安道尔公国：2026年第四条协商新闻稿；员工报告；安道尔公国执行主任的发言

2026ARTICLE IV CONSULTATION—PRESS RELEASE;STAFF REPORT; AND STATEMENT BY THE EXECUTIVE May2026 Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussionswith members, usually every year. In the context of the2026Article IV consultation with •APress Releasesummarizing the views of the Executive Board as expressed during itsApril27, 2026consideration of the staff report that concluded the Article IV •TheStaff Reportprepared by a staff team of the IMF for the Executive Board’sconsideration onApril27,2026,following discussions that ended onMarch 9,2026with the officials ofAndorraon economic developments and policies. Based on •AnInformational Annexprepared by the IMFstaff. •AStatement by the Executive Directorforthe Principality of Andorra The documents listed below have been or will be separately released. 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 fromInternational 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 2026 Article IV Consultationwith Andorra FOR IMMEDIATE RELEASE •The Andorran economy continued to outperform expectations with growth surprising on •Growth is projected to moderate and inflation will remain elevated in 2026 due to the war •In the absence of policy action, growth could be lower over the medium term andpopulation aging will increase public expenditures on pensions and healthcare. Washington, DC – May 4, 2026:On April 27, 2026, the Executive Board of the InternationalMonetary Fund (IMF) completed the Article IV Consultation for Andorra.1The authorities haveconsented to the publication of the Staff Report prepared for this consultation.2The Andorraneconomy continued to outperform expectations. Growth in 2025 surprised on the upside forthe second consecutive year, at an estimated 3.9 percent, driven by strong activity in financial Growth is projected to slow to 2.1 percent in 2026 and then steadily converge to its long runpotential of 1.5 percent by 2030. Inflation is projected at around 3 percent in 2026 beforeconverging to the euro area inflation target of 2 percent by the end of 2027. Staff’s baselineassumes oil and gas prices that are broadly consistent with closing future prices as of mid-March 2026 and incorporates the impact on main trading partners. Risks to the growth outlook Absent timely reforms, medium-term growth could be lower. In the absence of policy action,population aging will increase public expenditure on pensions and healthcare, placing growing pressure on public finances. Labor shortages could worsen if housing affordability is notimproved. Climate change poses additional risks, as rising temperatures and more frequentextreme weather events may cause more frequent disruptions in the tourism sector and Executive Board Assessment Directors agreed with the thrust of the staff appraisal. They welcomed Andorra’s continuedeconomic resilience and prudent fiscal management, which supported growth and allowedrebuilding of solid buffers. Directors noted, however, that near-term risks stemming from thewar in the Middle East are expected to moderate near-term growth and exert upward pressure Directors welcomed the authorities’ prudent fiscal management, which has resulted insustained surpluses and a declining public debt ratio. They agreed that the looser fiscal stancein 2026 is broadly appropriate against the backdrop of slowing growth, while stressing theimportance of standing ready to tighten the stance if price pressures persist. Over the mediumterm, Directors emphasized that maintaining prudent fiscal policy remains essential in a Directors welcomed the assessment that the financial sector remains strong, noting banks’solid profitability, capitalization, and liquidity. They looked forward to the upcoming FinancialSector Assessment Program as an opportunity to assess vulnerabilities and reinforce financial Directors emphasized the importance of advancing structural reforms to lift potential growth,enhance productivity, and diversify the economy. They welcomed the authorities’ efforts todeepen regional integration and highlighted the potential benefits of the European UnionAssociation Agreement in supporting diversification, improving market access, and attracting Directors welcomed recent improvements in data compilation, timeliness, and dissemination,including progress on external sector statistics and tourists flow data. They encouraged further PRINCIPALITY OF ANDORRA STAFF REPORT FOR THE 2026 ARTICLE IV CONSULTATION April 9, 2026 KEY ISSUES Context.Andorra’s small open economy continues to grow above potential driven byexternal demand and a pro