This book describes practical techniques to formulate multiannual macroecomic projections for developing ecomies. The approach is broadly similar to that of well-kwn financial-programming models , but some of the material, including solution procedures for the external and fiscal projections and the external-debt projection methodology, is invative. The basic aim of macroecomic programming exercises is to determine whether a quantitatively specified macroecomic and government-expenditure policy program would be financially feasible - that is, consistent over time with external and internal financing likely to be available. Exercises of the kind described here formulate national-, external-, fiscal-, and monetary-accounts projections, based on (i) assumed behavioral parameters; (ii) assumed exogeus world conditions and internal variables; (iii) programmed macroecomic objectives such as real growth, inflation, and exchange-rate evolution; (iv) programmed real government expenditure; (v) an external-debt program; and (vi) data for the base year preceding the projection period. The projections include estimates of the external and internal financing the public sector and ecomy as a whole would require, which may be evaluated for feasibility. Among other applications, macroecomic programming exercises may be used to help gauge the financial feasibility of development and poverty-reduction objectives (like the UN Millennium Development Goals), or to address external-debt sustainability .