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

International Monetary Fund

No 2021/249, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: banking sector liquidity; Sta government finance statistics; vis-a-vis nonresident; liquidity of the banking system; boosted liquidity; Sta balance of payments statistics; Commercial banks; Fiscal stance; Nonperforming loans; Pension spending; Global; Europe (search for similar items in EconPapers)
Pages: 70
Date: 2021-11-23
New Economics Papers: this item is included in nep-mac
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