IMF Calls for Stronger Oversight of State-Owned Enterprises

The International Monetary Fund is calling for stronger oversight of state-owned enterprises (SOEs) in Antigua and Barbuda, warning that capacity constraints and limited transparency could pose fiscal risks if left unaddressed.

In a concluding statement following its Article IV consultation mission, IMF staff said recent steps to strengthen SOE oversight within the Ministry of Finance are welcome, but noted that the unit responsible for monitoring state-owned entities remains understaffed and under-resourced.

The Fund said these capacity gaps limit the government’s ability to effectively assess the financial performance and risks of SOEs, many of which play a significant role in the economy and public service delivery.

IMF staff also stressed the need for regular and timely financial disclosure by SOEs, saying improved reporting would enhance transparency, accountability and policy credibility. The Fund encouraged the authorities to move toward routine publication of key SOE financial data once adequate capacity is in place.

Concerns were also raised about audit capacity, with the IMF noting that the Supreme Audit Institution appears strained. Strengthening audit functions, the Fund said, is essential to ensuring proper oversight of public entities and containing fiscal risks.

The IMF said stronger SOE governance would help improve fiscal transparency, support better decision-making and reduce the likelihood that financial weaknesses in state-owned enterprises spill over into the central government’s finances.

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