Republic of San Marino: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of San Marino
2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of San Marino
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Volume/Issue:
Volume 2021
Issue 249
Publication date: November 2021
ISBN: 9781513598444
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Topics covered in this book
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Banks and Banking , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , International - Economics , 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
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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.
