At Annual Meetings 2024: Stable Global Economic Growth, Strengthening Relations Ahead of the Association Agreement, and Positive Assessments for San Marino by the IMF.
During the Annual Meetings of the International Monetary Fund (IMF) and the World Bank, the latest global growth forecasts (+3.2% for 2024 and 2025) were presented in Washington, alongside the usual update of the Global Financial Stability Report.
The IMF’s analysis of global financial stability indicates contained risks in the short term, although increasing economic and geopolitical uncertainty heightens the probability of adverse shocks, exposing vulnerabilities that member countries must address through containment actions. Regarding the actions of supervisory authorities, the importance of predictive analysis of future scenarios to identify potential risks for individual intermediaries—such as through stress tests—and the need to adopt international regulatory standards were emphasized.
The Central Bank of San Marino (CBSM), along with the Government delegation led by the Secretaries of State for Finance and Industry, participated in the meetings from October 23 to 26, with President Catia Tomasetti, General Director Andrea Vivoli, and Head of International Relations Giuliano Battistini.
The bilateral meetings held by the CBSM delegation, together with the Government delegation or independently with the central banks of Italy, Germany, Greece, Hungary, and Ireland, confirmed the positive international relations in place and the interest from key European partners in the upcoming developments related to the signing of the Association Agreement between San Marino and the European Union.
Equally significant were the meetings with representatives of the IMF, including the new Executive Director of the Constituency to which San Marino belongs, Riccardo Ercoli, the Director of the European Department, Alfred Kammer, the Deputy Director of the Money and Capital Market Department, Marina Moretti, and the San Marino evaluation team, led by mission chief Anna Shabunina.
In discussions with IMF representatives, the progress made by San Marino in recent years, particularly in the banking and financial sector, was highlighted. This progress allows the country to benefit from the simplified approval procedure for the evaluation report prepared following the recent Article IV mission, which, for the first time, will not be discussed by the IMF Board unless expressly requested by individual Executive Directors.