San Marino. Evaluation of the IMF, satisfaction of the Young Christian Democrats
This year the delegation led by Borja Gracia of the IMF focused mainly on the energy dossier, or on costs and procurement, pension reform and NPL securitization.
They explain it in a note, i Young Christian Democratsadding: “At the end, one final relationthe red one from the IMF experts, “which points out – belonging to the Secretariat of State for Finance – that in the last two years the interior has grown, increasing the confidence and stability of the San Marino socio-economic fabric”.
The strong external demand, in fact, has stimulated “the manufacturing sector in a significant way, while the recovery of tourism has in fact led to a significant growth in economic activity, increasing growth in the community, with a consequent greater increase in public deposits and in the sector banking”. A sector which, in particular, “recorded an improvement in liquidity, profitability and capitalization”. In this context, employment has also benefited, reaching “the highest level of the last ten years, generating greater employment of frontier workers”.
The Global Monetary Fund also analyzes the current situation, namely “the considerable increase in energy prices, which are determining, on a global scale, general economic uncertainty and a consequent slowdown in activity, as well as a weakening of external demand” . The IMF has also focused its attention on the renewal of the Eurobond in 2024, which, in the face of a possible increase in global interest rates, requires, according to experts, an ambitious path by the San Marino government, which can be implemented with a prudent budgetary policy that is attentive to the management of public spending and with the implementation of structural reforms for long-term growth.
At the SdS for Economy, Finance and Budget Marco Gatti highlights “as a government we are naturally very satisfied because the recognition of work carried out in a particularly complicated and very critical moment is over. Today we are recording very positive results. Clearly this must not make us reduce our guard because unfortunately the situation beyond our borders is complex and full of risks ”.
In this regard, as GDC we express satisfaction for the work done in the economic field with the certainty and the hope of taking a further step forward, to improve the San Marino economy, implement all future reforms that must reduce risks and stabilize our socio-economic fabric. It is also necessary to approach 2023 seriously, a year defined by the IMF as “of strong uncertainties”, with concrete strategies for the future of the republic, through debt management and the conclusion of the association agreement with the single market of the European Union, aware to open up to a new market and investment opportunity. In this regard, we must not be found more unprepared, aware of what the past has been.