ST. JOHN’S, Antigua, Jun 16 2015 – The Antigua and Barbuda government says it has reached an agreement with the main opposition United Progressive Party (UPP) for a non-partisan approach towards solving the problems facing the financially plagued Antigua & Barbuda Investment (ABI) Bank.
In a joint statement issued here, Prime Minister Gaston Browne and UPP leader, Harold Lovell, a former finance minister here, said that following discussions “we have agreed that the situation with respect to ABI Bank is of such importance to the financial stability of Antigua and Barbuda and the Eastern Caribbean Currency Union that it should not be a partisan political issue”.
The government said that it is “hard at work” working with the ECCB to bring what has been a very complex matter to a successful resolution.
“The Government is being assisted by the Caribbean Development Bank, the International Monetary Fund, and the World Bank in this regard,” the statement said.
“Both the government and the opposition are sincerely convinced that this bipartisan and responsible approach would be in the best interest of the citizens of Antigua and Barbuda, depositors and stakeholders and members of the Eastern Caribbean Currency Union at this very challenging time for the ABI Bank,” the statement added..
In May, the IMF said while it welcomed the progress made on the Eastern Caribbean Currency Union (ECCU) regional bank resolution strategy, it was urging the “authorities to expedite the negotiations and complete the critical steps needed for a successful bank resolution.
