Public debt has fallen below 60% of GDP, economic growth remains positive, and financing conditions have improved. The Sammarinese Christian Democratic Party (PDCS) is citing the latest assessments from the International Monetary Fund to claim credit for San Marino’s achievements in economic and financial recovery. According to the party, this progress should be viewed in light of the banking crises that struck the Republic in the years before 2020.
“The International Monetary Fund’s assessments and recent judicial rulings on the banking affairs bring into focus two different eras of the Republic: one marked by deep difficulties in the financial system, which worsened between 2017 and 2019, and another defined by the gradual recovery of economic stability and international credibility,” the PDCS statement reads.
The party specifically points to the conclusions released by the International Monetary Fund on November 5, which highlight the sustainability of public debt and the improvement in the country’s economic conditions. According to the Christian Democrats, these results take on particular significance when compared to the state of the financial system just a few years ago.
The reference is primarily to the cases of Banca CIS and Cassa di Risparmio, as well as the difficulties affecting other Sammarinese banking institutions. On this point, the PDCS offers a critical assessment of how these crises were handled in the years before the Christian Democrats returned to lead the government.
“The Banca CIS affair, along with the issues that affected Cassa di Risparmio and other institutions, serve as a reminder of just how heavy a burden the PDCS-led government inherited in 2020. In our view, the banking system’s structural problems were further compounded by political management of the crises that lacked sufficient decisiveness and was influenced by interests and dealings that should instead have given absolute priority to the overall stability of the system. The court rulings, respecting the different levels of judgment, follow their own independent path toward establishing accountability,” the party maintains.
Since 2020, the PDCS continues, Christian Democrat-led governments have had to grapple with the fallout from the banking difficulties, alongside the effects of the pandemic, rising energy costs, and international instability.
The approach taken, according to the party, has been to protect savers and account holders, guarantee the resources needed by citizens and businesses, and restore order to the public accounts.
“It is within this context that the results acknowledged by the IMF take on real significance. They do not erase the problems that remain unresolved, nor do they exhaust the reforms still needed, but they do show that responsible management of public finances can go hand in hand with protecting the social and economic fabric of the country,” the Christian Democrats observe.
The statement goes on to recognize the work carried out by the State Secretariat for Finance, led by Marco Gatti, as well as by the government as a whole.
According to the PDCS, the economic conditions achieved now allow the country to face upcoming challenges from a position of greater strength—from strengthening the banking system to building up financial reserves, alongside structural reforms and the opportunities tied to the Association Agreement with the European Union.
“For the Sammarinese Christian Democratic Party, protecting savings and ensuring sustainable public finances means, above all, defending the economic security of families and the prospects of future generations,” the party stresses, concluding: “We cannot forget the recent past, but we want to focus on the progress made, which must be recognized and consolidated, so that the country’s greater credibility translates into concrete benefits for everyone.”
