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

Download or read book Republic of San Marino: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of San Marino written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2021-11-23 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.