Work for the IMF. Work for the World.
The Visiting Scholar will develop the first module of a practical guidance package on engagement with credit rating agencies (CRAs), organized around four modules:
Module 1: CRA Sovereign Risk Assessment Frameworks – Overview of major methodologies, key quantitative and qualitative risk drivers, and areas of divergence across agencies. ( 10 days)
Module 2: Linkages Between Debt Management, Fiscal Policy, and Ratings Outcomes – How financing strategies, fiscal frameworks, and macroeconomic performance jointly influence sovereign credit assessments.
Module 3: Engagement and Communication Practices – Approaches to interacting with CRAs, including investor relations practices, information provision, and communication during periods of market stress or liability management operations.
Module 4: Managing Ratings Processes and Adverse Developments – Operational practices for routine reviews, outlook changes, and potential downgrades, including preparation and response strategies.
Expected outputs and deadlines:
The assignment will deliver:
A concise guidance note structured around the four modules.
Operational tools, including briefing templates, standardized data templates, and engagement checklists.
Training materials, including presentations and supporting templates for a two-day workshop, with simulation exercises and case studies.
All outputs are expected by April 30, 2027, and will be designed for direct use by debt management offices and adaptable to country contexts.
Background/rationale for requesting short-term hire:
Credit ratings play a central role in shaping sovereign borrowing costs, market access, and investor perceptions, particularly for countries with developing domestic markets or elevated external financing needs.
At the same time, many debt management offices face challenges in engaging effectively with credit rating agencies, including limited familiarity with rating methodologies, fragmented information provision, and weak coordination across institutions. These constraints can become more binding during periods of market stress, increasing the risk of adverse rating outcomes or misinterpretation by agencies.
The assignment will support the development of practical, user-focused guidance to strengthen engagement practices, improve transparency and consistency in communications, and enhance understanding of how policy choices influence rating outcomes.
The work requires specialized expertise in sovereign credit rating methodologies and engagement practices that is not readily available in-house. The proposed expert brings extensive practical experience from a credit rating agency, which is critical to ensuring the guidance is technically sound, credible, and operationally relevant.
Additional support is required to deliver this work in a timely manner while maintaining alignment with the division’s broader agenda on debt management and investor relations.
Department:
MCMDM Monetary and Capital Markets Dept. Debt Capital Markets
Hiring For:
B01
The IMF is guided by the principle that the employment, classification, promotion, and assignment of staff shall be made without discrimination against any person. We welcome requests for reasonable accommodations for disabilities during the selection process. Information on how to request accommodations will be provided during the application process.
The International Monetary Fund has a key position in promoting the health of the world economy. Established in 1944 as a part of the United Nations system, the IMF's primary purpose is to ensure the stability of the international monetary system—the system of exchange rates and international payments that enables countries and their citizens to buy goods and services from each other. This is essential for sustainable economic growth and rising living standards.
To maintain stability and prevent crises in the international monetary system, the IMF conducts surveillance of national, regional, and global economic and financial developments. It provides advice to its 190 member countries, encouraging them to adopt policies that foster economic stability, reduce their vulnerability to economic and financial crises, and raise living standards. The IMF also serves as a forum where its global membership can discuss the national, regional, and global consequences of their policies.
The IMF makes financing temporarily available to member countries to help them address balance of payments problems—that is, when they find themselves short of foreign exchange to meet their payments to other countries.
Finally, the IMF provides countries with training to help them build the expertise and institutions they need for economic stability and growth. Supporting all of these activities is the institution's work in economic research and statistics.
