## 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](https://www.imf.org/en/publications/cr/issues/2016/12/31/san-marino-staff-report-for-the-2004-article-iv-consultation-17635)

## Other formats

- [Markdown version](/en/publications/cr/issues/2016/12/31/san-marino-staff-report-for-the-2004-article-iv-consultation-17635/index.md)
- [Structured JSON version](/en/publications/cr/issues/2016/12/31/san-marino-staff-report-for-the-2004-article-iv-consultation-17635/index.json)
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## Bibliographic details
- Published: August 13, 2004
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451834857.002

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### 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).*

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## Content in this bundle

- **_cr04257**
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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/san-marino-staff-report-for-the-2004-article-iv-consultation-17635_