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| ITALICA NEWS |
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IMF: San Marino must strengthen its international cooperation in financial matters |
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| [ Italica ] – The International Monetary Fund is concerned about the dismissal of the head of banking supervision at the central bank of San Marino and the resignation of its top management. The IMF's Public Information Notice issued after the Article IV consultation with San Marino stressed that the country must resolve this issue urgently to avoid a negative impact on its reputation and on the credibility of the reform process carried forward in the financial sector. Besides, the Executive Board considered appropriate the measures undertaken to face the immediate pressures of the global economic crisis that impacted also on San Marino's economy. The transparency measures adopted by the authorities are judged positively, however, IMF commended for strengthening the international cooperation in financial matters and to reach a double taxation agreement with Italy soon. Besides, the Executive Board suggested a reduction in current expenditures, a pension reform plan and a more flexible labour market to improve San Marino's economic model. [ February 26, 2010 - Italica news from Italy and San Marino - Sara Delmedico] |
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