Public finances, banking stability, energy and access to the European market. These were the topics addressed by Secretaries of State Marco Gatti and Rossano Fabbri during their mission to Bangkok, which concluded on the occasion of the International Monetary Fund and World Bank annual meetings. The programme included meetings with the leadership of both organisations, rating agencies and financial operators.
For San Marino, the talks come just days before a milestone for the country’s economy: the signing of the association agreement with the European Union, scheduled for Monday, 19 October in Brussels. This upcoming step was raised repeatedly during the talks in Thailand, along with the work still needed to implement it: updating regulations, preparing public offices, and strengthening investment and business capabilities.
On the fiscal front, Gatti and Fabbri met with Fitch Ratings and S&P Global Ratings, the agencies responsible for assessing San Marino’s creditworthiness. They presented the country’s economic performance, the state of public finances, and the reforms underway. The discussions focused on strengthening the public accounts and reducing remaining vulnerabilities in the financial system.
“Dialogue with the International Monetary Fund and the rating agencies is essential to transparently showcase the progress made by the country and, at the same time, to gauge the work that still lies ahead,” said Marco Gatti, Secretary of State for Finance. “Over the years, cooperation with the Fund’s technical teams has given San Marino valuable support in analysing economic policy and identifying the most appropriate choices.”
The delegation also met with Mateusz Szczurek, the new director of the IMF’s European Department, to take stock of cooperation with San Marino and discuss upcoming economic priorities. A further meeting was held with Riccardo Ercoli, the IMF’s executive director for the constituency that includes the Republic.
San Marino’s energy policies received praise from Kenji Okamura, Deputy Managing Director of the IMF. The discussions covered supply security, the energy transition and cost stability—issues that were also addressed during the annual meetings.
With the World Bank, the talks involved Executive Director Matteo Bugamelli and Daniela Marconi, who is set to take over the same role. Participation in the Small States Forum provided an opportunity to address issues specific to smaller economies: attracting private investment, supporting employment, and strengthening resilience to economic shocks.
For Rossano Fabbri, Secretary of State for Industry, the goal is to turn international relations into concrete opportunities for businesses. “For an economy like San Marino’s, international openness is a real driver of development. It means strengthening relationships, fostering dialogue with economic operators, and creating the conditions for our companies to innovate, grow and compete in larger markets.”
On the upcoming EU milestone, Fabbri added: “The Association Agreement with the European Union will open a new chapter, one that must be approached by making the most of our production sector, skills, research and innovation.”
The path toward EU integration was also discussed with representatives from Andorra, which, like San Marino, is pursuing its own association process. On 14 October, the two secretaries also met with San Marino’s honorary consul in Thailand, Nippita Pukdeetanakul, and attended a reception at Government House as part of the official engagements of Thai Prime Minister Anutin Charnvirakul.
