## Financial Programming and Policies — Course Outline

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---

### Target audience and prerequisites
- Target Audience: Officials from ministries of finance, economy, and planning, or central banks, who advise on or help implement macroeconomic and financial policies.
- Prerequisites:
  - Participants are expected to have a degree in economics or equivalent experience.
  - Proficiency in the use of spreadsheets.
  - It is highly recommended that the online courses (FPP.1x and FPP.2x) be completed before attending the face-to-face course.
- Performance Evaluation:
  - A multiple-choice test will be given at the beginning and end of the course to assess participants’ knowledge and impact of learning.

### Course objectives and Unit 0
- Unit 0: Introductory Lecture – Course Overview
  - Lecture 0 (0.5 hours)
    - Objectives of course
    - Modalities
    - Syllabus
    - Role of participants and counselors

### Unit structure and core themes (Units 1–13)
- Unit 1: Introduction to Financial Programming
  - Lecture 1 (1.5 hours)
    - Introduction: What is financial programming?
    - What is Macroeconomic Stabilization?
    - Economic imbalances and vulnerabilities
    - Policies to Achieve Joint Balance (Internal and External)
    - Issues in Designing Adjustment Programs
    - Roadmap for Stabilization

- Unit 2: Interrelations Among Macroeconomic Accounts
  - Lecture 2 (1.5 hours)
    - Overview of the four macroeconomic accounts
    - Accounting interrelationships among the accounts:
      - The income-absorption gap
      - The saving-investment gap: public vs. private sector
      - Corresponding financing identities for all gaps: internal and external
      - Macro-financial linkages: potential financial vulnerabilities and their likely real sector outcomes
    - Behavioral interrelationships among the accounts
    - Crises and financing gaps

- Unit 3: Overview of Quantitative Analysis and Forecasting Methods
  - Lecture 3 (1.5 hours)
    - Data: description, trends, price deflators, growth rates
    - Simple forecasting methods
    - Application: obtaining an initial projection for GDP growth

- Unit 4: Output, Expenditure, and Prices: Analysis and Forecasting
  - Lecture 4 (1.5 hours)
    - Gross Domestic Product from the expenditure side, element-by-element
    - Current versus constant price expenditures and output
    - Using price and exchange rate assumptions to obtain expenditure deflators
    - Reconciling expenditure- and supply-side GDP forecasts
    - Role of commodity prices in economic activity
  - Workshop 1 (4.5 hours)
    - Topic: Analysis and forecasting of GDP and prices
    - Activity objectives:
      - Introduce the case study and course-workshop structure
      - Summarize recent growth and inflation trends for the case study
      - Introduce key assumptions on external environment and exchange rate
      - Develop and analyze a full set of expenditures and deflators for the baseline

- Unit 5: Balance of Payments: Analysis and Forecasting
  - Lecture 5 (1.5 hours)
    - Balance of Payments accounting: trade, current, capital, and financial accounts
    - Linking exports and imports of goods and services to real sector
    - Financing flows: direct investment vs. portfolio, debt vs. non-debt, public vs. private
    - The overall balance and reserve flows
    - Current account norm and exchange rate misalignment
    - Reserve adequacy metrics and external sustainability
    - Forecasting balance of payments: elasticities, exchange rates, global assumptions
    - Role of commodity prices for importers and exporters
    - Policies to address external vulnerabilities
  - Workshop 2 (4.5 hours)
    - Topic: Analysis and forecasting of the balance of payments
    - Activity objectives:
      - Analyze relevant elasticities and global economic assumptions
      - Forecast components of current and financial and capital account
      - Analyze different ways of financing the overall balance
      - Analyze external vulnerabilities

- Unit 6: Fiscal Sector: Analysis and Forecasting
  - Lecture 6 (1.5 hours)
    - Fiscal accounts
    - Measures of fiscal balance
    - Financing the fiscal deficit
    - Forecasting fiscal accounts: revenues, spending, financing and debt
  - Workshop 3 (3 hours)
    - Topic: Analysis and forecasting of fiscal accounts
    - Activity objectives:
      - Analyze relationship among the tax base, the tax rate, and tax revenue
      - Identify main factors determining trends in the tax base, effective tax rates, and recent trends in expenditures by principal category
      - Project principal elements of revenues and expenditures using results and assumptions for current period
      - Derive corresponding financing scenario and paths of foreign and domestic debt
      - Estimate effects of fiscal policy actions on other macroeconomic variables

- Unit 7: Fiscal Policy
  - Lecture 7 (1.5 hours)
    - Fiscal Policy: Definition and Objectives
    - The Impact of Fiscal Policy on the Economy
    - Impact of macroeconomic shocks on Fiscal Deficit
    - How to Conduct Fiscal Policy
    - Fiscal Policy and Crises

- Unit 8: Monetary Sector: Analysis and Forecasting
  - Lecture 8 (1.5 hours)
    - Overview of monetary aggregates and depository institution balance sheets
    - Monetary liabilities and money demand functions
    - Basics of monetary instruments and policy
    - Credit aggregates – linkages with other sectors
    - Other asset-side items, including international reserves, valuation effects, and central bank liquidity operations
  - Workshop 4 (3 hours)
    - Topic: Analysis and forecasting of monetary accounts
    - Activity objectives:
      - Project key monetary aggregates with simple money demand functions
      - Build asset side projections based on assumptions from other sectors (e.g., fiscal financing, exchange rates)
      - Reconcile monetary projections with results from other sectors

- Unit 9: Monetary and Exchange Rate Policies
  - Lecture 9 (1.5 hours)
    - Objectives of monetary and exchange rate policies
    - Inflation targeting vs. monetary targeting
    - Instruments of monetary policy
    - Impact of monetary policy instruments and exchange rate on the economy
    - Alternative exchange rate regimes
    - Impact of economic conditions on the exchange rate – real and nominal
    - Policy coordination
    - Central bank communication

- Unit 10: Macro-Financial Linkages
  - Lecture 10 (1.5 hours)
    - Understanding Macro-Financial Linkages
    - Analytics of Macro-Financial Linkages
    - Identifying Financial Weaknesses: Financial Soundness Indicators
    - Identifying Systemic Risks: The Balance Sheet Approach (BSA)
    - Preserving Financial Stability using Macroprudential Policy
  - Workshop 5 (3 hours)
    - Topic: Interrelations between macro accounts and finalization of baseline
    - Activity objectives:
      - Analyze interrelations between macro accounts and flow of funds table
      - Discuss macro-financial linkages
      - Finalize baseline scenario

- Unit 11: Sources of Growth
  - Lecture 11 (1.5 hours)
    - Quantifying the sources of growth: a production function approach
    - The Solow Growth model and the concept of a steady state
    - Total factor productivity: technological and policy determinants
    - The importance of structural reforms: theory and evidence
    - Impediments to growth
    - Role of infrastructure

- Unit 12: Growth and Macroeconomic Sustainability: A Medium-Term Perspective
  - Lecture 12 (1.5 hours)
    - A medium-term perspective: where should the country be heading?
    - Medium-term assumptions for the external environment, economic growth, and other key variables
    - Dynamics and sustainability for public and external debt: a primer
    - Designing a simple medium-term framework

- Unit 13: Macroeconomic Adjustment and Program Experience
  - Lecture 13 (1.5 hours)
    - Diagnosing macroeconomic imbalances and vulnerabilities in the baseline
    - No policy change scenario, shocks and fiscal and external financing gaps
    - Program design – stabilization policies and structural reforms for growth and sustainability
    - Performance/Assessment criteria and indicative targets
    - Role of external financing
    - Country experience with IMF-supported programs
    - Challenges in post-crisis adjustment
  - Workshop 6 (15.0 hours)
    - Topic: Financial Programming
    - Activity objectives:
      - Analyze vulnerabilities in baseline scenario
      - Identify policies that will address vulnerabilities
      - Quantify impact of policies on key macroeconomic variables
      - Compute macroeconomic projections for the program scenario
      - Specify a simple medium-term framework
      - Decide on potential role of Fund financing

### Annex 1 — Online course (FPP.1x and FPP.2x) overview
- FPP.1x: Financial Programming and Policies Part 1: Macroeconomic Accounts & Analysis
  - Introduction to accounts of the four main sectors: real, fiscal, external, and monetary
  - Accounting frameworks, interpretation of variables and indicators, and basic analysis
  - Features: short video lectures, interactive quizzes, hands-on exercises, discussion forum
  - Weekly assignments are computer-graded with strict deadlines
  - Expected workload: 8-10 hours a week
  - Participants who successfully complete FPP.1x will receive a certificate of completion

- FPP.2x: Financial Programming and Policies Part 2: Macroeconomic Accounts & Analysis
  - Module 1: Recap of FPP1x; define IMF financial programming (FPP2x) as practical, hands-on approach; show examples; explain FPP2x courseware steps
  - Module 2: Introducing Macronia and the Macronia spreadsheet case
  - Module 3: Forecasting the Real sector and Inflation
    - Forecast potential output and the output gap from the supply side
    - Understand Phillips curve determinants and forecast GDP components and GDP deflator
  - Module 4: Forecasting the Exchange rate and the External sector
    - Understand RER, trend RER consistent with fundamentals, forecast nominal exchange rate, current account, financial account, external debt, and NIIP; identify emerging imbalances; policy trade-offs among ER regimes
  - Module 5: Forecasting the Government sector
    - Learn how to forecast a government budget and derive fiscal stance; interrelations with other sectors; tax base and revenue relationships; prepare a forecast for government operations
  - Module 6: Forecasting the Monetary and Banking sector
    - Use monetary policy reaction functions (Taylor rule), forecast policy interest rate, forecast money demand and monetary aggregates (NFA, NDA, etc.), use money multiplier and velocity methods, ensure consistency in monetary sector forecast
  - Module 7: Making a Consistent Baseline scenario
    - Ensure sectoral forecasts from modules 3–6 are mutually consistent (accounting and behavioral)
  - Module 8: Interpreting the Baseline Scenario and the role of economic policy
    - Introduce simple models for policy transmission, policy coordination, and communication
  - Module 9: Assessing the Risks in a Baseline Scenario
    - Identify vulnerabilities for emerging market economies and model-based shock analysis
  - Module 10: The Adjustment scenario
    - Construct an adjustment scenario to attain internal and external stabilization using the Macronia spreadsheet; learn elements of FPP program design

### Annex 2. Regional Case Studies
- Region and Case Studies:
  - Asia (AN): Indonesia (2013) GFSM2001 BP M6
  - Africa (AC): Ghana (2014) GFSM2001 BP M5
  - Europe (EM): Iceland (2007) GFSM2001 BP M5
  - Europe (EM): Georgia (2014) GFSM2001 BP M6
  - Middle East (EM): Tunisia (2014) GFSM2001 BP M6
  - Latin America (WH): Costa Rica (2014) GFSM2001 BP M6
  - Online FPP (FFP.1x and FPP.2x): Macedonia (2012) GFSM2001 BP M6
- Summary of Regional Case Studies:
  - Region and ICD Division: listed with corresponding country case studies and GFSM2001 BP module designations.
  - Case Study entries preserve the year of case study and GFSM2001 BP module codes (M5 or M6) exactly as provided.
  - Statistical Manuals: referenced in association with regional case studies (label retained as "Statistical Manuals").

### Annex 3. Instructional Time and Course Schedule
- Day 1
  - Unit 0: Course Introduction
    - Administrative Briefing 0.5
    - Opening session 0.5
    - Intial Test 0.5
    - Lecture 0: Course Overview 0.5
  - Unit 1: Introduction to Financial Programming
    - Lecture 1: Introduction to Financial Programming 1.5
  - Unit 2: Interrelations Among Macroeconomic Accounts
    - Lecture 2: Interrelations Among Macroeconomic Accounts 1.5
- Day 2
  - Unit 3: Overview of Quantitative Analysis and Forecasting Methods
    - Lecture 3: Overview of Quantitative Analysis and Forecasting Methods 1.5
  - Unit 4: Output, Expenditure, and Prices: Analysis and Forecasting
    - Lecture 4: Output, Expenditure, and Prices: Analysis and Forecasting 1.5
    - Workshop 1: Real Sector Forecasts 3
- Day 3
  - Unit 5: Balance of Payments: Analysis and Forecasting
    - Lecture 5: Balance of Payments: Analysis and Forecasting 1.5
    - Workshop 2: External Sector Forecasts 4.5
- Day 4
  - Unit 6: Government Finance Statistics: Analysis and Forecasting
    - Lecture 6: Government Finance Statistics: Analysis and Forecasting 1.5
    - Workshop 3: Fiscal Sector Forecasts 3
  - Unit 7: Fiscal Policy
    - Lecture 7: Fiscal Policy 1.5
- Day 5
  - Unit 8: Monetary Accounts: Analysis and Forecasting
    - Lecture 8: Monetary Accounts: Analysis and Forecasting 1.5
    - Workshop 4: Monetary Sector Forecasts 3
  - Unit 9: Monetary Policy and Exchange Rate Regimes
    - Lecture 9: Monetary Policy and Exchange Rate Regimes 1.5
- Day 6
  - Unit 10: Macro-Financial Linkages
    - Lecture 10: Macro-Financial Linkages 1.5
    - Workshop 5: Financial Sector Indicators 3
  - Unit 11: Sources of Growth
    - Lecture 11: Sources of Growth 1.5
- Day 7
  - Unit 12: Growth and Macroeconomic Stability: A Medium-Term Perspective
    - Lecture 12: Growth and Macroeconomic Stability: A Medium-Term Perspective 1.5
  - Unit 13: Macroeconomic Adjustment and Program Experience
    - Lecture 13: Macroeconomic Adjustment and Program Experience 1.5
    - Workshop 6: Financial Programming (Finalize baseline scenario) 3
- Day 8
  - Workshop 6: Financial Programming (Program scenario) 6
- Day 9
  - Workshop 6: Financial Programming (Prepare group presentations) 6
- Day 10
  - Course Closing
    - Course Evaluation 0.5
    - Final Test 0.5
    - Group Presentations 2
    - Closing session and distribution of certificates 0.5

- Key statistics:
  - Total (lectures, workshops, other): 56.5

*IMF Institute — Financial Programming and Policies course outline*

### 1. Introduction to Financial Programming

### 1. Introduction to Financial Programming

### Target audience and prerequisites
- Target Audience: Officials from ministries of finance, economy, and planning, or central banks, who advise on or help implement macroeconomic and financial policies.
- Prerequisites:
  - Participants are expected to have a degree in economics or equivalent experience.
  - Proficiency in the use of spreadsheets.
  - It is highly recommended that the online courses (FPP.1x and FPP.2x) be completed before attending the face-to-face course.
- Performance Evaluation:
  - A multiple-choice test will be given at the beginning and end of the course to assess participants’ knowledge and impact of learning.

### Course objectives and Unit 0
- Unit 0: Introductory Lecture – Course Overview
  - Lecture 0 (0.5 hours)
    - Objectives of course
    - Modalities
    - Syllabus
    - Role of participants and counselors

### Unit structure and core themes (Units 1–13)
- Unit 1: Introduction to Financial Programming
  - Lecture 1 (1.5 hours)
    - Introduction: What is financial programming?
    - What is Macroeconomic Stabilization?
    - Economic imbalances and vulnerabilities
    - Policies to Achieve Joint Balance (Internal and External)
    - Issues in Designing Adjustment Programs
    - Roadmap for Stabilization

- Unit 2: Interrelations Among Macroeconomic Accounts
  - Lecture 2 (1.5 hours)
    - Overview of the four macroeconomic accounts
    - Accounting interrelationships among the accounts:
      - The income-absorption gap
      - The saving-investment gap: public vs. private sector
      - Corresponding financing identities for all gaps: internal and external
      - Macro-financial linkages: potential financial vulnerabilities and their likely real sector outcomes
    - Behavioral interrelationships among the accounts
    - Crises and financing gaps

- Unit 3: Overview of Quantitative Analysis and Forecasting Methods
  - Lecture 3 (1.5 hours)
    - Data: description, trends, price deflators, growth rates
    - Simple forecasting methods
    - Application: obtaining an initial projection for GDP growth

- Unit 4: Output, Expenditure, and Prices: Analysis and Forecasting
  - Lecture 4 (1.5 hours)
    - Gross Domestic Product from the expenditure side, element-by-element
    - Current versus constant price expenditures and output
    - Using price and exchange rate assumptions to obtain expenditure deflators
    - Reconciling expenditure- and supply-side GDP forecasts
    - Role of commodity prices in economic activity
  - Workshop 1 (4.5 hours)
    - Topic: Analysis and forecasting of GDP and prices
    - Activity objectives:
      - Introduce the case study and course-workshop structure
      - Summarize recent growth and inflation trends for the case study
      - Introduce key assumptions on external environment and exchange rate
      - Develop and analyze a full set of expenditures and deflators for the baseline

- Unit 5: Balance of Payments: Analysis and Forecasting
  - Lecture 5 (1.5 hours)
    - Balance of Payments accounting: trade, current, capital, and financial accounts
    - Linking exports and imports of goods and services to real sector
    - Financing flows: direct investment vs. portfolio, debt vs. non-debt, public vs. private
    - The overall balance and reserve flows
    - Current account norm and exchange rate misalignment
    - Reserve adequacy metrics and external sustainability
    - Forecasting balance of payments: elasticities, exchange rates, global assumptions
    - Role of commodity prices for importers and exporters
    - Policies to address external vulnerabilities
  - Workshop 2 (4.5 hours)
    - Topic: Analysis and forecasting of the balance of payments
    - Activity objectives:
      - Analyze relevant elasticities and global economic assumptions
      - Forecast components of current and financial and capital account
      - Analyze different ways of financing the overall balance
      - Analyze external vulnerabilities

- Unit 6: Fiscal Sector: Analysis and Forecasting
  - Lecture 6 (1.5 hours)
    - Fiscal accounts
    - Measures of fiscal balance
    - Financing the fiscal deficit
    - Forecasting fiscal accounts: revenues, spending, financing and debt
  - Workshop 3 (3 hours)
    - Topic: Analysis and forecasting of fiscal accounts
    - Activity objectives:
      - Analyze relationship among the tax base, the tax rate, and tax revenue
      - Identify main factors determining trends in the tax base, effective tax rates, and recent trends in expenditures by principal category
      - Project principal elements of revenues and expenditures using results and assumptions for current period
      - Derive corresponding financing scenario and paths of foreign and domestic debt
      - Estimate effects of fiscal policy actions on other macroeconomic variables

- Unit 7: Fiscal Policy
  - Lecture 7 (1.5 hours)
    - Fiscal Policy: Definition and Objectives
    - The Impact of Fiscal Policy on the Economy
    - Impact of macroeconomic shocks on Fiscal Deficit
    - How to Conduct Fiscal Policy
    - Fiscal Policy and Crises

- Unit 8: Monetary Sector: Analysis and Forecasting
  - Lecture 8 (1.5 hours)
    - Overview of monetary aggregates and depository institution balance sheets
    - Monetary liabilities and money demand functions
    - Basics of monetary instruments and policy
    - Credit aggregates – linkages with other sectors
    - Other asset-side items, including international reserves, valuation effects, and central bank liquidity operations
  - Workshop 4 (3 hours)
    - Topic: Analysis and forecasting of monetary accounts
    - Activity objectives:
      - Project key monetary aggregates with simple money demand functions
      - Build asset side projections based on assumptions from other sectors (e.g., fiscal financing, exchange rates)
      - Reconcile monetary projections with results from other sectors

- Unit 9: Monetary and Exchange Rate Policies
  - Lecture 9 (1.5 hours)
    - Objectives of monetary and exchange rate policies
    - Inflation targeting vs. monetary targeting
    - Instruments of monetary policy
    - Impact of monetary policy instruments and exchange rate on the economy
    - Alternative exchange rate regimes
    - Impact of economic conditions on the exchange rate – real and nominal
    - Policy coordination
    - Central bank communication

- Unit 10: Macro-Financial Linkages
  - Lecture 10 (1.5 hours)
    - Understanding Macro-Financial Linkages
    - Analytics of Macro-Financial Linkages
    - Identifying Financial Weaknesses: Financial Soundness Indicators
    - Identifying Systemic Risks: The Balance Sheet Approach (BSA)
    - Preserving Financial Stability using Macroprudential Policy
  - Workshop 5 (3 hours)
    - Topic: Interrelations between macro accounts and finalization of baseline
    - Activity objectives:
      - Analyze interrelations between macro accounts and flow of funds table
      - Discuss macro-financial linkages
      - Finalize baseline scenario

- Unit 11: Sources of Growth
  - Lecture 11 (1.5 hours)
    - Quantifying the sources of growth: a production function approach
    - The Solow Growth model and the concept of a steady state
    - Total factor productivity: technological and policy determinants
    - The importance of structural reforms: theory and evidence
    - Impediments to growth
    - Role of infrastructure

- Unit 12: Growth and Macroeconomic Sustainability: A Medium-Term Perspective
  - Lecture 12 (1.5 hours)
    - A medium-term perspective: where should the country be heading?
    - Medium-term assumptions for the external environment, economic growth, and other key variables
    - Dynamics and sustainability for public and external debt: a primer
    - Designing a simple medium-term framework

- Unit 13: Macroeconomic Adjustment and Program Experience
  - Lecture 13 (1.5 hours)
    - Diagnosing macroeconomic imbalances and vulnerabilities in the baseline
    - No policy change scenario, shocks and fiscal and external financing gaps
    - Program design – stabilization policies and structural reforms for growth and sustainability
    - Performance/Assessment criteria and indicative targets
    - Role of external financing
    - Country experience with IMF-supported programs
    - Challenges in post-crisis adjustment
  - Workshop 6 (15.0 hours)
    - Topic: Financial Programming
    - Activity objectives:
      - Analyze vulnerabilities in baseline scenario
      - Identify policies that will address vulnerabilities
      - Quantify impact of policies on key macroeconomic variables
      - Compute macroeconomic projections for the program scenario
      - Specify a simple medium-term framework
      - Decide on potential role of Fund financing

### Annex 1 — Online course (FPP.1x and FPP.2x) overview
- FPP.1x: Financial Programming and Policies Part 1: Macroeconomic Accounts & Analysis
  - Introduction to accounts of the four main sectors: real, fiscal, external, and monetary
  - Accounting frameworks, interpretation of variables and indicators, and basic analysis
  - Features: short video lectures, interactive quizzes, hands-on exercises, discussion forum
  - Weekly assignments are computer-graded with strict deadlines
  - Expected workload: 8-10 hours a week
  - Participants who successfully complete FPP.1x will receive a certificate of completion

- FPP.2x: Financial Programming and Policies Part 2: Macroeconomic Accounts & Analysis
  - Module 1: Recap of FPP1x; define IMF financial programming (FPP2x) as practical, hands-on approach; show examples; explain FPP2x courseware steps
  - Module 2: Introducing Macronia and the Macronia spreadsheet case
  - Module 3: Forecasting the Real sector and Inflation
    - Forecast potential output and the output gap from the supply side
    - Understand Phillips curve determinants and forecast GDP components and GDP deflator
  - Module 4: Forecasting the Exchange rate and the External sector
    - Understand RER, trend RER consistent with fundamentals, forecast nominal exchange rate, current account, financial account, external debt, and NIIP; identify emerging imbalances; policy trade-offs among ER regimes
  - Module 5: Forecasting the Government sector
    - Learn how to forecast a government budget and derive fiscal stance; interrelations with other sectors; tax base and revenue relationships; prepare a forecast for government operations
  - Module 6: Forecasting the Monetary and Banking sector
    - Use monetary policy reaction functions (Taylor rule), forecast policy interest rate, forecast money demand and monetary aggregates (NFA, NDA, etc.), use money multiplier and velocity methods, ensure consistency in monetary sector forecast
  - Module 7: Making a Consistent Baseline scenario
    - Ensure sectoral forecasts from modules 3–6 are mutually consistent (accounting and behavioral)
  - Module 8: Interpreting the Baseline Scenario and the role of economic policy
    - Introduce simple models for policy transmission, policy coordination, and communication
  - Module 9: Assessing the Risks in a Baseline Scenario
    - Identify vulnerabilities for emerging market economies and model-based shock analysis
  - Module 10: The Adjustment scenario
    - Construct an adjustment scenario to attain internal and external stabilization using the Macronia spreadsheet; learn elements of FPP program design

*IMF Institute — Financial Programming and Policies course outline*

### Annex 2. Regional Case Studies

### Annex 2. Regional Case Studies

### Region and Case Studies
- Asia (AN): Indonesia (2013) GFSM2001 BP M6
- Africa (AC): Ghana (2014) GFSM2001 BP M5
- Europe (EM): Iceland (2007) GFSM2001 BP M5
- Europe (EM): Georgia (2014) GFSM2001 BP M6
- Middle East (EM): Tunisia (2014) GFSM2001 BP M6
- Latin America (WH): Costa Rica (2014) GFSM2001 BP M6
- Online FPP (FFP.1x and FPP.2x): Macedonia (2012) GFSM2001 BP M6

### Summary of Regional Case Studies
- Region and ICD Division: listed with corresponding country case studies and GFSM2001 BP module designations.
- Case Study entries preserve the year of case study and GFSM2001 BP module codes (M5 or M6) exactly as provided.
- Statistical Manuals: referenced in association with regional case studies (label retained as "Statistical Manuals").

---

### Annex 3. Instructional Time

### Course structure and timing (Day-by-day)
- Day 1
  - Unit 0: Course Introduction
    - Administrative Briefing 0.5
    - Opening session 0.5
    - Intial Test 0.5
    - Lecture 0: Course Overview 0.5
  - Unit 1: Introduction to Financial Programming
    - Lecture 1: Introduction to Financial Programming 1.5
  - Unit 2: Interrelations Among Macroeconomic Accounts
    - Lecture 2: Interrelations Among Macroeconomic Accounts 1.5
- Day 2
  - Unit 3: Overview of Quantitative Analysis and Forecasting Methods
    - Lecture 3: Overview of Quantitative Analysis and Forecasting Methods 1.5
  - Unit 4: Output, Expenditure, and Prices: Analysis and Forecasting
    - Lecture 4: Output, Expenditure, and Prices: Analysis and Forecasting 1.5
    - Workshop 1: Real Sector Forecasts 3
- Day 3
  - Unit 5: Balance of Payments: Analysis and Forecasting
    - Lecture 5: Balance of Payments: Analysis and Forecasting 1.5
    - Workshop 2: External Sector Forecasts 4.5
- Day 4
  - Unit 6: Government Finance Statistics: Analysis and Forecasting
    - Lecture 6: Government Finance Statistics: Analysis and Forecasting 1.5
    - Workshop 3: Fiscal Sector Forecasts 3
  - Unit 7: Fiscal Policy
    - Lecture 7: Fiscal Policy 1.5
- Day 5
  - Unit 8: Monetary Accounts: Analysis and Forecasting
    - Lecture 8: Monetary Accounts: Analysis and Forecasting 1.5
    - Workshop 4: Monetary Sector Forecasts 3
  - Unit 9: Monetary Policy and Exchange Rate Regimes
    - Lecture 9: Monetary Policy and Exchange Rate Regimes 1.5
- Day 6
  - Unit 10: Macro-Financial Linkages
    - Lecture 10: Macro-Financial Linkages 1.5
    - Workshop 5: Financial Sector Indicators 3
  - Unit 11: Sources of Growth
    - Lecture 11: Sources of Growth 1.5
- Day 7
  - Unit 12: Growth and Macroeconomic Stability: A Medium-Term Perspective
    - Lecture 12: Growth and Macroeconomic Stability: A Medium-Term Perspective 1.5
  - Unit 13: Macroeconomic Adjustment and Program Experience
    - Lecture 13: Macroeconomic Adjustment and Program Experience 1.5
    - Workshop 6: Financial Programming (Finalize baseline scenario) 3
- Day 8
  - Workshop 6: Financial Programming (Program scenario) 6
- Day 9
  - Workshop 6: Financial Programming (Prepare group presentations) 6
- Day 10
  - Course Closing
    - Course Evaluation 0.5
    - Final Test 0.5
    - Group Presentations 2
    - Closing session and distribution of certificates 0.5

### Key statistics
- Total (lectures, workshops, other): 56.5

---


_Source: https://www.imf.org/-/media/files/icd/fpp.pdf_