IMF says reforms are needed to improve access to credit.

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The International Monetary Fund says reforms are needed to improve access to credit in Antigua and Barbuda.

The regional credit bureau is expected to accelerate the lending process and enhance credit quality.

Modernization of the insolvency law to facilitate out-of-court settlement and clarify creditor rights can help incentivize lending.

The recently launched regional partial credit guarantee scheme for micro-, small- and medium-sized enterprises can be utilized to alleviate collateral constraints of borrowers.

Meantime, the IMF says the Financial Services Regulatory Commission (FSRC) should continue to exercise vigilance to safeguard financial stability.

 It will be important to intensify the monitoring of credit unions’ asset quality and ensure loan loss provisioning is consistent with fragilities in borrowers’ financial position and broader economic prospects.

The FSRC should also collaborate with the ECCB to formulate a national crisis management plan to contain potential system-wide risk covering both banks and non-banks.

In addition, the supervision, reporting, and regulatory frameworks should be adapted to incorporate climate risks, leveraging regional initiatives led by the ECCB and including through stress tests for non-banks.

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3 COMMENTS

  1. IMF.
    More Developed Country MDC
    Less Developed Country LDC
    Further Categorization Shows
    Greater Antilles
    Leader Antilles
    We Struggle Geopolitically.
    Second Class Citizens Strengthening
    An Economy in the. GDP
    Just Bodies..

  2. Even the IMF realise that the ABLP government aren’t running finances and credit facilities properly.

    They’ve already found issues with the implementation of the CIP program … I wonder what else they are going to find that’s FISCALLY wrong?

    COME ON GASSY, RING THE ALARM!!! 🗳

  3. ANR, Any news on the Jolly Beach mou or agreement?
    The people with degrees cannot wait to peruse the documents.

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