## Sovereign Risk and Debt Sustainability Framework for Market Access Countries and IMF Policies (SRDSF-MAC)

## Source details

**Canonical URL:** [Sovereign Risk and Debt Sustainability Framework for Market Access Countries and IMF Policies (SRDSF-MAC)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/ct/2024/srdsf-macct24-17)

## Other formats

- [Markdown version](/en/capacity-development/training/icdtc/schedule/ct/2024/srdsf-macct24-17/index.md)
- [Structured JSON version](/en/capacity-development/training/icdtc/schedule/ct/2024/srdsf-macct24-17/index.json)
- [Bundle manifest](/en/capacity-development/training/icdtc/schedule/ct/2024/srdsf-macct24-17/bundle-manifest.json)

## Bibliographic details
- Session: CT 24.17
- Location: Shenzhen, China
- Dates: November 6-15, 2024 (2 weeks)
- Delivery method: In-person Training
- Primary language: English

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### Program overview and logistics
- Session No.: CT 24.17
- Location: Shenzhen, China
- Date: November 6-15, 2024 (2 weeks)
- Delivery Method: In-person Training
- Primary Language: English

### Target audience and qualifications
- Target audience:
  - Officials in Exim bank or CDB who play a direct role in lending decisions (loan officers, credit risk analysts).
  - PBC officials engaged in designing swap arrangements with counterpart central banks in Market Access Countries (MACs).
  - Officials from NDRC, China Export and Credit Insurance Corp, CIDCA, Silk Road Fund, and related agencies engaged in lending or aid.
  - Officials in the Ministries of Commerce, Foreign Affairs, and Finance who are overseeing lending or aid to MACs.
  - Belt and Road Initiative (BRI) officials with responsibilities related to the topics of the workshop.
- Qualifications:
  - Participants should have a degree in economics or finance.
  - Participants should have reasonably fluency in English (translation will not be available).
  - Experience with debt sustainability analysis, or credit risk analysis would be extremely useful.

### Course description and pedagogical approach
- The course presents the IMF's Sovereign Risk and Debt Sustainability Framework (SRDSF) for Market Access Countries (MACs) through presentations, discussions, and exercises.
- Core purposes of the SRDSF:
  - Guide countries' borrowing decisions to match their need for funds with their current and prospective ability to service debt, tailored to their specific circumstances.
  - Help assess a country's vulnerability to sovereign debt-related stress and identify policies to prevent potential stress from materializing in a timely manner.
  - Where public debt related stress has already materialized, help determine whether the stress can be resolved through a fiscal adjustment and/or additional financing, or if exceptional measures including a debt restructuring are needed.
- Key instructional elements:
  - Introduction to the theoretical foundations of the framework.
  - Forward-looking analysis of debt and debt service dynamics under a baseline scenario and in the context of plausible macroeconomic and financing shocks.
  - Presentation of standardized outputs.
  - Hands-on sessions with exposure to key features of the Excel-based Sovereign Risk and Debt Sustainability Analysis (SRDSA) template (course focus is not on mastering the template).
  - Group work to consider scenarios, evolution of debt vulnerabilities, and options to mitigate risks.
  - A case study on a debt resolution.

### Learning objectives and competencies
- Upon completion, participants should be able to:
  - Understand the basic information needed for a debt sustainability analysis and explain the key inputs required to operationalize the SRDSF.
  - Understand how standardized outputs of the SRDSF are produced.
  - Interpret standardized outputs including:
    - Summary SRDSA table.
    - Debt structure charts.
    - Realism flags.
    - Stress tests.
    - Horizon-based and overall assessments.
  - Apply effective concepts, definitions, and techniques for assessing sovereign debt risks.
  - Exhibit satisfactory knowledge of the MAC SRDSF framework and toolkit.
  - Interpret debt sustainability analyses published by the IMF for market access countries.
  - Understand options available to creditors to support debt resolution.
  - Understand what will happen if a country becomes over-burdened with debt, and what crisis lenders (like the IMF) will need from creditors to be able to help with resolution.

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## References

- [In-person Training](https://www.imf.org/en/capacity-development/training/icdtc/delivery-methods)
- [Executive Training 2 on Fiscal Policy Considerations (FPA)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/ce/2026/fpcce26-16)
- [Tax Regional Workshop on Strategic Management](https://www.imf.org/en/capacity-development/training/icdtc/schedule/ce/2026/taxce26-43)
- [Institutional Sector Accounts-Advanced - Blended (ISA-A)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/hq/2027/isa-ahq27-02)

_Source: https://www.imf.org/en/capacity-development/training/icdtc/schedule/ct/2024/srdsf-macct24-17_