圣马力诺共和国：2025年第四条磋商新闻稿；员工报告；圣马力诺共和国执行主任的发言

2025ARTICLE IV CONSULTATION—PRESS RELEASE;STAFF REPORT; AND STATEMENT BY THE EXECUTIVEDIRECTOR FORTHE REPUBLIC OF SAN MARINO Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussionswith members, usually every year. In the context of the2025Article IV consultation withthe Republic of San Marino, the following documents have been released and areincluded in this package: •APress Releasesummarizing the views of the Executive Board as expressed during itsNovember 21, 2025consideration of the staff report that concluded the Article IVconsultation withSan Marino. •TheStaff Reportprepared by a staff team of the IMF for the Executive Board’sconsideration onNovember 21, 2025, following discussions that ended onSeptember26, 2025, with the officials ofSan Marinoon economic developments and policies.Based on information available at the time of these discussions, the staff report wascompleted onOctober 31, 2025. •AnInformational Annexprepared by the IMFstaff. •AStaff Statementupdating information on recent developments. •AStatement by the Executive DirectorforSan Marino. Selected Issues TheIMF’s transparency policy allows for the deletion of market-sensitive information andpremature disclosure of the authorities’ policy intentions in published staff reports andother documents. Copies of this report are available to the public from International Monetary Fund•Publication ServicesPO Box 92780•Washington, D.C. 20090Telephone: (202) 623-7430•Fax: (202) 623-7201E-mail:publications@imf.org Web:http://www.imf.org International Monetary FundWashington, D.C. IMF Executive Board Concludes 2025 Article IV Consultationwith the Republic of San Marino FOR IMMEDIATE RELEASE •San Marino’s economy maintains positive momentum. Its diversified growth model provedto be resilient to shocks. Growth is higher than expected, and fiscal primary balance isstrong. Continuing reforms underpinned further reduction in banking sector vulnerabilities,however, significant challenges remain. •External downside risks prevail, driven by uncertainty. Domestic risks stem from financialsector legacy issues. On the upside, faster implementation of the EU associationagreement could lift growth. Washington, DC – November 21, 2025:The Executive Board of the International MonetaryFund (IMF) completed the Article IV Consultation for The Republic of San Marino1Theauthorities have consented to the publication of the Staff Report prepared for thisconsultation.2 San Marino’s economy maintains positive momentum, as its new growth model proved to beresilient to successive shocks. The service sector has maintained strong momentum since thepandemic, benefiting from the continuing tourism boom and robust domestic consumption.However, subdued external demand for goods weighed on the manufacturing sector. Inflationhas stabilized at 2 percent. With the economy booming, labor market conditions havetightened, reflected in employment at record high levels and strong wage growth. The government achieved strong primary balance, thanks to revenue surprises and prudentexpenditure. On the financial sector, the enforcement of calendar provisioning acceleratedNPL reduction and, together with better-than-expected asset recoveries by the assetmanagement company, reduced legacy vulnerabilities and fiscal contingent liabilities. Banks’liquidity improved, reflecting increased confidence. However, critical challenges remain in thebanking sector, due to the need to reduce operating costs, still large noninterest-generatingassets, and tight capitalization in some banks. GDP growth is estimated to be 1 percent in 2024 and is expected to strengthen to 1.2 percentin 2025, supported by the recovery of external markets, and a robust domestic demand 1Under Article IV of the IMF's Articles of Agreement, the IMF holds bilateral discussions with members,usually every year. A staff team visits the country, collects economic and financial information, anddiscusses with officials the country's economic developments and policies. On return to headquarters,the staff prepares a report, which forms the basis for discussion by the Executive Board. 2Under the IMF's Articles of Agreement, publication of documents that pertain to member countries isvoluntary and requires the member consent. The staff report will be shortly published on thewww.imf.org/sanmarinopage. benefiting from declining interest rates, strong labor market and domestic political stability.However, downside risks prevail due to elevated external risks related to trade tensions,commodity price fluctuations and prolonged uncertainty. Domestic risks stem from contingentliabilities in the financial sector. On the upside, faster implementation of the EU associationagreement could lift growth. Executive Board Assessment3 Executive Directors agreed with the thrust of the staff appraisal. They commended theSammarinese economy’s resilience in navigating a challenging external environment, and itsp