World Council's COVID-19 Global Response Committee, in cooperation with the Federation of Savings and Credit Cooperatives in Costa Rica, has published a technical paper with recommended strategies credit unions can utilize to manage the impact of the social and economic crisis generated by COVID-19.
The paper is intended to be a practical tool to help credit unions (CUs) develop financial strategies to mitigate the impacts of the crisis and to overcome adverse market conditions.
At the beginning of 2021, the impacts of the COVID-19 pandemic were differentiated according to economic sector and financial entity. Although the crisis has affected society as a whole, some financial entities have managed to improve their businesses by serving the most dynamic economic sectors. Conversely, other financial entities have experienced a significant contraction in their financial activities since their customers have been overwhelmingly affected by the crisis. Therefore, we hope this technical paper is useful for all those CUs facing financial and operational difficulties as a result of the crisis we are experiencing.
You can access both an English and a Spanish version of the paper here:
Financial Strategy to Mitigate the Impact of the COVID-19 Crisis