IMF Staff Country Reports

Republic of San Marino: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of San Marino

November 22, 2023

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Republic of San Marino: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of San Marino, (USA: International Monetary Fund, 2023) accessed November 21, 2024

Summary

Context. The global financial crisis and international efforts to address preferential tax regimes exposed the vulnerabilities of San Marino’s oversized financial sector servicing nonresidents. While the banking system entered a deep crisis in 2008 and continues to struggle, the nonfinancial sector has experienced a recovery underpinned by cost-competitiveness and strong corporate balance sheets. More recently, prudent fiscal policies, access to international capital markets and favorable external conditions improved the public finances and boosted confidence. As a result, the economy has been remarkably resilient throughout the pandemic and Russia’s invasion of Ukraine. Despite volatile financial conditions, the government was able to rollover the Eurobond maturing next year. However, San Marino is a microstate subject to very high volatility and financial sector vulnerabilities remain, suggesting that larger-than-usual fiscal buffers are needed.

Subject: Expenditure, Financial institutions, Fiscal policy, Fiscal stance, International organization, Monetary policy, Nonperforming loans, Pension spending, Public debt, Revenue administration

Keywords: Authorities of the Republic of San Marino, Europe, Fiscal stance, Global, Nonperforming loans, Pension spending, Sammarinese authority, Sta government finance statistics, Utility company, Vis-à-vis nonresident

Publication Details

  • Pages:

    85

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Country Report No. 2023/373

  • Stock No:

    1SMREA2023001

  • ISBN:

    9798400260957

  • ISSN:

    1934-7685

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