This course, presented by the IMF's Institute for Capacity Development, examines the policy dilemmas confronting authorities in developing and emerging market economies, and the options available to policymakers, with special attention to how financial sector issues interact with macroeconomic management.

The course covers a number of key macroeconomic topics, such as stabilization and growth, fiscal and external debt sustainability, frameworks for monetary policy, choice of the exchange rate regime, and international capital flows. It also addresses financial sector topics, such as the role of the financial sector in the economy, the relationship between financial fragility and macroeconomic stability, financial sector policies, and policies to address financial crises. The course content is differentiated to better address issues relevant to different regions.

Participants are expected to engage in discussions throughout the course and are divided into small groups, under the direction of counselors, to conduct workshop exercises aimed at solidifying their understanding of the lecture materials.Participants may also be asked to make presentations on key policy issues of interest in their countries.

The IMF Institute for Capacity Development (ICD) organizes courses for officials from Arab League member countries at the CEF in Kuwait. The CEF's activities are generously sponsored and funded by the Government of Kuwait. The primary purpose of the CEF is to strengthen the skills of officials from Arab League countries in economic analysis and diagnosis, and in formulating and implementing effective economic and financial policies. The IMF will be the principal training provider for the CEF in the area macroeconomic management. Training outside the core areas of expertise of the IMF will be delivered by other organizations, such as, the World Bank, WTO, and OECD. Furthermore, and in line with the CEF's objective to collaborate closely with regional institutions, the CEF started recently to conduct some joint training courses with the Arab Monetary Fund in Abu Dhabi. Courses are offered generally in Arabic or in English with interpretation into Arabic.

Selection Process: 

Courses are by invitation only. Candidates are nominated by government agencies upon the request of the CEF.Observer Policy: The Institute for Capacity Development's policy for participation by IMF local staff and officials from non-program advanced economies in our regional training centers is that they will be given "Observer" status since these centers are run with the assistance of donor financing. Attending as an Observer provides the same access to course content and activities, but all associated costs (accommodation, travel and per diem) need to be covered by the sponsoring institution.

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