or equivalent experience. - COURSE DESCRIPTION: - Two-day virtual workshop (two hours each in duration) presented by Statistics Department. - Context: implementation of the IMF’s 2019 Financial Soundness Indicators Compilation Guide (FSICG) and transition period ending in December 2022 for updating country metadata on the IMF’s FSI website. - Acquaints participants with the structure of the new FSIs metadata (FSM) template and provides hands-on guidance and case studies on how to fill-in the new FSM template. - Reviews main methodological changes introduced by FSICG relevant for metadata, demonstrates the new break in series feature, and provides guidance on accessing Integrated Collection System (ICS) to update the new FSM template. - Participants invited to make short presentations on key aspects of their country’s FSIs metadata. - Introduces the new FSIs Institutional Coverage (FSIC) template. - COURSE OBJECTIVES: Upon completion of this course, 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: Participants are expected to have an advanced degree in economics or equivalent professional experience and be comfortable with Microsoft Excel and Excel-based applications. Participants are expected to also have a 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 of Exchange Rate Policy in Developing and Emerging Market Economies. - Transitions from rigid to flexible exchange rates 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 of this course, 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. - Describe the exchange rate regime choice and how country-specific features could influence the choice. ### ONLINE: IMF Financial Operations – Special Drawing Rights (SDRx) - TARGET AUDIENCE: Country authorities, policy makers, Fund-watchers, and members of the public who are keen to learn more about the SDR, understand its role in the global economy and how the SDR system functions. - QUALIFICATIONS: Access to a computer with a reliable Internet connection and a Google Chrome web browser is essential. - COURSE DESCRIPTION: - Presented by the Finance Department; provides a common framework to understand the Special Drawing Right (SDR). - Covers why the SDR was created, its role in the global economy and in the IMF’s financial operations. - Explains key characteristics of the SDR and how it is valued, covering selection criteria for currencies in the SDR basket and the methodology behind calculating the SDR’s interest rate (SDRi). - Delves into uses of SDRs, financial transactions between countries, and how the SDR market functions. - Uses real-world case studies showcasing how different countries utilized their SDR allocations in 2021. - COURSE OBJECTIVES: Upon completion of this course, participants should be able to: - Explain what SDRs are, why they were created, and their uses. - Describe the composition of the SDR basket and its valuation. - Discuss how member country SDR allocations and holdings are determined. - Explain the role of the SDR interest rate (SDRi) and how it is computed. - Describe the various ways in which SDRs are used or could be used in transactions and operations. - Relate the benefits of SDRs using real-life case studies. ### Managing Capital Flows: Macroeconomic Analysis and Policies (MCF) - TARGET AUDIENCE: Junior to mid-level policy makers in central banks and finance ministries who have policy responsibilities related to capital flow management and liberalization. No prior knowledge of the material is required. - QUALIFICATIONS: Participants are expected to have an advanced degree in economics or equivalent experience, good quantitative skills, and a basic knowledge of Microsoft Excel. It is 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; fosters understanding of dynamics of capital flows and their effects on economic growth, macroeconomic volatility, and risk of crisis. - Starts with a refresher on balance of payments statistics and alternative measures of capital flows and financial (capital) account openness. - Introduces determinants of capital flows and the link between these flows and economic growth, macroeconomic volatility, and crisis risk. - Discusses sequencing capital account liberalization, analytical methods and data sources for analysis and forecasting of capital flows. - Concludes with discussion of the IMF’s Institutional View on capital flows and its relation to 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 of this course, 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 what challenges a country faces in attempting to stabilize the economy under different economic scenarios. - Understand the 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 both economic growth and the risk of financial crisis. - Understand the 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) and ONLINE MPAFx - TARGET AUDIENCE (MPAF): Mid-level to senior officials responsible for monetary policy decision making and staff doing macroeconomic analysis and forecasting or operating macroeconomic models. - QUALIFICATIONS (MPAF): Participants are expected to have an advanced degree in economics or equivalent experience. It is strongly recommended that applicants have completed the Monetary Policy (MP) course and the online Monetary Policy Analysis and Forecasting (MPAFx) course. Participants are expected to be comfortable using quantitative software such as EViews and Matlab/Octave, although specific knowledge of these is not required. - COURSE DESCRIPTION (MPAF): - Presented by the Institute for Capacity Development; rigorous training on the use of simple Dynamic New Keynesian (DNK) models for monetary policy analysis and forecasting. - Emphasizes analysis of monetary policy responses to macroeconomic imbalances and shocks. - Provides tools to develop or extend the canonical model to fit national monetary policy frameworks. - Uses country case studies in the in-person course. - COURSE OBJECTIVES (MPAF): Upon completion of this course, participants should be able to: - Customize a simple model of an economy that embodies the monetary policy transmission mechanism, and the shocks this economy may face. - 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. - TARGET AUDIENCE (MPAFx): All government officials are welcome to register. The course is particularly well-suited for officials in central banks that are in the early stages of introducing Forecasting and Policy Analysis Systems (FPAS) with IMF assistance. The course is offered in English. - QUALIFICATIONS (MPAFx): Participants are expected to have a background in undergraduate macroeconomics, statistics, and econometrics. Participants are provided with guidance on how to access Matlab or Octave software. - COURSE DESCRIPTION (MPAFx): This online course introduces participants to a semi-structural macroeconomic model often used as a core of FPAS at central banks and shows how to implement 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 exercises. *Source: IMF Training Catalog 2025* ### introduction to a canonical New Keynesian model structure and ### introduction to a canonical New Keynesian model structure and ### Canonical QPM (Quarterly Projection Model) — scope and implementation - Course focus: - Introduction to a canonical New Keynesian model structure and its key properties. - Implementation of the QPM in Matlab/Octave and application of IRIS toolbox for solving and maintaining the QPM, as well as forecasting with the QPM. - Core conceptual building blocks participants should be able to explain: - The key building blocks of a canonical semi-structural QPM. - Interpretation of the key model equations from a macroeconomic point of view. - Distinction of the key elements of a QPM in a state-space form (i.e., shocks, observable and unobservable variables, measurement and transition equations, steady-state parameters, equation coefficients). - Implementation and technical skills: - Implement a simple QPM using a specialized software for macroeconomic modelling. - Identify necessary codes for data transformation, filtration and evaluation of the QPM properties. - Apply the 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. ### Monetary Policy (MP) — course overview and objectives - Target audience: - Junior to mid-level officials from emerging markets and low-income countries interested in understanding and analyzing the conduct of monetary policy and its interaction with the rest of the economy. - Qualifications: - Advanced degree in economics or equivalent experience. - Comfortable using Microsoft Excel and Excel-based applications. - Strongly recommended completion of general macroeconomic courses such as Financial Programming and Policies (FPP) and Macroeconomic Diagnostic (MDS), face-to-face or online. - Course description highlights: - Comprehensive overview of monetary policy regimes, transmission mechanisms, and role in macroeconomic stabilization. - Emphasizes optimization problems and tradeoffs in monetary policy decisions. - Learning moves from lectures to hands-on workshops with practical policy challenges for emerging market and developing economies. - Case studies compare and assess policy responses to various shocks under different monetary policy regimes. - Attention to environmental, social and governance principles, Unconventional Monetary Policy, central bank communication, and recent crises. - Discussion of central bank digital currencies and implications for monetary policy transmission and operations. - Course objectives — upon completion, participants should be able to: - Analyze how monetary policy decisions are made under various regimes to deliver price stability and meeting 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 to their peers. - Additional capabilities for central bank practitioners: - Design a sound monetary policy framework. - Prescribe policies consistent with the framework chosen. ### Nowcasting (NWC) — course overview and objectives - Target audience: - Junior and middle-level officials from ministries of finance, central banks, and other interested public institutions. - Qualifications: - Advanced degree in economics or equivalent experience. - Basic understanding of time-series econometrics and comfortable using EViews. - Recommended completion of general macroeconomic courses such as Macroeconomic Forecasting and Analysis (MFA), Macroeconomic Diagnostic (MDS). - Course description highlights: - Hands-on training in cutting-edge nowcasting tools and methods to incorporate high-frequency indicators into forecasting. - Integration with technical assistance on data compilation and dissemination. - Workshops and assignments to formulate nowcasting models and generate nowcasts. - Course objectives — upon completion, participants should be able to: - Understand and be proficient in managing time-series data in EViews, estimate an OLS regression, and calculate associated forecasts in EViews. - Formulate statistical procedures in EViews: consolidation of time series, interpolation techniques, seasonal adjustment, and use of leading indicators. - Identify appropriate high-frequency indicators and non-traditional data for nowcasting macroeconomic variables and prepare them for use. - Formulate and estimate nowcasting models using several approaches (such as Bridge, MIDAS, and U-MIDAS estimators, etc.). - Generate a nowcast from the base regression and consolidate competing forecasts using combination forecasts. - Evaluate the accuracy of the nowcast using several forecasting performance indicators. - Apply nowcasting tools to their own country data and interpret the nowcast appropriately in policymaking settings. ### Safeguards Assessment of Central Banks (SAC) — course overview and objectives - Target audience: - Central bank officials serving on governance and oversight bodies, and/or 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 highlights: - Interactive exposure to the IMF safeguards assessment methodology with special focus on central bank governance. - Emphasizes independent oversight, transparency, and accountability to improve financial safeguards. - Case studies and interactive lectures on external and internal audit mechanisms, financial reporting, internal controls, management of international reserves, and reporting of monetary data to the IMF. - Reviews concepts underlying autonomy and good governance in central bank legislation. - Course objectives — upon completion, participants should be able to: - Assess the strengths and vulnerabilities of their central banks’ safeguards and governance frameworks. - Identify specific steps to improve financial safeguards. - Use leading practices for central banks in good governance, autonomy, accountability, and transparency. - Describe and explain the requirements of the IMF safeguards policy and the importance of implementing safeguards recommendations. ### Participant selection, sponsorship, and delivery modes - Participant selection for HQ and regional training centers: - Priority to government officials whose professional assignments are closely related to the subject matter. - Appropriate for officials from ministries of finance, economy, and planning, central banks, and statistics agencies; for macroeconomic statistics courses, priority to statistical compilers. - Participation mainly by application, sponsored by the applicant’s supervisor or director of training. - All applicants and nominees must submit a valid Sponsor’s Nomination Form certifying official endorsement. - Sponsors must certify leave of absence with regular pay, no other duties during attendance, and return to former or equivalent position. - Previous participation is considered; those who have taken a course at a training center are generally ineligible to attend the same course at another training center. - Self-financed status: - Candidates from international agencies and advanced economies accepted to attend IMF training events will be considered self-financed. - Local staff in IMF Resident Representative offices selected to train at regional training centers are self-financed but eligible to attend training at HQ as regular participants. - Self-financed participants must cover all costs (accommodation, travel, and per diem) through their sponsoring institution. - Selection for Online Training: - Online courses are free of charge and open to all government officials of IMF member countries with no restrictions on the number of officials who can participate. ### Frequently Asked Questions (FAQ) — key points - Are IMF courses free of charge? - All IMF courses are free of charge for eligible government officials; airfare, accommodation, and subsistence are provided by the IMF to eligible government officials only. Advanced economy country officials or international agency officials attend as self-financed and are not eligible to receive airfare, accommodation or subsistence. - How is eligibility determined? - Eligibility criteria are determined by region; check eligibility at: www.IMF.org/institute/eligibility. - Can late applications be accepted? - No, late applications are not accepted. - What are the specific selection criteria? - Selection criteria include but are not limited to: job relevance, previous attendance, work experience, language proficiency, etc. - How will applicants know if not selected? - Follow application status by logging into the online application system; only selected or waitlisted candidates will receive email notification when selections are finalized. - Are courses offered in languages other than English? - Yes, courses are also offered in French and Spanish at HQ; regional training centers offer courses in other languages. ### Course Topics — thematic grouping (selection highlights) - Financial Sector Policies: Annual Borrowing Plan (ABP), Bank Restructuring and Resolution (BR), Cash and Debt Management (CDM), Central Bank Digital Currencies: Principles and Policy Considerations (CBDC), Cyber Risk Regulation and Supervision (CRS), Debt Management, Debt Reporting, and Investor Relations (DMIR), Macro-Stress Testing (MST), Managing Sovereign Debt Risk (MSDR), Financial Market Analysis (FMAx). - Fiscal Policy: Assessing and Managing Fiscal Risks (AMFR), Fiscal Analysis and Forecasting (FAF), Fiscal Policy Analysis (FPA), Debt Sustainability Framework for Low Income Countries (LIC-DSFx), Revenue Forecasting and Analysis (RFAx), Tax Policy and Administration (TPAT). - General Macroeconomic Analysis: Financial Programming and Policies (FPP), Macroeconomic Diagnostics (MDS), Macroeconometric Forecasting and Analysis (MFA), Monetary and Fiscal Policy Analysis with DSGE Models (DSGE). - Inclusive Growth and Structural Policies: Climate in Macroeconomic Frameworks (CMF), Economic Issues in Regional Integration (ERI), Macroeconomics of Climate Change (MCC), Vulnerability Diagnostics (VDS). - Legal Issues: Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) courses, Foundations of Central Bank Law (FCBLx), Public Debt Sustainability and Debt Restructuring (DSDR). - Macroeconomic Statistics: Balance of Payments and International Investment Position Statistics – Intermediate (BPIIPS-M), National Accounts Statistics (NAS), High-Frequency Indicators of Economic Activity (IEA), Monetary and Financial Statistics – Advanced (MFS-A). - Monetary, Exchange Rate, and Capital Account Policies: Exchange Rate Policy (ERP), Managing Capital Flows: Macroeconomic Analysis and Policies (MCF), Model-Based Monetary Policy Analysis and Forecasting (MPAF), Monetary Policy (MP), Nowcasting (NWC). - Safeguards Assessments: Safeguards Assessment of Central Banks (SAC). --- _Source: https://www.imf.org/-/media/files/icd/catalog/cy25-catalog-e.pdf_