Sovereign Risk and Debt Sustainability Framework for Market Access Countries and IMF Policies (SRDSF-MAC)
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Bibliographic details
- Session: CT 26.19
- Location: Dalian, China
- Dates: October 12-21, 2026 (2 weeks)
- Delivery method: In-person Training
- Primary language: English
- Status: Deadline passed
Program logistics and eligibility
- Session No.: CT 26.19
- Location: Dalian, China
- Date: October 12-21, 2026 (2 weeks) New dates
- Delivery Method: In-person Training
- Primary Language: English
- Deadline: Deadline passed
- Qualifications:
- Participants are expected to have a degree in economics or finance or equivalent work experience.
- Good quantitative skills are required.
- Participants' current job or responsibilities should be linked to the topic of the workshop.
- Target Audience:
- Officials of ministries of finance and debt management offices of countries which apply the Sovereign Risk and Debt Sustainability Framework (SRDSF) for Market Access Countries (MACs).
- Creditor banks and agencies lending to these countries.
Course description and content
- Purpose:
- Present the IMF's Sovereign Risk and Debt Sustainability Framework (SRDSF) for Market Access Countries (MACs) through presentations, discussions, and exercises.
- Analytical focus and uses:
- Guide countries' borrowing decisions to match their need for funds with their current and prospective ability to service debt, tailored to specific circumstances.
- Assess a country's vulnerability to sovereign debt-related stress and identify policies to prevent potential stress from materializing in a timely manner.
- Determine, where public debt-related stress has already materialized, whether stress can be resolved through a fiscal adjustment and/or additional financing, or if exceptional measures including a debt restructuring are needed.
- Core topics covered:
- The theoretical foundations of the SRDSF.
- The SRDSF's forward-looking analysis of debt and debt service dynamics under a baseline scenario and in the context of plausible macroeconomic and financing shocks.
- Standardized outputs of the SRDSF and their interpretation.
- IMF policies related to debt, including the arrears and the financing assurances policies.
- The international architecture for sovereign debt restructuring and the role of the IMF in a debt restructuring.
- Practical elements:
- Exercises and real-life case studies.
- Analysis of MAC SRDSF outputs.
- Exposure to key features of the Excel-based Sovereign Risk and Debt Sustainability Analysis (SRDSA) template in a guided manner (the focus is not on mastering the SRDSA template).
Learning objectives
Upon completion of the course, participants should be able to:
- Explain the key inputs required to operationalize the SRDSF.
- Understand how standardized outputs of the SRDSA are broadly produced.
- Interpret standardized outputs including:
- the 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.
- Be familiar with the processes involved in a sovereign debt restructuring.