Training Program

Officials from central banks and ministries of finance and economy who are working on or aspire to delve deeper into macroeconomic analysis, macro-fiscal issues, and macro-modelling. At a minimum, participants should hold a degree in economics or finance and be expected to continue their career within their respective institutions. Candidates should not have previously attended at the Joint Vienna Institute (or other IMF-affiliated training centers) the courses ""Financial Programming and Policies"" (FPP) or ""Macroeconomic Diagnostics"" (MDS). Since this is a cohort training course, participants must commit to attending both the FPP and MDS courses. Completion of all tasks in the online component is a prerequisite for joining the in-person segment.

Participants are expected to have a degree in economics or equivalent experience and be proficient in the use of spreadsheets. It is strongly recommended that applicants have completed the online Financial Programming and Policies, Part 1: Macroeconomic Accounts and Analysis (FPP.1x) course and the online Financial Programming and Analysis, Part 2: Program Design (FPP.2x) course.z

The Joint Vienna Institute (JVI) and the IMF's Institute for Capacity Development (ICD) have developed a blended macroeconomic cohort training for officials from member countries, consisting of two courses: FPP and MDS. Both courses comprise self-paced learning segments and two-week in-person workshops at the JVI in Vienna, Austria

With an estimated 150 hours of training, the cohort training aims to provide a stable group of country officials with a comprehensive understanding of macroeconomic analysis, as well as the ability to diagnose the current state of the economy, assess linkages between economic sectors and imbalances, and consider policies to address these imbalances and risks.

Part 1: Financial Programming and Policies (FPP) Blended

Online component (January 19 - February 6, 2026). After a pre-course test to assess participants' knowledge ahead of the course, participants complete selected modules of FPP training on Moodle, perform mini- assessments, and participate in virtual sessions with counselors (estimated time to complete is approximately 25 hours over three weeks). 

In-person segment in Vienna (February 9-20, 2026). The training will combine FPP lectures with hands-on group activities using a macroeconomic forecasting tool populated with data from a real country. Participants will engage in practical exercises to generate baseline forecasts for macroeconomic indicators, adjust policies, and analyze alternative scenarios. The workshop will also include a role-playing game to simulate program negotiations between country authorities and the IMF, along with group presentations of macroeconomic forecasts, focusing on shock analyses and policy recommendations. 

Part 2: Macroeconomic Diagnostics (MDS) Blended

Online component (March 30 - April 18, 2026). Following a pre-course quiz to gauge participants knowledge level coming into the training, participants complete in a self-paced manner ahead of the in-person segment selected modules of the online IMF course on Macroeconomic Diagnostics and participate in virtual sessions (estimated needed time about 20 hours over three weeks). 

In-person segment in Vienna (April 20 - May 1, 2026). This segment, which also includes a mix of lectures and workshops, focuses on identifying internal and external imbalances in the economies of real world  countries;, assessing the stance of fiscal and monetary policies as well as financial stability; and assessing the medium-term prospects of the economy and developing policies to address risks and vulnerabilities. The course aims at strengthening participants' ability to assess a country's macroeconomic situation showcasing practical tools that can be used in participants' day-to-day macroeconomic analysis in their institutions.