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

REPUBLIC OF SAN MARINO 2025ARTICLE IV CONSULTATION—PRESS RELEASE;STAFF REPORT; AND STATEMENT BY THE EXECUTIVE November 2025 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 with •APress Releasesummarizing the views of the Executive Board as expressed during itsNovember 21, 2025consideration of the staff report that concluded the Article IV •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. •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 and 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 Fund 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 is •External downside risks prevail, driven by uncertainty. Domestic risks stem from financialsector legacy issues. On the upside, faster implementation of the EU association Washington, DC – November 21, 2025:The Executive Board of the International MonetaryFund (IMF) completed the Article IV Consultation for The Republic of San Marino1The 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. Inflation 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’ GDP growth is estimated to be 1 percent in 2024 and is expected to strengthen to 1.2 percent 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 contingent Executive Board Assessment Executive Directors agreed with the thrust of the staff appraisal. They commended theSammarinese economy’s resilience in navigating a challenging external environment, and itspositive momentum, supported by successful diversification and prudent policies. However,they also noted downside risks, including from global uncertainties, trade tensions, and Directors welcomed the recent strong fiscal performance and substantial debt reduction, andemphasized the importance of continued fiscal consolidation for preserving macroeconomicstability and rebuilding buffers. They welcomed the recently approved income tax reform, andagreed that a well-designed VAT would help reduce economic distortions and facilitate Directors recognized important progress in financial sector reforms but highlighted the need toaddress the remaining vulnerabilities. They noted improvements in banks’ liquidity and assetquality, as well as progress by the asset management company. Directors welcomed theimplementation of calendar provisioning, the gradual replacement of perpetual bonds in thestate-owned bank, and the removal of ownership restrictions to facilitate recapitalization. Directors underscored that structural reforms are critical to support long-term growth. Theystressed the need to increase labor market flexibility, facilitate real estate market functioning,increase energy efficiency, and invest in digitalization and network connectivity. They It is expected that the next Article IV Consultation with San Marino will be held on the standard12-month cycle REPUBLIC OF SAN MARINO STAFF REPORT FOR THE 2025 ARTICLE IV CONSULTATION October 31, 2025 KEY ISSUES Context.San Marino has successfully diversified its economic structure: the previouslyoversized banking sector deleveraged following the banking crisis, while manufacturingand nonfinancial services exports expanded, supported by moderate unit labor costsand strong cor