An International Monetary Fund (IMF) team, led by Mr. David Moore, visited Antigua and Barbuda during June 17–21, 2024, and met with government officials and other stakeholders to discuss recent economic developments, the economic outlook, and policy priorities.
At the conclusion of the visit, Mr. Moore issued the following statement on financial institutions credit to the private sector.
Credit market developments reflect the broader pickup in activity. CLICK HERE TO JOIN OUR WHATS APP GROUP
Bank credit to the private sector rebounded by 7 percent in 2023, after contracting in the previous two years.
Credit unions have expanded rapidly over several years, with loan growth moderating to around 8 percent in the year through 2024Q1.
Non-performing loans for both banks and credit unions, as a share of total loans, are modestly above the prudential level of 5 percent.
Stronger oversight and regulation of credit unions, including through risk-based capital requirements, would promote a level playing field across the financial sector and support asset quality.
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