IMF advises ‘tightening’ of banking regulations

St. John’s Antigua- Directors of the International Monetary Fund (IMF) have advised that the local banking sector must be strengthened with “tightened” regulations, if Antigua & Barbuda is to have continued economic recovery. The assessment follows the IMF executive board’s Article IV consultations with the country on October 31, last year. The review is to determine each member state’s economic health and to prevent potential future financial pitfalls. In an IMF press release Tuesday, the organisation’s directors stressed the need for “stronger supervision” of banks and non-bank financial institutions.