## 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/2026/srdsf-macct26-19)

## Other formats

- [Markdown version](/en/capacity-development/training/icdtc/schedule/ct/2026/srdsf-macct26-19/index.md)
- [Structured JSON version](/en/capacity-development/training/icdtc/schedule/ct/2026/srdsf-macct26-19/index.json)
- [Bundle manifest](/en/capacity-development/training/icdtc/schedule/ct/2026/srdsf-macct26-19/bundle-manifest.json)

## 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

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### 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.

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## References

- [In-person Training](https://www.imf.org/en/capacity-development/training/icdtc/delivery-methods)
- [Integrating Basel III Liquidity Standards with ILAAP A Framework for Effective Liquidity Risk Management](https://www.imf.org/en/capacity-development/training/icdtc/schedule/ce/2026/ce26-31)
- [Big Data for Macroeconomic Statistics (BDMS)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/at/2026/bdmsat26-27)
- [Financial Development and Financial Inclusion (FDFI)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/at/2026/fdfiat26-24)

_Source: https://www.imf.org/en/capacity-development/training/icdtc/schedule/ct/2026/srdsf-macct26-19_