While St Vincent and the Grenadines financial sector remains stable, decisive measures are needed to buttress it and foster credit growth Implementing the OECS Harmonised Credit Reporting Act will improve information about borrowers.
Moreover, the full operationalization of the Eastern Caribbean Asset Management Corporation, combined with the country’s new insolvency law, will help banks unwind their NPLs.
The IMF in it release dated December 18th, 2017 strengthening the supervision of non-banks swift approval of implementing regulations to the Financial Supervisory Authority Act is needed.
The IMF urged authorities to continue addressing AML/CFT shortcomings by swiftly issuing a regulation on non-profit organizations and moving towards compliance with the 2012 FATF recommendations, including to reduce correspondent banking relationships risks.
Following the recent buyback of the Bank of St Vincent and the Grenadines, which effectively ends an envisaged merger, the authorities were encouraged to redouble their efforts to explore alternative amalgamation options.