Public debt has fallen below 60% of GDP, and San Marino’s economy is projected to grow by 1.3% in 2026, before slowing to 1% in 2027.
These are among the figures that emerged during the International Monetary Fund mission for the Article IV consultation, received in audience by the Captains Regent Gerardo Giovagnoli and William Casali. The news was reported by San Marino RTV, in a report by Monica Fabbri.
The visit comes just 17 days after the signing of the Association Agreement with the European Union, following a double upgrade of the sovereign rating and the renewal of the Eurobond.
The Secretary of State for Finance, Marco Gatti, outlined an economy holding firm against international headwinds, with unemployment at historic lows. Inflation, at 1.6% at the end of the first half of the year, is forecast to average 2.5% over the full year.
On the public finance front, the reduction in debt goes hand in hand with the goal of consolidating the primary surplus and continuing fiscal consolidation. “We are going through a moment of significant achievements for the Republic,” Gatti told San Marino RTV.
“The Association Agreement opens up a new perspective for us, strengthening what could be our economic growth, but the policies we have pursued so far have also allowed us to strengthen our budget.
So this is a visit that comes at just the right time.
What’s more, it’s a new delegation — apart from one member who had already taken part in a previous mission, all the others are new — but we worked very productively, so we’re expecting a good report.”
According to the broadcaster, the Fund acknowledged the progress made in economic diversification and the value of the agreement with Brussels.
Mission chief Trevor Lessard described the Agreement as a significant growth opportunity, while stressing the need for structural reforms and a stronger public administration in order to reap its benefits.
Close attention also remains on the banking system, with the Fund calling for continued vigilance.
During the audience, the Captains Regent described engagement with the Washington-based institution as fundamental and strategic, recalling the transformations San Marino has undergone and the country’s ability to withstand international turbulence.
The Captains Regent expressed hope that cooperation with the Fund would continue to be “a driving force for stability, progress and the well-being of future generations.”
