Republic of San Marino: 2013 Article IV Consultation

May 17, 2013

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Republic of San Marino: 2013 Article IV Consultation, (USA: International Monetary Fund, 2013) accessed November 27, 2024

Summary

This Article IV Consultation focuses on San Marino’s prolonged recession. The global crisis has led to a significant decline in budget revenues. However, San Marino’s sizable pre-2008 budget surplus, combined with recent tax measures and efforts to restrain expenditures, have helped contain the deficit at about 3 percent of GDP. Executive Directors noted that San Marino’s economy will face financial and fiscal challenges in the near term, as well as uncertain medium-term prospects. Directors considered that, notwithstanding the recent recapitalization, the largest bank will need more capital to meet prudential requirements.

Subject: Expenditure, Financial institutions, International organization, Loans, Monetary policy, Nonperforming loans, Public debt, Revenue administration

Keywords: Bank recapitalization cost, Bank secrecy, Global, Loans, Money market rate, Nonperforming loans, Sammarinese authorities, Sta government finance statistics, VAT regime

Publication Details

Pages:

42
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2013/122
Stock No:

1SMREA2013001
ISBN:

9781484346921
ISSN:

1934-7685

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