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IMF: Antigua and Barbuda’s Financial Sector Stable, But Credit Union Reforms Needed
Antigua and Barbuda’s financial sector remains broadly stable, with credit growth recovering and non-performing loans approaching prudential levels, according to the International Monetary Fund (IMF).
However, the IMF has emphasized the need for reforms in the credit union sector to strengthen oversight and ensure long-term financial resilience.
In its latest Article IV consultation, the IMF noted that while banks have maintained stability, credit unions require enhanced regulatory supervision.
The report highlighted that credit unions play a growing role in the financial system, but existing oversight mechanisms need modernization to align with regional standards.
The IMF has recommended a more risk-based supervisory framework for credit unions, which would include improved monitoring of asset quality and stricter enforcement of credit forbearance measures.
These reforms are seen as necessary to ensure that credit unions operate on a level playing field with banks while maintaining financial stability.
Additionally, the report pointed to ongoing efforts led by the Eastern Caribbean Central Bank (ECCB) to establish regional common regulatory standards for credit unions.
The IMF encouraged Antigua and Barbuda to support these initiatives, which aim to reduce financial sector vulnerabilities and enhance consumer protection.
Despite regulatory concerns, the IMF acknowledged the financial sector’s role in promoting economic growth and financial inclusion. The launch of a regional credit bureau is expected to improve access to credit while maintaining lending standards.
Other ECCB-led initiatives, such as climate risk assessments and a regional partial credit guarantee scheme, are also expected to strengthen financial intermediation.
The IMF report further emphasized the importance of continued regional coordination, noting that Antigua and Barbuda’s participation in cross-border financial stability initiatives will be key to maintaining economic resilience.
The IMF has urged authorities to prioritize credit union reforms while reinforcing collaboration with regional financial regulators.
Strengthening oversight mechanisms will not only support the long-term sustainability of the sector but also bolster public confidence in non-bank financial institutions.
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Credit Unions currently offer a customer-care-centric alternative to the ‘retail’ sales & shocking service environments offered by banks.
Please do not regulate Credit Unions to the point they become as unfriendly, slow and unresponsive as banks.
So basically what they’re saying is to make the Credit Unions as difficult, expensive and unfriendly as the banks are currently. That will definitely help the citizens.
These IMF people. R U lef the credit union and dem alone please. Banks see the competition and want to stop it.Hands off!!!
No IMF NO!
The banking sector in Antigua is more about complying with financial regulations and security framework than allowing me to have access to my money in a timely manner.
Ppl went to credit unions to avoid red tape, now u all want to add more red tape????!!!!
Best me buy a safe.
Why IMF don’t fuck off and stay out of our business, every week they have some recommendation that nobody asked them for, tf..
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Are they trying to discredit the credit unions? Credit unions have now become amongst the biggest lenders because of the hassle free process. Please don’t change to please IMF. We have no business with them by the way