Republic of San Marino : 2013 Article IV Consultation

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Republic of San Marino : 2013 Article IV Consultation
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Volume/Issue:
2013/122
Series:
IMF Staff Country Reports
Author(s):
International Monetary Fund. European Dept.
Publisher:
INTERNATIONAL MONETARY FUND
Published Date:
May 2013
DOI:
http://dx.doi.org/10.5089/9781484346921.002
ISBN:
9781484346921
ISSN:
1934-7685
Page:
42
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.
Article

IMF Executive Board Concludes 2013 Article IV Consultation with the Republic of San Marino

Author(s):
International Monetary Fund. European Dept.
Published Date:
May 2013
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