## Macroeconomics Foundation Course for Royal Monetary Authority

## Source details

**Canonical URL:** [Macroeconomics Foundation Course for Royal Monetary Authority](https://www.imf.org/en/capacity-development/training/icdtc/schedule/sa/2025/wspsa25-38)

## Other formats

- [Markdown version](/en/capacity-development/training/icdtc/schedule/sa/2025/wspsa25-38/index.md)
- [Structured JSON version](/en/capacity-development/training/icdtc/schedule/sa/2025/wspsa25-38/index.json)
- [Bundle manifest](/en/capacity-development/training/icdtc/schedule/sa/2025/wspsa25-38/bundle-manifest.json)

## Bibliographic details
- Session: SA 25.38
- Location: Thimphu, Bhutan
- Dates: September 8-12, 2025 (1 week)
- Delivery method: In-person Training
- Primary language: English

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### Overview
- Session No.: SA 25.38
- Course Description:
  - This course provides junior officials in the Royal Monetary Authority's (RMA) and the Ministry of Finance, Government of Bhutan (MOF) general stream with a broad understanding of macroeconomic tools used to assess a country's macroeconomic situation.
  - The program covers the current state of the economy; the stance of fiscal policy; financial stability; exchange rate and monetary policy regimes; vulnerabilities in the different sectors; and the medium-term outlook, especially the sustainability of public and external debt.
  - Throughout the course, these concepts are applied to Bhutan to illustrate its current macroeconomic opportunities and challenges, and to demonstrate practical tools for use in day-to-day macroeconomic analysis and policy making.

### Target Audience and Qualifications
- Target Audience:
  - Junior officials in RMA and MOF who are directly involved in diagnosing the state of the macroeconomy and making projections.
- Qualifications:
  - A background in economics would be useful but not essential.

### Logistics
- Location: Thimphu, Bhutan
- Date: September 8-12, 2025 (1 week)
- Delivery Method: In-person Training
- Primary Language: English

### Course Content and Themes
- Current state of the economy
- Stance of fiscal policy
- Financial stability
- Exchange rate and monetary policy regimes
- Vulnerabilities in the different sectors
- Medium-term outlook, especially the sustainability of public and external debt
- Application of concepts and practical tools to Bhutan's macroeconomic context for day-to-day analysis and policymaking

### Course Objectives
- Analyze economic and financial developments of a country in the region using historical data.
- Analyze potential output and output gaps and diagnose the outlook for the economy.
- Assess the stance of current fiscal, monetary and exchange rate, and financial policies.
- Assess macro-financial linkages, including through the analysis of financial sector soundness indicators.
- Assess the medium-term prospects of the economy, especially the sustainability of public and external debt, and identify impediments to long-term growth.
- Identify possible risks and vulnerabilities to economic growth and identify policies to address them.

---


## References

- [In-person Training](https://www.imf.org/en/capacity-development/training/icdtc/delivery-methods)
- [Central Bank Digital Currencies: Principles and Policy Considerations (CBDC)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/at/2026/cbdcat26-19)
- [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)
- [Fiscal Policy Analysis (FPA)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/hq/2026/fpahq26-11)
- [Taxation and Domestic Revenue Mobilization](https://www.imf.org/en/capacity-development/training/icdtc/schedule/ce/2026/tdrmce26-34)
- [Financial Programming and Policies (FPP)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/ce/2026/fppce26-41)

_Source: https://www.imf.org/en/capacity-development/training/icdtc/schedule/sa/2025/wspsa25-38_