Republic of San Marino: 2013 Article IV Consultation

International Monetary Fund

No 2013/122, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: Sta government finance statistics; bank secrecy; money market rate; Sammarinese authorities; VAT regime; bank recapitalization cost; Nonperforming loans; Loans; Global (search for similar items in EconPapers)
Pages: 42
Date: 2013-05-17
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