About This Event
“Link every sector of the economy into one programme your ministry can sign.”
PAC's flagship course on diagnosing macroeconomic imbalances and designing coordinated adjustment. You will build an integrated framework linking the real, fiscal, monetary and external sectors, project a baseline, identify imbalances and design fiscal, monetary and external policy packages that are consistent across all four accounts.
What You'll Explore
A working four-sector financial programming model for a country case
A consistent macroeconomic baseline with clear diagnostic indicators
An adjustment scenario with a coordinated fiscal and monetary mix
Practice defending a programme before a mock review panel
A template you can adapt to your own country data
Who Should Attend
Open to all qualifying staff, particularly: Macroeconomists, Monetary Policy & Research Staff, Ministry of Finance Economists, Balance of Payments Analysts, Debt Managers.
Why This Course Matters
Consistent Numbers
Financial programming forces the four macroeconomic accounts to agree with each other. Consistent numbers mean your policy advice holds together when the ministry or an IMF mission checks the links.
Early Diagnosis
Reading the flow-of-funds shows where imbalances are building before they become a crisis. Earlier diagnosis gives policymakers room to adjust gradually instead of under pressure.
Coordinated Policy
Fiscal, monetary and exchange-rate choices work best when designed together. A shared framework makes it easier for the central bank and treasury to agree a single adjustment path.
Programme
Days 1–2
Macroeconomic accounts & their interlinkages
You will set out the national accounts, fiscal, monetary and balance of payments frameworks, and trace the accounting identities and flow-of-funds links that tie the four sectors into one system.
Days 3–4
Real and fiscal sector analysis & projections
You will analyse output, prices and the government's fiscal position, then build real and fiscal sector projections in a spreadsheet model that feeds the rest of the programme.
Days 5–6
Monetary and external sector analysis
You will project the monetary survey and the balance of payments, assess reserve adequacy and the exchange rate, and see how credit growth and external financing constrain one another.
Days 7–8
Baseline, imbalances & the adjustment scenario
You will reconcile a consistent baseline across all four sectors, diagnose the imbalances it reveals, and design an adjustment scenario with fiscal, monetary and external policy measures.
Days 9–10
Policy package presentation & defence
You will present your country case programme, with its policy mix and financing assumptions, to a mock review panel, the same scrutiny a ministry or IMF mission would apply.
Standards & Faculty Benchmark
IMF financial programming framework
The integrated real, fiscal, monetary and external framework used in IMF programme design.
IMF BPM7 & SNA 2025
The current external sector and national accounts manuals underpinning the sector accounts.
IMF GFSM 2014 & MFSMCG 2016
Government finance and monetary statistics manuals behind the fiscal and monetary accounts.
This is the framework IMF staff and many ministries of finance use to design and review adjustment programmes. Working in the same structure means your analysis can be compared directly with theirs, and your institution negotiates from its own consistent numbers.
Is This Right for You?
- ☑You prepare macroeconomic projections or policy briefs
- ☑Your institution negotiates with the IMF or other lenders
- ☑You want one framework linking fiscal and monetary policy
Good to Know
Participants should be comfortable with basic macroeconomics and spreadsheets; the course is hands-on and built around a country case. The hybrid format pairs online preparation with in-person workshops. You leave with a working, four-sector programming model.
The Bottom Line
Come back with a programming model that makes your numbers agree, and a policy mix you can defend across the table.
Recommended For
Open to all qualifying staff, particularly: Macroeconomists, Monetary Policy & Research Staff, Ministry of Finance Economists, Balance of Payments Analysts, Debt Managers.