Republic of San Marino: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of San Marino

November 23, 2021

Preview Citation

Format: Chicago

Republic of San Marino: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of San Marino, (USA: International Monetary Fund, 2021) accessed November 8, 2024

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.

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

Keywords: Banking sector liquidity, Boosted liquidity, Commercial banks, Europe, Fiscal stance, Global, Liquidity of the banking system, Nonperforming loans, Pension spending, Sta balance of payments statistics, Sta government finance statistics, Vis-a-vis nonresident

Publication Details

Pages:

70
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2021/249
Stock No:

1SMREA2021001
ISBN:

9781513598444
ISSN:

1934-7685

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