Training at the IMF Institute for Capacity Development
The IMF Institute for Capacity Development (ICD) was established in 1964 to provide training in economic management to officials of the IMF's member countries. Training is delivered at IMF Headquarters in Washington, D.C., through IMF regional training centers, in collaboration with other regional training institutions and national governments, and through online courses in partnership with edX.
Training at IMF Headquarters
Training at IMF Headquarters (HQ) in Washington, D.C. is offered in four languages—Arabic, English, French, and Spanish. Much of the HQ curriculum is targeted to a global audience.
Regional Training Centers
Training courses are held at regional training centers and programs in Austria, Brazil, China, Côte d'Ivoire, Georgia, India, Kuwait, Mauritius, and Singapore. Courses at the regional training centers are targeted to eligible officials from the region and are offered in English and the primary language of the region. The new China-IMF Capacity Development Center (CICDC) was formally launched in April 2018.
Online Learning
Online learning (OL) is offered in partnership with edX and designed to complement the Institute’s residential training program. For more information please refer to our online learning page.
Eligibility and Selection Guidelines
Government officials from all IMF member countries are eligible to apply to IMF courses, with the exception of those from a few countries that have been declared ineligible for technical assistance. The selection processes give priority to government officials whose professional assignments are closely related to the subject matter of the specified courses. Courses held at HQ and in our regional training centers and programs tend to be most appropriate for officials from ministries of finance, economy, and planning, as well as central banks and statistics bureaus. For courses on macroeconomic statistics, priority is given to statistical compilers. The IMF cannot consider applications from persons employed in non-governmental businesses or institutions, such as commercial banks, universities, or trade unions.
For more information on training courses and specific course eligibility guidelines, please refer to the guidelines in our 2019 catalog.
Internal Economics Training
The Institute organizes an Internal Economics Training Program (IET) for IMF economists. This program provides short courses and half-day seminars to IMF economists to strengthen and update their analytical skills. Although the program is designed primarily for IMF staff, in some multi-day courses a limited number of seats is offered to member-country officials, provided they can cover their own expenses. The Institute selects the countries to be invited to these courses. Country authorities are responsible for nominating qualified officials.
Regional Collaboration
In sub-Saharan and Northern Africa, the Institute for Capacity Development (ICD) along with other Fund departments offer training with the African Development Bank, through the Joint Partnership for Africa. Furthermore, in English-speaking Africa, ICD offers training with the Macroeconomic and Financial Management Institute of Eastern and Southern Africa (MEFMI), the West African Institute for Financial and Economic Management (WAIFEM), and South African Reserve Bank. In French-speaking Africa, ICD collaborates with the Central Bank of West African States (BCEAO) located in Dakar, Senegal, and with the Bank of Central African States (BEAC) located in Yaoundé, Cameroon. Occasionally, ICD collaborates with Bank of Portugal, to offer training for African Lusophone countries, and with Banque de France, to offer training for Low Income Countries.
In Asia, the Institute collaborates with and offers lecturing assistance to South-East Asian Central Banks Research and Training Center (SEACEN), and works with the World Bank and the Asian Development Bank in arranging training activities in Asia. It partners with universities in Singapore on training delivery. Beyond the regional organizations, the Institute also collaborates with the Japan Center for International Finance (JCIF), the World Bank, and the Band for International Settlements (BIS) in arranging training activities in Asia.
In the Western Hemisphere, the Institute collaborates with the Center for Latin American Monetary Studies (CEMLA) in Mexico City, Mexico, and with the Institute of Brazilian Business and Public Management Issues (IBI), George Washington University, in conjunction with the Minerva Institute in Rio de Janeiro, Brazil.
IMF Institute Training Curriculum – In-Person Training
The IMF Institute curriculum integrates with members’ needs and the IMF core mandate by clarifying course objectives, sharpening the focus of courses, minimizing overlaps, and establishing clearer sequencing across courses while also introducing new material.
Financial Development and Financial Inclusion (FDFI)
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This course outlines the macroeconomic relevance of financial development and financial inclusion. It provides an analytical framework of the role of finance in the economy, reviews the conceptual and empirical literature on the impact of finance on macroeconomic performance and growth, and addresses key policy issues to encourage financial development (market enabling policies) and limit its potential destabilizing effects (market harnessing policies). Indicators to measure the distinct macroeconomic impact of financial inclusion, and the main policy strategies that have been pursued, are reviewed. Explore Course Offerings
Financial Markets and Instruments (FMI)
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This course aims at providing participants with the foundation of financial instruments beyond the standard treatment of bonds and equity covered in the online course on Financial Market Analysis (FMAx). After a short review, the course takes on forwards, futures, swaps and options and moves toward combinations of these building block instruments with practical applications. Some time is devoted to relevant policy implications, notably related to the regulation of financial markets, though a course devoted to financial sector policies is recommended for those interested in more detail. Explore Course Offerings
Financial Sector Policies (FSP)
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This course provides an overview of the transmission of risks within and between the financial and real sectors, and examines the design and impact of financial sector policies aimed at mitigating vulnerabilities by starting with the underlying rationale for microprudential and macroprudential policies. The interactions between macroeconomic policies and prudential policies will also be discussed. Although the emphasis will be on dealing with preventive strategies, the course will discuss policies to deal with distress situations. Explore Course Offerings
Financial Sector Surveillance (FSS)
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This course introduces key elements and tools used in the analysis and mitigation of financial sector vulnerabilities that provide a foundation on which to build surveillance systems. It focuses on the assessment of the main risks facing bank and non-bank financial institutions and their potential macroeconomic implications. The course explains how to detect a build-up of vulnerabilities that may threaten financial stability, and how they may propagate to other sectors of the economy. Explore Course Offerings
FINANCIAL SECTOR POLICIES
Fiscal Frameworks (FF)
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This course starts with essential concepts to measure and analyze fiscal policy consistency and effectiveness, then moves to the study of fiscal frameworks as best practices devised to foster fiscal discipline (including fiscal rules and fiscal councils to promote transparency and accountability). Discipline in fiscal policy is essential to achieve macroeconomic stability and minimize the risk of unsustainable dynamics that hamper long-term adequate and inclusive growth. Explore Course Offerings
Fiscal Policy Analysis (FPA)
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This course provides an overview of the key fiscal policy concepts and techniques used to analyze how fiscal policy can help ensure macroeconomic stability and sustainable long-term growth. It is built around core macro-fiscal topics needed to analyze fiscal policy and enhanced by general empirical findings, Excel-based workshops, case studies, and selected topics of regional interest. Explore Course Offerings
Fiscal Sustainability (FS)
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This course looks at fiscal sustainability as a key requirement to achieve macroeconomic stability and ensure sustainable long-term growth and equity. It provides a thorough overview of how to assess fiscal sustainability from a policy and tools perspectives, and presents and discusses tools to understand fiscal risks and early warning indicators used by the IMF; sovereign debt management strategies; and debt crisis. Explore Course Offerings
Financial Programming and Policies (FPP)
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This course aims at teaching participants how to both diagnose macroeconomic imbalances and correct them through a coordinated set of adjustment policies. It covers the principal features of the four main macroeconomic sectors (real, fiscal, external, and monetary/financial) and the interrelations among them, both accounting and behavioral relationships, using data from a country case study. Explore Course Offerings
Macroeconomic Diagnostics (MDS)
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This course aims at strengthening participants’ ability to assess a country’s macroeconomic situation, emphasizing practical tools for use in day-to-day macroeconomic analysis. The course covers assessments of the current state of the macroeconomy; the stance of fiscal and monetary policy; financial stability; and the medium-term prospects of the economy, including the sustainability of public and external debt, the possible misalignment of the exchange rate, and vulnerabilities from the different sectors. Explore Course Offerings
Macroeconometric Forecasting and Analysis (MFA)
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This course offers a rigorous foundation in the estimation of macroeconometric models and their application for forecasting and policy analysis in central banks, ministries, and public research institutions. Participants will work together in groups to undertake a number of hands-on estimation and forecasting exercises. Participants are strongly recommended to complete the online Macroeconometric Forecasting (MFx) course prior to enrolling in this course. Explore Course Offerings
Monetary and Fiscal Policy Analysis with DSGE Models (DSGE)
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This course focuses on building, using and interpreting DSGE models. It introduces participants to the models and techniques commonly used by policy-institutions for analyzing monetary and fiscal issues. The focus is on model design and implementation. Case studies relevant for the region illustrate the application of these models and show how they can be used as an input in the policymaking process. Explore Course Offerings
External Sector Statistics (ESS)
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The IMF’s Balance of Payments and International Investment Position Manual, sixth edition (BPM6) sets the international standard for compiling balance of payments, international investment position, and other external sector-related statistics; and provides a framework for data dissemination. Courses in external sector statistics cover both the conceptual and practical aspects of compilation; and are data-driven and user oriented. In addition to covering the underlying methodological concepts, the courses are tailored to address source data collection, as well as statistical techniques. They offer insights into the analytical uses of external sector statistics in the IMF’s multilateral and bilateral surveillance operations. Courses include a mix of lectures, discussions, case studies and numerical examples. Explore Course Offerings
Financial Institutions (FI)
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The 2016 IMF Monetary and Financial Statistics Manual and Compilation Guide, the 2006 IMF Financial Soundness Indicators Compilation Guide, and the 2015 Handbook on Securities Statistics, a joint undertaking of the IMF, the Bank for International Settlements, and the European Central Bank, provide the frameworks to produce accurate, comprehensive, and reliable financial sector statistics across countries. FI has developed two training courses on monetary and financial statistics—Introductory (MFS-I) and Advanced (MFS-A)—that prepares participants to compile monetary statistics covering the financial sector in accordance with international standards. In addition, FI provides training on financial soundness indicators (FSIs) to support the compilation of indicators for country to monitor key elements of the soundness of their financial system. FI also provides training on securities statistics and on the compilation of balance sheet matrix, an approach that combines monetary, government, and balance of payment data to support a from-whom-to-whom analysis of financial vulnerabilities across sectors of the economy. Explore Course Offerings
Government Finance Statistics and Public Sector Debt Statistics (GFS & PSDS)
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The IMF’s Government Finance Statistics Manual 2014 (GFSM 2014) and Public Sector Debt Statistics Guide (PSDSG) are the international standards that provide a framework for the compilation of fiscal and public sector debt statistics (PSDS). Government finance and public sector debt statistics training explain this framework and its practical implementation. Courses cover both conceptual and practical aspects of data compilation. Basic and more advanced concepts, accounting principles, and detailed classifications are dealt with in the context of the latest methodology, which is harmonized with the System of National Accounts. Courses examine GFS coverage and accounting rules (including accrual accounting), valuation, classification, debt, balance sheets, and the sources and methods used for compiling the statistics. They also deal with reporting data to the IMF and the World Bank. Courses include a mix of lectures, discussions, case studies and numerical examples. Explore Course Offerings
Real Sector Statistics (RE)
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The System of National Accounts is the international standard that provides a framework for understanding the economy including production, prices, assets, and financing for the whole economy and individual sectors. Real sector statistics training explains this framework and its practical implementation. Courses cover an overview as well as specific aspects such as the GDP and other production measures (both annual and quarterly), balance sheets and accumulation accounts, and high-frequency indicators (monthly and quarterly series for particular activities). Courses also include training on measuring the associated prices – consumer, producer, and property price indices, as well as priority topics, such as newly emerging issues in the digital economy and globalization. Courses includes a mix of lectures, country case studies, and numerical examples. Explore Course Offerings
Exchange Rate Policy (ERP)
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This course presents a comprehensive overview of exchange rate analysis and policy. The course introduces key definitions and concepts used in exchange rate analysis; discusses how changes in the real exchange rate may affect external adjustment and growth; and presents the methodologies to estimate the equilibrium real exchange rate. It also covers the macroeconomic policy tradeoffs under different exchange rate regimes, the choice of the exchange rate regime, and the main exchange rate policy challenges in developing and emerging market economies. Explore Course Offerings
Managing Capital Flows: Macroeconomic Analysis and Policies (MCF)
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This course looks at the dynamics of capital flows and their effects on economic growth, macroeconomic volatility, and crisis risk. It discusses the policy options available to reap the benefits of capital market integration while minimizing and mitigating its adverse effects. The course starts with a refresher on Balance of Payments statistics, and a description of the alternative measures of capital flows and financial (capital) account openness. The course includes case studies on actual crises where participants will learn how policy settings and failures in recognizing and addressing the buildup of vulnerabilities led to crisis. Explore Course Offerings
Model-Based Monetary Policy Analysis and Forecasting (MPAF)
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This course provides rigorous training on the use of simple Dynamic New Keynesian (DNK) models to conduct monetary analysis and forecasting with an emphasis on analyzing monetary policy responses to macroeconomic imbalances and shocks. Participants are provided with the tools needed to develop and/or extend the model to fit their own monetary policy-exchange rate regime. Country case studies are used to reinforce participants’ understanding and to help them compare, contrast, and assess various experiences. Explore Course Offerings
Monetary Policy (MP)
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This course focuses on monetary policy regimes, monetary transmission mechanism, and the role of monetary policy in macroeconomic stabilization. The course bridges the gap between theory, empirical evidence, and operational experience, by conveying the optimization problems and tradeoffs involved in monetary policy decisions. Relevant case studies are used to reinforce participants’ understanding and to help them compare, contrast, and assess various experiences. Explore Course Offerings
Economic Issues in Regional Integration (ERI)
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This course aims to broaden participants’ understanding of various aspects of economic, monetary, and financial integration. Drawing on theory and on case studies from experiences in several regions of the world, the course looks into the requirements for economic and monetary integration; reviews trade, financial, and monetary integration; covers costs and benefits of the integration process; and discusses political economy aspects of integration. Explore Course Offerings
Inclusive Growth (IG)
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This course discusses concepts of inclusive growth and some analytical and operational tools to evaluate, measure, and monitor the impact of macroeconomic policies on growth, poverty and inequality, as well as on job creation. Explore Course Offerings
Macroeconomic Management in Resource-Rich Countries (MRC)
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This course focuses on macroeconomic policy issues and challenges faced by Resource-Rich Countries (RRCs). The course uses lectures, hands-on workshops, debates, case studies, as well as a number of online warm-up exercises to broaden participants understanding of how economic performance in RRCs may differ from other countries, and enables them to apply simple fiscal rules to determine how much to extract, consume, and save from the sale of natural resources; design a fiscal framework with clear objectives and priorities that delivers long-run fiscal sustainability; identify appropriate macroeconomic policy responses to commodity price shocks; and assess the pros and cons of policies to promote diversification and transparency in the management of natural resources. Explore Course Offerings
Vulnerability Diagnostics (VDS)
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This course complements the Macroeconomic Diagnostics (MDS) course by strengthening participants’ ability to assess fiscal, financial, and external vulnerabilities in an integrated fashion through the use of several diagnostics tools aimed at capturing tail risks. Explore Course Offerings