Republic of San Marino: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of San Marino
Electronic Access:
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Summary:
San Marino entered the pandemic with substantial vulnerabilities and still struggling from the consequences of the Global Financial Crisis (GFC). However, the economy has shown significant resilience supported by a timely and targeted policy response. Fiscal support was substantially scaled up after external borrowing was secured, including through a debut Eurobond. The banking system was rationalized, partly capitalized, its liquidity substantially improved, and a strategy is being adopted to address exceptionally high nonperforming loans (NPLs). Some of these measures, while effective, have increased official public debt substantially.
Series:
Country Report No. 2021/249
Subject:
Commercial banks Expenditure Financial institutions Fiscal policy Fiscal stance International organization Monetary policy Nonperforming loans Pension spending Public debt
Frequency:
regular
English
Publication Date:
November 23, 2021
ISBN/ISSN:
9781513598444/1934-7685
Stock No:
1SMREA2021001
Pages:
70
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