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A technical assistance (TA) mission on external sector statistics (ESS) was conducted to the Economics and Statistics Office (ESO) and Cayman Islands Monetary Authority (CIMA) during September 30–October 11, 2024, as part of the Caribbean Regional Technical Assistance Centre (CARTAC) work program on ESS. The focus of the mission was to assist in expanding the coverage and improving the classification of financial and nonfinancial Special Purpose Entities (SPEs) in ESS, including strengthening the cooperation between the ESO and CIMA on provision of data on entities under its supervision.

The Executive Board of the International Monetary Fund (IMF) today completed the sixth and final review of the Republic of Congo’s arrangement under the Extended Credit Facility (ECF), which was approved on January 21, 2022.

December 19, 2024 F&D Magazine / Housing ... DENIZ IGAN December 12, 2024 BEHIND THE MIC ... International Monetary Fund Bruce Edwards produces the IMF podcast program.

This note explores the connection between the varied investor profiles of exchange-traded funds (ETFs) and open-ended mutual funds (OEMFs) and the return volatility of the securities they hold. Based on the security-level data of US ETF and OEMF holdings, the analysis suggests that, on aggregate, a higher ETF ownership share may be associated with lower bond return volatility. However, there is a stark divergence between the behavior of institutional and retail ETF investors and their impact on the underlying market. When a larger share of a bond is owned by institutional investors through ETFs, its volatility tends to be higher. Conversely, retail investors tend to offset this impact of institutional investors. This disparity is not evident for OEMFs.

The Executive Board of the International Monetary Fund (IMF) concluded today the seventh reviews under Cameroon’s Extended Credit Facility (ECF) and the Extended Fund Facility (EFF) arrangements

The Executive Board of the International Monetary Fund (IMF) has completed the fourth review of Egypt’s economic reform program supported by the EFF arrangement.

The CEMAC’s economy lost momentum in 2023. The external position weakened, with the current account shifting to a deficit and foreign reserve accumulation slowing. While inflation continued to ease, it remained elevated. Available data indicate a deterioration in the underlying fiscal positions of many countries. The near-term outlook points to stronger economic activity, with growth projected to accelerate to 3.2 percent in 2024, supported by elevated oil prices and a rebound in oil output. However, the end-June 2024 regional policy assurance on NFA––and, according to preliminary information, the end-December 2024 targets––were not met, indicating a deviation in reserves from the targeted path. Debt vulnerabilities have also worsened in some countries, as evidenced by the growing pressures in the regional government debt market. Following the strong commitment expressed at the extraordinary Heads of State Summit in December 2024 to address macroeconomic imbalances and strengthen regional institutions, all countries are expected to tackle fiscal slippages, restore fiscal prudence, and implement structural reforms to steer the region toward a more resilient medium-term outlook. This should help reduce risks to the capacity to repay the Fund. However, the projections remain uncertain, as the details of corrective measures and reforms are still being finalized between staff and national authorities.