San Marino will grow 1 per cent in 2015 and will see a modest growth over the medium term, the International Monetary Fund forecasts in its concluding statement of the 2015 Article IV Consultation.

IMF delegation explains that the country has done much to emerge from recession but further steps must be taken. Firstly, the Central Bank of San Marino (CBSM) should ensure a bank-by-bank asset quality review as well as a supervision of pension funds. Besides, to banks, increasing provisions is crucial in order to reach international and historical standards.

Non-performing loan collection implementation is fundamental, too. In particular, Cassa di Risparmio della Repubblica di San Marino (CRSM) needs a business plan to limit the risk of further public support and ensuring the bank to become profitable and reaching the minimum capital requirement within three years. Moreover, the IMF delegation pointed out that San Marino must rebuild the fiscal buffers that served well during the crisis.

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