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Title Republic of San Marino : 2014 Article IV consultation, staff report, press release, and statement by the Executive Director for the Republic of San Marino
Published Washington, D.C. : International Monetary Fund, ©2014


Description 1 online resource (38 pages) : color illustrations
Series IMF country report ; no. 14/104
IMF country report ; no. 14/104.
Contents Cover; CONTENTS; CONTEXT, OUTLOOK, AND RISKS; POLICY DISCUSSIONS; A. Financial Sector; BOXES; 1. CRSM: Past Recapitalizations; B. Public Finances; 2. Adjustment Needs Under an Upside Scenario; C. Structural Issues; D. Data Issues; STAFF APPRAISAL; FIGURES; 1. Recent Economic Developments, 2006-13; 2. Financial Sector Indicators, 2008-13; TABLES; 1. Selected Economic and Social Indicators, 2007-14; 2. Financial Soundness Indicators, 2007-13; 3. Central Government Operations, 2008-15; APPENDICES; I. Risk Assessment Matrix; II. Public Debt Sustainability Analysis; CONTENTS; FUND RELATIONS
Summary "The global crisis and tense relations with Italy triggered a 30 percent GDP contraction since 2008 and a sea change in San Marino's off-shore banking model. The banking system has undergone deep restructuring, with several banks intervened and the largest bank requiring large injections of public capital. The economic downturn and bank recapitalization needs have put significant pressure on public finances. Nevertheless, the very recent exit from the Italy's tax black list should facilitate the recovery and the transition to a new growth model. Challenges: Lay foundations for sustainable growth by advancing the cleanup of the banking system, realign fiscal policy with new economic realities, and integrate into international markets. Key policy recommendations:? Financial sector policy. Complete recapitalization of the largest bank, diluting shareholders unconditionally and taking control of the board and management. For all banks, step up on-site supervisions to ensure adequate provisioning, and undertake an external asset-quality review coupled with appropriate contingency plans if capital needs are identified.? Fiscal policy. Further consolidation of 3 percent of GDP is needed over the medium term to put public debt on a sustainable path and rebuild buffers.? Structural policy. Stay committed to openness and transparency to fully normalize relations with the international community; improve nonprice competitiveness to facilitate the reallocation of resources to the nonbanking sector. Traction of past Fund advice: The authorities have recognized plausible losses in the largest bank in line with Fund advice, but the modalities of public recapitalization remain problematic. The 2014 budget delivers significant savings, consistent with past Fund advice"--Abstract
Notes "April 2014."
"March 24, 2014"--Page 2 of pdf
Online resource; title from pdf title page (IMF Web site, viewed Apr 29, 2014)
Subject International Monetary Fund -- San Marino
International Monetary Fund
Recessions -- San Marino
Taxation -- San Marino
Banks and banking -- San Marino
Economic indicators -- San Marino
Banks and banking
Economic history
Economic indicators
International economic relations
Banking System.
Central Bank.
Public Debt.
San Marino -- Economic conditions
San Marino -- Foreign economic relations -- Italy
San Marino
San Marino.
Form Electronic book
Author International Monetary Fund.
ISBN 1484358805
Other Titles Title from p. 2 of pdf: Republic of San Marino, staff report for the 2014 Article IV consultation