San Marino: Staff Report for the 2004 Article IV Consultation
IMF Staff Country Reports, August 13, 2004
Source details
- Canonical URL
- San Marino: Staff Report for the 2004 Article IV Consultation
Other formats
Bibliographic details
- Published: August 13, 2004
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451834857.002
Economic performance
- The economy "has slowed considerably since 2000" with the "fading of key competitive advantages that had contributed to past rapid development."
- Objective identified: "restore a positive net asset position and the ability to buffer adverse external shocks."
Fiscal strategy and objectives
- Authorities aim at "maintaining the budget in balance or in surplus over the medium term while preserving tax rate advantages."
- Fiscal consolidation is targeted without raising tax rates.
Reforms and implementation priorities
- To "sustain fiscal consolidation with unchanged or lower tax rates, remaining tax administration problems need to be addressed and generous entitlement programs reformed."
- Implicit policy priorities:
- Strengthen tax administration to close revenue shortfalls while keeping tax rates stable.
- Reform generous entitlement programs to reduce structural fiscal pressures.
Thematic coverage (as stated)
- Economic sectors
- Employment
- Expenditure
- Financial sector
- Labor
- Pension spending
- Public sector wages
Keywords (as stated)
- agency Ufficio Italiano Cambi
- anti-money laundering surveillance
- asset sale
- authority
- central bank vis-à-vis
- CR
- Employment
- Europe
- Financial sector
- Global
- interest payment
- ISCR
- lower-than-projected personnel cost
- Pension spending
- Public sector wages
- Sammarinese authorities
San Marino: Staff Report for the 2004 Article IV Consultation (August 13, 2004).