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Fiscal Policy

Debt Sustainability Analysis (DSAx)


Session No.: OL 18.21

Location: Course conducted online

Date: December 1, 2018 - March 31, 2019 (1 week)

Primary Language: English

    Target Audience

    All government officials are welcome to register. This course should be particularly useful for officials from ministries of finance, debt agencies, central banks, and other government agencies responsible for providing advice or implementing macroeconomic and debt policies. The course is offered in English and Spanish.
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    Some knowledge of economics is helpful. Basic Excel skills and access to a computer with a reliable Internet connection and a Google Chrome web browser are essential.
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    Course Description

    This online course, presented by the ICD and the IMF Fiscal Affairs, Research, Monetary and Capital Markets, and Strategy, Policy, and Review Departments, in collaboration with the World Bank, provides a comprehensive overview of the IMF-World Bank frameworks for debt sustainability analysis and debt management.
    The modular course may lead to earning a signed certificate for the entire course or one or several modules may be audited separately. The modules cover

    • key concepts of debt sustainability and the role of macroeconomic policies;
    • debt sustainability for countries with access to financial markets;
    • debt sustainability for low-income countries;
    • a Medium-Term Debt Management Strategy (MTDS) framework; and
    • debt sustainability analysis (DSA) when there is economic uncertainty.

    This course is a prerequisite for selected face-to-face Fiscal Sustainability (FS) courses and is strongly recommended for others. Please see individual face-to-face course listings for details. In general, successful completion of an online course will be viewed favorably when applying to face-to-face ICD courses at headquarters or regional centers.

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    Course Objectives

    Upon completion of this course, participants should be able to:

    • Identify different types of debt and the dangers of high debt.
    • Describe central DSA concepts.
    • Prepare a risk-based DSA for a country with access to financial markets.
    • Prepare a DSA for a low-income country with concessional debt.
    • Discuss strategies for managing debt within the MTDS framework.
    • Analyze uncertainties related to DSAs.
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    Important Note for Online Courses

    For Online Learning (OL) courses, which are delivered through the edX platform, you will need an additional piece of information to register: you will be prompted for your username. If you do not already have a username, please go to and sign up for a free account. Once you have created an account, you may complete the IMF Institute application. If you already have an edX account, your username can be found on the top right of the screen after logging in.

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