IMF Institute for Capacity Development (ICD) new Curriculum

The new IMF’s Institute for Capacity Development (ICD) curriculum is more focused, linked to well-defined learning objectives, and provides greater emphasis on lessons learned from crises and global economic developments (linkages and spillovers, global imbalances, and policy coordination).

The table provides a listing of the courses offered through the revamped curriculum, grouped around main topics.

The table illustrates a path that could be taken by country officials attending ICD courses in order to progress from the introductory offering to the advanced level courses for each topic. It also gives an idea of which courses should be taken first to serve as a foundation for the topics discussed in the intermediate and advanced levels. Courses that are offered exclusively online are indicated with an “x” in the course abbreviation. The progression table applies only to ICD courses. Other training departments in the Fund should be contacted directly for suggestions on the progression paths for their courses.


Sector Policies
Online Course on Financial
Market Analysis (FMAx) 
Financial Markets and Instruments (FMI)

Financial Development and Financial
Inclusion (FDFI)

Financial Sector Surveillance (FSS) 
Financial Sector
Policies (FSP) 
Fiscal Policy  Fiscal Policy Analysis (FPA)

Online course on Debt Sustainability
Analysis (DSAx) 
Fiscal Frameworks (FF)

Fiscal Sustainability (FS) 
Financial Programming and Policies (FPP)

Online Course on Financial Programming
and Policies, Part 1: Macroeconomic
Accounts and Analysis (FPP.1x)

Online Course on Financial Programming
and Policies, Part 2: Program Design

Online Course on Macroeconometric
Forecasting (MFx) 
Macroeconomic Diagnostics (MDS)  Macroeconometric
Forecasting and
Analysis (MFA)

Monetary and Fiscal
Policy Analysis with
DSGE Models (DSGE) 
Exchange Rate,
and Capital
  Monetary Policy (MP)

Exchange Rate Policy (ERP)

Managing Capital Flows: Macroeconomic
Analysis and Policies (MCF)

Monetary Policy
Analysis and
Forecasting (MPAF) 
Special Topics Online Course on Energy Subsidy Reform (ESRx) Inclusive Growth (IG)

Economic Issues in Regional Integration (ERI)

Macroeconomic Management in Resource Rich Countries (MRC)

Vulnerability Diagnostics (VDS)