## Introduction 2

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### Director’s Message and Program Vision
- The IMF Institute for Capacity Development presents the revamped IMF Training Program for 2026—an enhanced learning experience tailored to support learners’ professional objectives in an ever-evolving global economic landscape.
- The 2026 program has been modernized to offer illustrative learning paths with a structured sequence of courses to support continuous learning and professional development goals.
- A new taxonomy of IMF training modalities is introduced to help learners navigate the expanding training offer.
- Core thematic coverage remains focused on: public finance; financial stability; monetary policy; macroeconomic frameworks; and macroeconomic statistics.
- Training is aligned with IMF policy analysis, technical assistance, and peer-to-peer learning to support member countries in building sustainable and resilient institutions.
- Acknowledgement of strong partnerships with member countries and institutions that provide financial support to capacity development.
- Director: CATRIONA PURFIELD, Director, Institute for Capacity Development, International Monetary Fund.

### Program scope, structure, and priorities
- Objective: Provide enhanced guidance on training opportunities available through regional training centers, IMF headquarters, and online platforms.
- Structure: Illustrative learning paths offering structured sequences of courses for continuous professional development.
- Integration emphasis: Closer alignment of capacity development with IMF policy analysis, technical assistance, and peer-to-peer learning.

### Access, delivery modalities, and communications
- Access channels:
  - HQ: Headquarters Training
  - OL: Online Learning
  - Regional Training Centers
- New taxonomy: clarified set of IMF training modalities to help learners navigate formats and delivery options.
- Online portal: www.IMF.org/institute contains course schedules, illustrative learning paths, and updated offers throughout the year.
- Social media and channels to follow: LinkedIn: IMF Capacity Development; Facebook: IMF Capacity Development; X: @IMFcapdev; YouTube: IMF Institute Learning Channel.

### Training venues, languages, and eligibility
- Training venues and scope:
  - HQ training: global audience; participants accepted from all IMF member countries except those declared ineligible for technical assistance.
  - OL program: complements classroom training and technical assistance; available as prerequisite or stand-alone.
- Language availability:
  - HQ: most courses in English; some in French and Spanish.
  - OL: all online courses in English; some also in Arabic, French, Portuguese, Russian, and Spanish.
- OL delivery features: instructional text, images, high-quality video, interactive assessments, hands-on exercises, discussion forum; mix of time-bound courses with weekly deadlines and self-paced, continuously offered courses.
- OL advantages: open to all interested government officials regardless of agency with no enrollment limits; facilitates blended training and microlearning (e.g., three- to five-minute videos, podcasts, infographics).

### Regional and specialized centers (by name and acronym)
- ATI: Africa Training Institute — since 2013; membership tailored to ATI’s 45 members; typically English with simultaneous interpretation into French and Portuguese; majority of courses offered in Mauritius.
- CICDC: China–IMF Capacity Development Center — inaugurated in April 2018; headquartered in Beijing with centers in Shenzhen and Dalian.
- CEF: IMF–Middle East Center for Economics and Finance — hosted and funded by the State of Kuwait since 2011; serves 22 member countries of the Arab League.
- JVI: Joint Vienna Institute — established in 1992; serves Central, Eastern, Southeastern Europe, the Caucasus, Central Asia, Iran, and Türkiye.
- SARTTAC: South Asia Regional Training and Technical Assistance Center — opened in January 2017 in Delhi, India; serves six South Asia countries.
- STI: IMF–Singapore Regional Training Institute — established in 1998; serves 38 member countries in the Asia-Pacific region.
- PTP: Paraguay Regional Training Program — commenced in April 2025 in collaboration with the Institute of the Central Bank of Paraguay.
- OT: Other Training — courses at IMF Regional Technical Assistance Centers (RTACs) and various venues; participation by invitation and nomination.

### Participant selection, sponsorship, and cost coverage
- Target audience: government officials from ministries of finance, economy, planning; central banks; statistics agencies; eligibility may extend to financial intelligence units; anticorruption bodies; prosecution offices; climate, gender, or social policy agencies; regulatory authorities; and tax administrations depending on course focus.
- Selection considerations:
  - Professional relevance and qualifications; educational and technical prerequisites; proficiency with specific software or analytical tools where required.
  - Proof of English proficiency for English-only courses: upper-intermediate; accepted proofs include university-level English course completion, work experience or academic degree in English-speaking countries, TOEFL/IELTS scores, or official signed HR certification.
  - Admission aims for equitable representation by geographic diversity, gender balance, and country-specific characteristics.
- Program-specific admission notes:
  - HQ program: generally admit one official per country, unless justified by exceptional business needs.
  - RTC programs: aim for broad regional representation.
  - Online learning: free and open to all government officials, with no limit on participants per country.
  - Blended learning: invitations to in-person segments may depend on attendance, engagement, and/or completion of virtual/asynchronous components.
  - Repeat participation: multiple in-person attendances in a short period or repeat enrollment in the same course will be flagged for additional review.
- Sponsorship requirements: official sponsorship by applicant’s agency; sponsors must certify leave with full pay, release from other duties during the course, and return to current position or one of equal or greater responsibility upon completion.
- Cost coverage:
  - All IMF courses are free of charge.
  - Airfare, accommodation, and subsistence are provided by the IMF to eligible government officials only.
  - Officials from high-income countries and international agencies are typically self-financed and expected to cover accommodation, travel, and per diem.

### Training modalities and microformats
- Offered formats: online courses, in-person workshops, hybrid sessions, virtual seminars, and blended learning formats.
- Definitions and features:
  - Online courses: multiple modules or single module; typically in English with many courses also in Arabic, French, Portuguese, Russian, and Spanish.
  - In-person training: physical co-location; offered at HQ, RTCs, and RTACs; supports hands-on learning.
  - Blended courses: foundational concepts delivered asynchronously prior to advanced synchronous training and/or technical assistance.
  - Virtual training: real-time delivery via Teams, Webex, Zoom; preferred for webinars.
  - Microlearning: quick, bite-sized, on-demand content (e.g., three- to five-minute videos, podcasts, infographics).
  - Hybrid training: combines in-person and virtual participation with mixed physical and virtual presence.

### Illustrative learning paths — General Macroeconomics example
- Purpose: structured sequences of courses that typically begin with foundational concepts and advance to specialized topics; illustrative and non-prescriptive.
- Example curriculum: General Macroeconomic Analysis and Policy Design — focuses on economic analysis, forecasting, policy design, and communication.
- Topics and tools:
  - Development of financial programming frameworks; diagnosis of macroeconomic imbalances; econometric tools for forecasting and policy analysis; managing and communicating fiscal and monetary policies; assessing vulnerabilities.
  - Specialized modules: Dynamic Stochastic General Equilibrium models, nowcasting, economic integration, and resource-rich economy challenges.
- Online and in-person FPP structure:
  - FPP.1x: Accounts & Analysis.
  - FPP.2x: Program Design.
  - FPP.0x: primer (Introduction to Financial Programming and Policies).
- Example learning outcomes for FPP:
  - Create consistent macroeconomic baseline projections respecting accounting and behavioral links.
  - Diagnose macroeconomic imbalances and identify vulnerabilities.
  - Prepare adjustment scenarios and negotiate program simulations.

### Macroeconomic program components and specialized courses
- Online offerings listed include: Financial Programming and Policies; Macroeconomic Diagnostics (MDSx); Macroeconometric Forecasting (MFx); Macroeconomic Management in Resource-Rich Countries (MRCx).
- Classroom and advanced offerings: Vulnerability Diagnostics (VDS); Macroeconomic Policy Communication (MPC); Monetary and Fiscal Policy Analysis with DSGE Models (DSGE); Nowcasting (NWC); Economic Issues in Regional Integration (ERI); Macroeconomic Management in Resource-Rich Countries (MRC).
- ERI course specifics:
  - Target audience: mid-level to senior officials in central banks, ministries of finance, and other interested ministries and agencies; staff from intergovernmental or supranational regional organizations.
  - Qualifications: advanced degree in economics or equivalent experience; proficiency with spreadsheets.
  - Main objective: broaden understanding of economic, monetary, and financial integration and impacts on trade, investment, and economic growth.
  - Pedagogy: case studies and workshops using country data; practical deliverables (text truncated in source).

### Course goals, hands-on skills, and specialized toolkits
- General Macroeconomics goals: analyze types and trends in regional integration; identify opportunities and challenges; assess implications for growth, inequality, and convergence; summarize economic and political arguments affecting country decisions.
- FPP course objectives include:
  - Calculate economic variables using macroeconomic accounting and analyze case studies using Excel-based frameworks.
  - Construct baseline projections and analyze policy impacts with macroeconomic models.
  - Negotiate economic adjustment programs via role-playing simulation.
- Specialized course objectives (selected):
  - MDS: analyze potential output and output gaps; assess policy stances and macro-financial linkages; assess debt sustainability.
  - MFx/MFA: apply stationarity, co-integration, error correction models; use EViews and state-space, BRIDGE, MIDAS, UMIDAS, and nowcasting techniques.
  - MRC: design fiscal frameworks and benchmarks for resource-rich countries; identify macro responses to commodity price shocks.
  - MPC: design communication strategies and institutional action plans for macroeconomic policy transparency.
  - DSGE: build, augment, simulate, and estimate DSGE models; identify advantages and limitations.
  - NWC: formulate nowcasting models (Bridge, MIDAS, U-MIDAS); generate nowcasts and evaluate accuracy.
  - VDS: assess multi-sectoral vulnerability indicators; use templates of country vulnerability reports.

### Fiscal curriculum, fiscal sustainability tools, and public financial management
- Fiscal curriculum covers fiscal analysis, tax administration, public debt management, public financial management; addresses labor market informality, fuel subsidy reforms, inequality, climate change.
- Illustrative fiscal learning paths: Fiscal policy analysis and design; Fiscal sustainability; Public financial management and fiscal risks; Revenue administration.
- Fiscal Sustainability tools and models:
  - Fiscal Sustainability (FS) uses Excel-based Public Debt Dynamics Tool (DDT) to project public debt and compute fiscal adjustments.
  - Online modules DDTx and DDUx: project public debt under uncertainty; produce and interpret fan charts; Monte Carlo simulations or VAR/fiscal reaction functions.
  - DIGx (DIG and DIGNAR): analyze public investment, growth, and debt dynamics.
  - DSF-LIC (implemented July 2018): apply realism tools and stress tests for LICs.
  - SRDSF-MAC: Sovereign Risk and Debt Sustainability Framework for Market Access Countries; interpret standardized outputs including summary SRDSA table and realism flags.

- Public Financial Management highlights:
  - Courses: PFMx; Understanding, Assessing and Managing Fiscal Risks (UAMFR); Fiscal Frameworks and Medium-Term Budgeting (FMTB); Fiscal Transparency and Governance (FTG); SOE Oversight; ONLINE: Introduction to Gender Budgeting (GB); Public Financial Management Legal Frameworks (LFPFM).
  - Tools and objectives: design medium-term budgets; apply fiscal transparency benchmarks; perform SOE financial analysis using SOE Health Check Tool; apply IMF Fiscal Risk Toolkit; prepare fiscal risk statements.

### Revenue administration and VITARA modules
- Revenue administration curriculum emphasizes IMF diagnostic tools (TADAT, VGEM), tax administration reforms, compliance risk management, taxpayer services, IT and data management.
- VITARA (Virtual Training to Advance Revenue Administration) modules (joint IMF, CIAT, IOTA, OECD initiative) for tax administration executives and senior managers include:
  - VITARA-AUD, VITARA-CRM, VITARA-ERM, VITARA-FLD, VITARA-HRM, VITARA-ITD, VITARA-IGO, VITARA-ORG, VITARA-PDM, VITARA-PMG, VITARA-RMF/RMS, VITARA-SMG, VITARA-TAR, VITARA-TPS.
- RA-GAP VGAPx and TADAT:
  - VGAPx (RA-GAP VAT Gap Estimation Model): prepare and execute VAT gap estimation (VGEM).
  - TADAT: equips participants with TADAT methodology; certification exam with a 75 percent pass mark.

### Monetary and external sector policies and model-based analysis
- Curriculum intent: monetary and exchange rate policies, capital flows, monetary policy analysis and forecasting, central bank operational frameworks.
- Illustrative learning paths: Monetary Policy (MP); Exchange Rate Policy (ERP); Managing Capital Flows (MCF); Model-Based Monetary Policy Analysis and Forecasting (MPAF/MPAFx).
- Exchange Rate Policy objectives: assess reserve adequacy with traditional and IMF ARA metric; assess external balance with EBA and EBA-lite; construct early warning systems; describe exchange rate regime choices.
- Managing Capital Flows objectives: identify risks of global capital markets; understand sequencing of capital account liberalization; evaluate IMF Institutional View on macroprudential and capital flow management tools.
- MPAF/MPAFx:
  - MPAF: train officials in simple Dynamic New Keynesian models for monetary policy analysis and forecasting; develop medium-term projections for output, inflation, interest and exchange rates.
  - MPAFx (online): introduce semi-structural macroeconomic models used in FPAS with hands-on filtration, forecasting, and calibration.

### Introduction to a canonical New Keynesian model — course overview
- Course covers the canonical semi-structural QPM: structure, key properties, implementation, and forecasting.
- Implementation components include: QPM in Matlab/Octave; application of the IRIS toolbox; forecasting with the QPM.
- Course objectives upon completion:
  - Explain building blocks and key model equations of a canonical semi-structural QPM.
  - Implement and calibrate a simple QPM using specialized software for macroeconomic modelling.
  - Identify codes for data transformation, filtration, forecasts, and evaluation of QPM properties and outputs.
  - Produce a baseline forecast and alternative scenarios using the QPM.

_Training Program 2026, Institute for Capacity Development, International Monetary Fund_

### Introduction 2

### Introduction 2

### Director’s Message
- The IMF Institute for Capacity Development presents the revamped IMF Training Program for 2026—an enhanced learning experience tailored to support learners’ professional objectives in an ever-evolving global economic landscape.
- The 2026 program has been modernized to offer illustrative learning paths with a structured sequence of courses to support continuous learning and professional development goals.
- A new taxonomy of IMF training modalities is introduced to help learners navigate the expanding training offer.
- The program remains focused on the IMF’s core areas of expertise: public finance, financial stability, monetary policy, macroeconomic frameworks, and macroeconomic statistics.
- Training is further integrated with the IMF’s policy analysis and advice by aligning policy-oriented training with technical assistance and peer-to-peer learning events to support member countries in building sustainable and resilient institutions.
- Acknowledgement that strong partnerships with member countries and institutions provide financial support to the mission of fostering global economic stability through capacity development.
- Director: CATRIONA PURFIELD, Director, Institute for Capacity Development, International Monetary Fund.

### Program scope, structure, and priorities
- Objective: Provide enhanced guidance on training opportunities available through regional training centers, IMF headquarters, and online platforms.
- Structure: Illustrative learning paths offering a structured sequence of courses designed to support continuous professional development.
- Core thematic coverage:
  - Public finance
  - Financial stability
  - Monetary policy
  - Macroeconomic frameworks
  - Macroeconomic statistics
- Integration emphasis: Closer alignment of capacity development with IMF policy analysis, technical assistance, and peer-to-peer learning.

### Access and delivery modalities
- Access channels:
  - HQ: Headquarters Training
  - OL: Online Learning
  - Regional Training Centers
- New taxonomy: A clarified set of IMF training modalities intended to help learners navigate course formats and delivery options.

### Regional and specialized centers (listed by name and acronym)
- ATI: Africa Training Institute
- CICDC: China–IMF Capacity Development Center
- CEF: IMF–Middle East Center for Economics and Finance
- JVI: Joint Vienna Institute
- SARTTAC: South Asia Regional Training and Technical Assistance Center
- STI: IMF–Singapore Regional Training Institute
- Regional Training Programs:
  - Paraguay Regional Training Program (PTP)
- Other Training (OT)

### Thematic areas and illustrative learning paths
- The program organizes course content into thematic areas with illustrative learning paths and course descriptions.
- Thematic areas (as structured in the program):
  - General Macroeconomics
  - Fiscal Issues
  - Monetary and External Sector Policies
  - Financial Sector Issues
  - Macroeconomic Statistics
  - Legal and Institutional Frameworks
  - Structural Policies
- Course Index is provided for reference within the program catalog.

### How to access, schedules, and communications
- Online program portal: www.IMF.org/institute
  - Contains course schedules, illustrative learning paths, and updated offers throughout the year.
- Communication channels to follow for latest insights:
  - LinkedIn: IMF Capacity Development
  - Facebook: IMF Capacity Development
  - X: @IMFcapdev
  - YouTube: IMF Institute Learning Channel

### Key institutional messages
- The program is expressly designed to support member countries’ capacity development needs and to foster global economic stability through training closely aligned with IMF policy and technical assistance.
- Emphasis on continuous learning, tailored course sequences, and clearer modality taxonomy to improve learner navigation and outcomes.

*International Monetary Fund — Institute for Capacity Development*

### Introduction

### Introduction

### Capacity Development Mandate and Curriculum
- Capacity development is a core mandate of the International Monetary Fund (IMF).
- The Institute for Capacity Development (ICD), together with Regional Training Centers (RTCs), administers the IMF courses described in the Training Program.
- Curriculum topics: general macroeconomics, financial sector and fiscal issues, monetary and external sector policies, legal and institutional frameworks, statistics, and structural policies.
- Curriculum adaptation: regularly adapted to evolving needs of officials from IMF member countries and to incorporate the latest economic and financial analysis.
- Delivery modalities integrated into the curriculum: online, blended, and hybrid courses to increase flexibility for government officials.
- The IMF continues to develop its online learning program to complement face-to-face training and technical assistance and to make the program readily accessible to all learners.

*Training Program 2026, Institute for Capacity Development, International Monetary Fund*

### Training Venues and Scope
- Overview coverage: training opportunities at headquarters (HQ), online (OL), and at each regional training center and program.
- HQ training: targeted at a global audience; participants accepted from all IMF member countries except those declared ineligible for technical assistance.
- Languages at HQ: most courses offered in English; some offered in French and Spanish.
- OL program: complements and can be a prerequisite for classroom training and technical assistance; may also be taken as a stand-alone experience.
- OL language availability: all online courses available in English; some also available in Arabic, French, Portuguese, Russian, and Spanish.
- OL delivery features: instructional text, images, high-quality video, interactive assessments, hands-on exercises, discussion forum; mix of time-bound courses with weekly deadlines and self-paced, continuously offered courses.
- OL advantages: ability to offer courses to all interested government officials regardless of agency with no enrollment limits; facilitates blended training and microlearning.

*Training Program 2026, Institute for Capacity Development, International Monetary Fund*

### Regional Training Centers and Programs (high-level)
- Africa Training Institute (ATI)
  - Since 2013, ATI has offered courses covering general macroeconomic analysis, financial sector issues, fiscal policy, monetary and exchange rate policies, inclusive growth, and structural policies (gender, governance, and climate change).
  - ATI membership: tailored to the needs of ATI’s 45 members.
  - Language and delivery: typically offered in English with simultaneous interpretation into French and Portuguese; majority of courses offered in Mauritius; in-person and virtual courses supplemented by webinars.
- China–IMF Capacity Development Center (CICDC)
  - Inaugurated in April 2018 to provide training to officials in China and countries associated with the Belt and Road Initiative; headquartered in Beijing with centers in Shenzhen and Dalian; supports training in and outside China.
- IMF–Middle East Center for Economics and Finance (CEF)
  - Hosted and funded by the State of Kuwait since 2011; provides hands-on policy-oriented training to the 22 member countries of the Arab League; courses offered in Arabic or English (generally with interpretation into Arabic); organizes conferences and seminars on emerging policy topics.
- Joint Vienna Institute (JVI)
  - Established in 1992; organizes training primarily for officials from Central, Eastern, and Southeastern Europe; the Caucasus; Central Asia; Iran; and Türkiye; supported by primary and contributing members and partners.
- South Asia Regional Training and Technical Assistance Center (SARTTAC)
  - Opened in January 2017 in Delhi, India; responds to training and technical assistance needs of six South Asia countries; integrates training and technical assistance.
- IMF–Singapore Regional Training Institute (STI)
  - Established in 1998 in partnership with the Governments of Singapore and Japan; serves 38 member countries in the Asia-Pacific region with face-to-face, blended, and virtual training and outreach.
- Paraguay Regional Training Program (PTP)
  - Commenced in April 2025 in collaboration with the Institute of the Central Bank of Paraguay; delivers in-person courses focused on macroeconomic management, fiscal and financial sector policies, and statistics, including economic aspects of climate, gender, governance, and AML/CFT.
- Other Training (OT)
  - ICD also delivers courses at IMF Regional Technical Assistance Centers (RTACs) and various venues, often in collaboration with regional organizations; courses offered in English, Arabic, French, Portuguese, and Spanish; participation in OT courses is by invitation only and candidates are nominated in response to requests for nominations.

*Training Program 2026, Institute for Capacity Development, International Monetary Fund*

### Participant Selection, Sponsorship, and Cost Coverage
- Target audience: government officials from member countries, primarily from ministries of finance, economy, and planning; central banks; and statistics agencies. Eligibility may extend to financial intelligence units; anticorruption bodies; prosecution offices; climate, gender, or social policy agencies; regulatory authorities; and tax administrations depending on course focus.
- Key selection considerations:
  - Professional relevance and qualifications: preference for applicants whose duties align with course topic; applicants must meet educational and technical prerequisites, which may include familiarity with specific software or analytical tools.
  - Proof of English proficiency (for English-only courses): requirement of upper-intermediate English proficiency; acceptable proofs include university-level English course completion, work experience or academic degree in English-speaking countries, TOEFL/IELTS scores, or official signed HR certification.
  - Admission by program aims for equitable representation by considering geographic diversity, gender balance, and country-specific characteristics.
- Program-specific admission notes:
  - HQ program: generally admit one official per country, unless justified by exceptional business needs.
  - RTC programs: aim for broad representation from all member countries in the region.
  - Online learning: free and open to all government officials, with no limit on participants per country.
  - Blended learning: invitations to in-person segments may depend on attendance, engagement, and/or completion of virtual/asynchronous components.
  - Repeat participation: multiple in-person attendances in a short period or repeat enrollment in the same course will be flagged for additional review; repeat participation may be justified by business needs or significant course updates; completing an online version does not preclude in-person participation.
- Sponsorship requirements:
  - Participation requires official sponsorship by the applicant’s agency per internal guidelines (endorsement by supervisor, training director, or designated official).
  - Sponsors must certify leave with full pay for the course duration, release from other duties during the course, and return to current position or one of equal or greater responsibility upon completion.
- Cost coverage:
  - All IMF courses are free of charge.
  - Airfare, accommodation, and subsistence are provided by the IMF to eligible government officials only.
  - Officials from high-income countries and international agencies are typically self-financed and expected to cover accommodation, travel, and per diem.

*Training Program 2026, Institute for Capacity Development, International Monetary Fund*

### IMF Training Modalities
- Offered formats: online courses, in-person workshops, hybrid sessions, virtual seminars, and blended learning formats.
- Online courses:
  - Can include multiple modules or a single module; cover core IMF expertise areas; typically created in English with many courses also available in Arabic, French, Portuguese, Russian, and Spanish.
- In-person training:
  - Requires physical co-location of learners and instructors; offered at HQ and through RTCs and RTACs; enables hands-on learning.
- Blended courses:
  - Foundational concepts delivered asynchronously (e.g., online) prior to advanced or hands-on synchronous training (in-person) and/or technical assistance.
- Virtual training:
  - Delivered online in real time via platforms such as Teams, Webex, and Zoom; preferred format for webinars.
- Microlearning:
  - Quick, bite-sized, on-demand content (e.g., three- to five-minute videos, podcasts, infographics); supports knowledge transfer and on-the-job performance.
- Hybrid training:
  - Combines in-person and virtual participation where some learners and at least one instructor are physically present while others join virtually in real time.

*Training Program 2026, Institute for Capacity Development, International Monetary Fund*

### Illustrative Learning Paths and Example: General Macroeconomics
- Learning paths:
  - Provide structured sequences of courses to guide learners through thematic areas or skill sets; typically begin with foundational concepts and advance to specialized topics.
  - Learning paths are illustrative and non-prescriptive; intended as a roadmap for officials and institutions to plan skill development.
- Example curriculum area: General Macroeconomic Analysis and Policy Design
  - Focus: economic analysis, forecasting, policy design, and communication to enhance practical skills for government officials and policymakers.
  - Topics include: development of financial programming frameworks; diagnosis of macroeconomic imbalances; econometric tools for forecasting and policy analysis; managing and communicating fiscal and monetary policies; assessing vulnerabilities; specialized modules on Dynamic Stochastic General Equilibrium models, nowcasting, economic integration, and resource-rich economy challenges.
  - Target audience: officials in ministries of finance, economy, planning, and central banks seeking to enhance expertise in macroeconomic and financial policy design and implementation.
  - Illustrative learning path elements listed: Building Blocks in Macroeconomic Analysis and Financial Programming; examples of online modules include "Introduction to Financial Programming and Policies (FPP.0x)" and "Financial Programming and Policies" as part of the sequencing.

*Training Program 2026, Institute for Capacity Development, International Monetary Fund*

### Part 1: Macroeconomic

### Part 1: Macroeconomic

### Program structure and objectives
- Financial Programming and Policies (FPP) is organized in at least two parts: Part 1: Macroeconomic (Accounts & Analysis (FPP.1x)) and Part 2: Program Design (FPP.2x).
- OBJECTIVE: Build more technical skills of macroeconomic diagnostics, forecasting, and communication.
- OBJECTIVE (Advanced/Specialized Topics): Specialize in niche areas such as Dynamic Stochastic General Equilibrium modeling, nowcasting, resource-rich country management, and regional economic integration.

### Online and in-person course offerings (as listed)
- ONLINE: Financial Programming and Policies.
- ONLINE: Macroeconomic Diagnostics (MDSx).
- ONLINE: Macroeconometric Forecasting (MFx).
- ONLINE: Macroeconomic Management in Resource-Rich Countries (MRCx).

- Financial Programming and Policies (FPP).
- Macroeconomic Diagnostics (MDS).
- Macroeconometric Forecasting and Analysis (MFA).
- Vulnerability Diagnostics (VDS).
- Macroeconomic Policy Communication (MPC).

- Monetary and Fiscal Policy Analysis with DSGE Models (DSGE).
- Nowcasting (NWC).
- Economic Issues in Regional Integration (ERI).
- Macroeconomic Management in Resource-Rich Countries (MRC).

### General Macroeconomics focus
- GENERAL MACROECONOMICS: General Macroeconomic Analysis and Policy Design.

### Course description: Economic Issues in Regional Integration (ERI)
- TARGET AUDIENCE: Mid-level to senior officials in central banks, ministries of finance, and other interested ministries and agencies in countries that are part of one or multiple regional integration arrangements or planning to further deepen such arrangements. Staff from intergovernmental or supranational regional organizations are also invited.
- QUALIFICATIONS: Participants are expected to have an advanced degree in economics or equivalent experience and be proficient in the use of spreadsheets.
- COURSE DESCRIPTION:
  - Main objective: Broaden participants’ understanding of economic, monetary, and financial integration and its impact on trade, investment, and economic growth within the region and on the global economy.
  - Approach: Draws on economic theory and on case studies from experiences in several regions.
  - Topics covered: “Requirements” for economic, monetary, and financial integration; economic and political consequences of regional integration.
  - Pedagogy: Workshops designed to deepen participants’ knowledge of specific issues that may emerge in economic and monetary integration.
  - Practical work: Participants use case studies with country data to make assessments of the benefits and challenges of regional integration and are expected to deliver their (course deliverable text truncated in source).

*International Monetary Fund*

### conclusions in short presentations.

### conclusions in short presentations.

### General Macroeconomics — Course goals and hands-on skills
- Analyze the various types of regional integration and discuss new trends in regional integration.
- Identify and critically analyze the opportunities and challenges of various integration schemes for their countries.
- Assess the process of regional integration in terms of its implications on economic growth and inequality, and the level and pace of convergence in key macroeconomic variables in the run-up to deeper integration.
- Summarize economic and political arguments regarding integration that may affect their own country.

- Financial Programming and Policies (FPP)
  - Target audience: Officials from ministries of finance, economy, planning and central banks who advise on or help design and implement macroeconomic and financial policies.
  - Qualifications: degree in economics or equivalent experience; proficient in spreadsheets.
  - Course description: diagnose macroeconomic imbalances and correct them via coordinated adjustment policies; covers real, fiscal, external, and monetary sectors; uses accounting and behavioral relationships and a country case study.
  - Course objectives:
    - Create consistent macroeconomic baseline projections assuming no policy changes while respecting accounting and behavioral links among economic variables.
    - Analyze the baseline macroeconomic scenario and diagnose macroeconomic imbalances.
    - Identify economic vulnerabilities and risks in the baseline scenario and articulate how policy measures address them.
    - Prepare an adjustment scenario reflecting policy measures and their macroeconomic impact.
    - Negotiate an economic adjustment program with the respective counterparty in a role-playing simulation exercise.
    - Identify further policy goals and measures to incorporate into a medium-term framework.

- Online FPP modules (FPP.1x, FPP.2x, FPP.0x)
  - FPP.1x: calculate economic variables using macroeconomic accounting; interpret accounts of the real, fiscal, external, and monetary sectors; analyze a case study using an Excel-based framework.
  - FPP.2x: construct baseline projections for sectors; describe accounting and behavioral links; create consistent one-year projections assuming no policy change; use a macroeconomic model to analyze policy impacts; identify vulnerabilities in an emerging market economy; prepare a macroeconomic policy scenario.
  - FPP.0x (primer): explain the financial programming approach; explain diagnostic framework for internal and external imbalances; describe four key macroeconomic sectors and critical statistics; recognize interlinkages and review accounting and behavioral relationships using a country case study.

- Macroeconomic Diagnostics (MDS / MDSx)
  - Target audience: central bank and ministry officials diagnosing macroeconomy and making projections.
  - Objectives:
    - Analyze potential output, calculate output gaps, and diagnose the outlook for the economy.
    - Assess the stance of fiscal, monetary, exchange rate, and financial policies.
    - Assess macro-financial linkages and financial sector soundness indicators.
    - Assess medium-term prospects, especially sustainability of public and external debt.
    - Identify external and internal risks and design policies to address them.

- Macroeconometric Forecasting (MFx, MFA)
  - MFx: focus on data and model properties (stationarity, co-integration), dynamic specifications (error correction models), model evaluation and forecast uncertainty; practical use of EViews.
  - MFA: rigorous foundation in estimating macro-econometric models; covers BRIDGE, MIDAS, UMIDAS, state-space models, nowcasting; objectives include applying EViews techniques and forecasting for country cases.

- Specialized topics: Macroeconomic Management in Resource-Rich Countries (MRC / MRCx), Macroeconomic Policy Communication (MPC), Monetary and Fiscal Policy Analysis with DSGE models (DSGE), Nowcasting (NWC), Vulnerability Diagnostics (VDS)
  - MRC objectives: analyze performance in RRCs; design fiscal frameworks and benchmarks; identify macro responses to commodity price shocks.
  - MPC objectives: identify principles and best practices for transparency and communicating macroeconomic policies; design effective communication strategies; formulate institutional action plans; manage media and public inquiries.
  - DSGE objectives: describe simulation and estimation techniques; build a basic DSGE model from first principles; augment models to address policy questions; identify advantages and limitations.
  - NWC objectives: formulate nowcasting models (Bridge, MIDAS, U-MIDAS); generate nowcasts and evaluate accuracy; apply nowcasting tools to country data.
  - VDS objectives: assess fiscal, financial, external, and real sector vulnerability indicators; use diagnostic tools to track multi-sectoral vulnerabilities and predict tail risks; adapt templates of country vulnerability reports.

### Fiscal Issues — curricula, learning paths, and practical tools
- Fiscal curriculum focus: fiscal analysis, tax administration, public debt management, public financial management; topics include labor market informality, fuel subsidy reforms, inequality, climate change.
- Illustrative learning paths: Fiscal policy analysis and design; Fiscal sustainability; Public financial management and fiscal risks; Revenue administration.

- Fiscal Policy Analysis and Design — course map and objectives
  - Foundational courses: Fiscal Policy Analysis (FPA), Fiscal Analysis and Forecasting (FAF), Tax Policy and Administration: Theory and Practice (TPAT).
  - Practical applications: Fiscal Frameworks (FF), Fiscal Rules and Frameworks (FRF), ONLINE: Revenue Forecasting and Analysis (RFAx).
  - Specialized challenges: ONLINE: Energy Subsidy Reform (ESRx), Reforming Fuel Subsidies (RFS), Informality: Policy Objectives, Options, and Constraints (POOC), International Issues in Tax Law Design (TLWD).
  - Selected course objectives (samples):
    - ESRx: explain energy subsidies, estimate pre- and post-tax subsidies; design subsidy reform strategies; use Excel-based toolkit to assess distributional effects.
    - FAF: prepare detailed revenue and spending analyses; generate forecasts of aggregates and fiscal balance; apply skills to country case studies.
    - FF: design fiscal rules; monitor fiscal performance; contribute to medium-term budgeting respecting sustainability.
    - FPA: use fiscal policy to attain macro-stability, equity, efficiency, and growth; apply tools to assess fiscal stance, multipliers, and sustainability.
    - FRF: critically assess data quality for fiscal analysis; understand fiscal rules options tailored to country circumstances; use in-year monitoring tools.

- Specialized fiscal courses
  - POOC objectives: understand labor taxation issues reducing undeclared work; design reform packages tailored to country parameters.
  - TLWD objectives: explain links between fiscal laws; analyze domestic tax legislation against international best practices; identify legal design approaches for tax law reform.
  - RFS objectives: explain rationales for energy subsidies; identify barriers to reform; design effective reform strategies and mitigation measures.
  - RFAx objectives: describe role of revenue forecasting in budget-making; apply macro-based models and micro-simulation techniques; identify data requirements and institutional frameworks.

### Fiscal Sustainability — tools, models, and frameworks
- Illustrative learning path: Fiscal Sustainability (FS), DDTx, DSDR, DDUx, DIGx, LIC-DSFx, DSF-LIC, SRDSF-MAC.
- Fiscal Sustainability (FS)
  - Uses Excel-based Public Debt Dynamics Tool (DDT) for projecting public debt under baseline and alternative scenarios; compute fiscal adjustments to meet debt targets; stress testing and fan charts.
  - Objectives:
    - Use real data to project public debt and compute fiscal adjustments consistent with a public debt target.
    - Prepare public debt report with main drivers and stress tests.
    - Identify components of debt sustainability analysis and analyze risk of public debt distress.

- Online DDTx and DDUx
  - Teach projection of public debt under uncertainty; produce and interpret fan charts; concepts of maximum debt limit and safe debt.
  - Objectives (DDTx/DDUx): project public debt; compute measures of fiscal adjustments; conduct stress tests; produce fan charts via Monte Carlo simulations or VAR/fiscal reaction functions; evaluate debt dynamics under uncertainty.

- DIGx (DIG and DIGNAR models)
  - Analyze relation between public investment, growth, and debt dynamics; examine investment-growth nexus, fiscal adjustment, private sector response; interpret scenario analyses using DIG/DIGNAR as reflected in IMF documents.
  - Objectives: analyze DIG/DIGNAR elements; analyze public investment scale-ups; explain dependence of effects on financing, returns, efficiency; interpret scenario analyses.

- DSF-LIC and SRDSF-MAC
  - DSF-LIC: in-depth introduction to DSF LIC implemented July 2018; apply realism tools, stress tests, debt-carrying capacity thresholds; prepare risk-based DSA for LICs.
  - SRDSF-MAC: present Sovereign Risk and Debt Sustainability Framework for Market Access Countries; forward-looking debt and debt service analysis under baseline and shocks; interpret standardized outputs including summary SRDSA table, realism flags, stress tests.
  - Objectives: explain inputs to operationalize frameworks; interpret standardized outputs; apply techniques for assessing sovereign debt risks.

### Public Financial Management and Fiscal Risks — governance, transparency, and practical PFM tools
- Curriculum focus: PFM systems, budgeting frameworks, fiscal risks, medium-term budgeting, fiscal transparency and governance, SOE oversight, gender budgeting, legal frameworks.
- Illustrative learning path: PFMx; Understanding, Assessing and Managing Fiscal Risks (UAMFR); Fiscal Frameworks and Medium-Term Budgeting (FMTB); Fiscal Transparency and Governance (FTG); SOE Oversight; ONLINE: Introduction to Gender Budgeting (GB); Public Financial Management Legal Frameworks (LFPFM).

- Key course highlights and objectives:
  - FMTB: design and implement medium-term budgeting aligned with fiscal objectives; assess impact of MTBFs on fiscal discipline.
  - FTG: apply international benchmarks and diagnostic tools to improve fiscal transparency and governance; identify legal and institutional mechanisms for transparency; evaluate fiscal processes for institutional weaknesses.
  - GB: explain gender budgeting concepts; describe gender budgeting tools (gender impact assessments, gender budget statements, gender tagging, gender budget circular); describe enabling legal and institutional arrangements.
  - PFMx: explain budget cycle and medium-term budget framework; identify tools for managing fiscal risks and components of fiscal reporting and transparency.
  - LFPFM: identify sound legal practices for PFM; analyze domestic PFM legislation against international good practices; formulate legal reform recommendations.
  - SOE: understand SOE impact on budgets and debt; identify fiscal risk channels from SOEs; perform SOE financial analysis using the SOE Health Check Tool; strengthen corporate governance and informed state ownership.
  - UAMFR: define fiscal risks and contingent liabilities; assess and prioritize fiscal risks; apply IMF Fiscal Risk Toolkit tools; prepare a fiscal risk statement.

### Revenue Administration — diagnostics, VITARA modules, and practical administration tools
- Curriculum goals: apply IMF diagnostic tools (TADAT, VGEM), plan and implement tax administration reforms, manage compliance risks, improve taxpayer services, strengthen IT and data management.
- Virtual Training to Advance Revenue Administration (VITARA)
  - Joint IMF, CIAT, IOTA, OECD initiative consisting of short online modules for tax administration executives and senior managers.
  - Modules and representative objectives:
    - VITARA-AUD (Audit Program): describe audit role in compliance; delineate legal, organizational, tools, and performance measures for audit.
    - VITARA-CRM (Compliance Risk Management): define CRM concept and benefits; outline CRM framework and organizational arrangements; identify low-income country issues.
    - VITARA-ERM (Enterprise Risk Management): define ERM and benefits; outline ERM framework; determine governance arrangements and senior leaders’ roles.
    - VITARA-FLD (Filing of Declarations): explain role of tax declarations in self-assessment; identify filing compliance risks and remedies; describe organizational and IT considerations.
    - VITARA-HRM (Human Resource Management): define HRM concept and functions; explain career paths, remuneration, and learning and development.
    - VITARA-ITD (Information Technology and Data Management): explain importance of IT in tax administration; identify digital principles, IT governance, data management, and information security concepts.
    - VITARA-IGO (Institutional Governance): describe internal and external governance dimensions; identify safeguards against political interference; explain internal governance frameworks and internal controls.
    - VITARA-ORG (Organization): define organizational design; compare organizational models; explain HQ vs field roles and adaptation to new responsibilities.
    - VITARA-PDM (Payment and Debt Management): outline a DM strategy; identify enforcement tools and write-off provisions.
    - VITARA-PMG (Performance Management): define PM concepts and framework; identify management and governance arrangements to improve PM.
    - VITARA-RMF / RMS (Reform Management Fundamentals / Specific Topics): design reform programs; manage reform planning, monitoring, reporting, resourcing, risk management, change control, and post-implementation evaluation.
    - VITARA-SMG (Strategic Management): define strategic management and contents of strategic plans; outline timeline, resources, and tasks to implement strategic plans.
    - VITARA-TAR (Taxpayer Registration): describe elements of a high-integrity registration system; develop a registration compliance improvement plan; maintain and cleanse registers.
    - VITARA-TPS (Taxpayer Services): explain role of taxpayer services in voluntary compliance; design taxpayer service strategies and account for digitalization opportunities.

- RA-GAP VGAPx and TADAT
  - VGAPx (RA-GAP VAT Gap Estimation Model): prepare and execute VAT gap estimation model (VGEM); modules include measuring actual VAT, constructing potential VAT base, running model and troubleshooting.
  - VGAPx objectives: prepare data inputs; produce and interpret VGEM results; diagnose and correct data/model errors.
  - TADAT: equip participants with TADAT methodology and skills to conduct assessments; exam with a 75 percent pass mark for certification.
  - TADAT objectives: demonstrate in-depth understanding of international good practices; use TADAT metrics to assess performance; write TADAT Performance Assessment Reports; interpret results and use them to inform reform strategies.

### Monetary and External Sector Policies — focus areas and analytical tools
- Curriculum intent: explore monetary and exchange rate policies, capital flows, monetary policy analysis and forecasting, central bank operational frameworks.
- Illustrative learning path: Monetary Policy (MP), Exchange Rate Policy (ERP), Managing Capital Flows (MCF), Model-Based Monetary Policy Analysis and Forecasting (MPAF / MPAFx), specialized central bank operations and legal frameworks.

- Exchange Rate Policy (ERP)
  - Course scope: real/nominal exchange rates, arbitrage conditions (UIP, law of one price, PPP), exchange rate regimes, policy mix, FX interventions, reserve adequacy (ARA), External Balance Assessment (EBA), early warning systems.
  - Objectives:
    - Assess reserve adequacy with traditional and IMF ARA metric.
    - Assess external balance position with EBA and EBA-lite.
    - Construct systems for early warning of currency crises using nominal exchange rates and international reserves.
    - Describe exchange rate regime choice and country-specific influences.

- Managing Capital Flows (MCF)
  - Course scope: balance of payments refresher; measures of capital flows and financial account openness; determinants of capital flows; sequencing liberalization; analytical methods for analysis and forecasting; IMF Institutional View.
  - Objectives:
    - Identify financial and economic risks of global capital markets.
    - Understand sequencing of capital account liberalization.
    - Identify policy actions to influence or prevent capital account crises.
    - Evaluate impact of reforms on growth and crisis risk.
    - Understand IMF Institutional View on macroprudential and capital flow management tools.

- Model-Based Monetary Policy Analysis and Forecasting (MPAF / MPAFx)
  - MPAF: train officials in simple Dynamic New Keynesian models for monetary policy analysis and forecasting; customize models to country features; develop medium-term projections for output, inflation, interest and exchange rates; identify risks and alternative scenarios.
  - MPAFx (online): introduce semi-structural macroeconomic models used in FPAS; hands-on historical filtration, forecasting, and calibration exercises using quarterlies and country data.

_Italic: IMF Capacity Development—Training Program 2026_

### introduction to a canonical New Keynesian model

### introduction to a canonical New Keynesian model

### Course overview and structure
- The course covers the introduction to a canonical New Keynesian model, its structure and its key properties.
- Implementation components include:
  - Implementation of the QPM in Matlab/Octave.
  - Application of the IRIS toolbox for solving and maintaining the QPM.
  - Forecasting with the QPM.

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

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_Source: https://www.imf.org/-/media/files/icd/catalog/cy26-catalog-e.pdf_