IMF calls on Lithuania to reform credit union sector

International Monetary Fund
Reuters/Scanpix

The International Monetary Fund (IMF) has said Lithuania needs to carry out structural reforms to its credit unions sector.

Lithuania‘s central bank said the IMF in its latest report on Lithuania said that the country’s financial system is stable and well-capitalized and that a moderate increase in bank lending has had a positive effect on the country’s economic growth prospects.

However, even though the fund’s experts noted that some measures to strengthen the credit union sector have been put in place recently, but there is agreement on the need for structural reform of the sector.

Under the IMF’s latest forecasts, Lithuania’s economy is expected to expand by 2.7% this year and grow by 3.1% next year.

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