Andorra's Ministry of Finance published the International Monetary Fund’s conclusions from its 2024 annual report on Andorra, which finds the economy continues to grow and describes the planned 2025 budget as “balanced” because it keeps fiscal policy stable while addressing key policy challenges. The IMF also assesses the banking sector as solid, supported by its capitalisation, liquidity and profitability. The report argues that an association agreement with the European Union would help drive reforms to diversify the economy and raise productivity. It identifies pension sustainability and climate-related risks as major longer-term challenges, given Andorra’s reliance on winter tourism, and points to the need for long-term reforms. Finance minister Ramon Lladós welcomed the IMF’s conclusions and highlighted its positive view of the government’s housing measures, including purchasing and rehabilitating properties to build a public stock of affordable housing. The IMF prepared the report independently following a three-week mission that met government departments and economic stakeholders, as part of an annual review cycle since Andorra joined the IMF in October 2020.

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