Antigua and Barbuda now has the lowest non-performing loan ratio in the Eastern Caribbean Currency Union at approximately 3 percent, Prime Minister Gaston Browne said Saturday.
Speaking on the Browne and Browne Show, Browne said the country’s banking sector has made significant progress in reducing bad loans, reversing what he described as decades of underperformance.
“We now have the lowest non-performing loans within the currency union at about 3 percent,” Browne said.
Non-performing loans, often used as a measure of banking sector health, reflect the proportion of loans on which borrowers are no longer making scheduled payments.
Browne said the improvement reflects stronger economic management and recovery in key sectors, particularly tourism and construction, which have helped businesses and individuals meet their financial obligations.
The announcement came as part of a broader discussion on regional fiscal and financial stability, including Antigua and Barbuda’s debt-to-GDP ratio and economic growth projections within the Eastern Caribbean Currency Union.
Browne indicated that the reduction in non-performing loans marks a significant turnaround for the country’s financial system and strengthens overall banking stability.
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