Sovereign Risk and Debt Sustainability Analysis for Market Access Countries

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The Executive Board approved a new framework for assessing sovereign risk and debt sustainability for market access countries in 2021.
A new template was developed for conducting the Sovereign Risk and Debt Sustainability Analysis (SRDSA), together with a new staff guidance note on the implementation of the new framework.
Last Updated: October 27, 2023.

Debt sustainability analyses (DSAs) are conducted in the context of IMF program requests and reviews, and Article IV consultations.
The Fund’s approach to DSA differentiates between:
- Market access countries (MACs) that typically have significant access to international capital markets.
- Low-income countries (LICs) which meet their external financing needs mostly through concessional financing.
Assessments are performed through frameworks tailored to the MAC and LIC environments—the MAC SRDSF and LIC DSF.

A public MAC SRDSF template is available for conducting the SRDSA.
A staff guidance note on the Sovereign Risk and Debt Sustainability Framework (SRDSF) for Market Access Countries accompanies the new template.
Answers to frequently asked questions on the MAC SRDSF are available (referenced as “Answers to frequently asked questions on the MAC SRDSF can be found here”), and the new public MAC SRDSF template is available for download (referenced as “the new public MAC SRDSF template can be downloaded here”).

The 2026 Review of Low-Income Countries Debt Sustainability Framework is noted alongside the MAC SRDSF materials.