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International Monetary Fund. Independent Evaluation Office


The Independent Evaluation Office (IEO) was established by the IMF’s Executive Board in 2001. It provides objective and independent evaluation of issues related to the IMF. The IEO operates independently of IMF management and at arm’s length from the IMF Executive Board. For more information on the IEO’s activities, visit the IEO website:

Mr. Shehadah Hussein, Mr. Abdelhadi A Yousef, Mr. Mohamed Mahmoud Mohamed Hosny, Mr. Mounir Rached, Mr. Samir El-Khouri, and Mr. Mohamad Elhage


This book aims at illustrating the process of formulating a hypothetical macroeconomic and structural adjustment program, which is a central element in the financial programming courses offered in the IMF Institute. The series of workshops contained in the book elaborate on key concepts for the four main macroeconomic sectors, real, fiscal, monetary, and external sectors-and on forecasting techniques using Egypt as a case study.

Mr. Mounir Rached, Mr. Samir El-Khouri, Mr. Mohamed Mahmoud Mohamed Hosny, and Tahir Dajani


The formulation and use of a financial program are the main focus of this book which is used in the Arabic course on financial analysis and policy offered by the IMF Institute. This volume, written by Taher Dajani, Samir El-Khouri, Mohamed Hosny, and Mounir Rached, will be of interest to policymakers and to others in financial planning.