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Republic of Slovenia: Staff Report for the 2018 Article IV Consultation—Informational Annex

Author(s):
International Monetary Fund. European Dept.
Published Date:
February 2019
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Fund Relations

(As of September 30, 2018)

Membership Status: Joined December 14,1992; Article VIII

General Resources Account:

SDR MillionPercent of Quota
Quota586.5100
Fund holdings of currency489.8683.52
Reserve position96.6616.48
Lending to the Fund
Borrowing Agreement

SDR Department:

SDR MillionPercent of Allocation
Net cumulative allocation215.88100.00
Holdings198.1791.79

Outstanding Purchases and Loans: None

Financial Arrangements: None

Projected Payments to Fund:

(SDR Million; based on existing use of resources and present holdings of SDRs):

Forthcoming
20182019202020212022
Principal
Charges/Interest0.040.180.180.180.18
Total0.040.180.180.180.18

Exchange Rate Arrangement:

Slovenia is a member state of the euro area whose de jure exchange rate arrangement is free floating. The common currency, euro, floats freely and independently against other currencies. Slovenia has no separate legal tender. Slovenia maintains an exchange system that is free of multiple currency practices and restrictions on the making of payments and transfers for current international transactions, with the exception of exchange restrictions maintained for security reasons, which have been notified to the Fund pursuant to Decision No. 144-(52/51).

Article IV Consultation:

Slovenia is on the 12-month Article IV consultation cycle. The 2018 mission visited Ljubljana November 28–December 11, 2018 and held discussions with State Secretaries Dragonja and Jazbec of the Ministry of Finance, Acting Bank of Slovenia Governor Dolenc, other ministers, government and Bank of Slovenia officials, as well as representatives of parliament, financial sector, labor, business, and academics. The team also held a conference call with the Single Supervisory Mechanism. Mr. Rampre (OED) attended most meetings.

The mission comprised Mr. Akitoby (Head), Mr. Cui, Mr. Reinke (all EUR), and Mr. Grote (FAD). The mission held a press conference on December 11, 2018.

FSAP Participation and Reports on Standards and Codes (ROSCs):

An FSAP mission took place November 6–20, 2000, and an FSSA report was published in September 2001 (Country Report No. 01/161).

The fiscal transparency module of the fiscal ROSC was published in June 2002 (Country Report No. 02/115).

An FSAP Update mission visited Ljubljana November 10–21, 2003. An FSSA report was published with ROSCs on Banking Supervision and Insurance Supervision in May 2004 (Country Report No. 04/137).

An FSAP mission took place April 4–16, 2012. An FSSA report was published in December 2012 (Country Report No. 12/325), accompanied by the Detailed Assessment of Observance of Basel Core Principles for Effective Banking Supervision (Country report No. 12/324).

Technical Assistance: See attached table.

Resident Representative Post: None.

Table 1.Republic of Slovenia: Technical Assistance, 2001–18
DepartmentTimingPurpose
MCMFebruary 2016Bank Intervention and Resolution and Deposit Guaranty System -Follow Up
November 2015Macroprudential Framework – Follow-up
July 2015Bank Intervention and Resolution and Deposit Guaranty System
June 2015Macroprudential Framework Scoping Mission and Participation in Staff Visit
December 2014Bank Resolution and Deposit Insurance
September 2014Strengthening bank resolution framework and deposit guarantee scheme
July 2014Financial Stability
May 2014Financial Stability
May 2014Strengthen Supervision for Risk Assessment
April 2014Financial Stability
January 2014Financial Stability
December 2013Financial Stability
November 2013Stress Testing/AQR Workshop
December 2013Bank Resolution (participation in EUR staff visit)
January 2013Bank Resolution
October 2012Bank Resolution
September 2012Bank Resolution with Article IV
December 2009Supervisory Architecture
LEGOctober 2013Insolvency Law
FADAugust 2001VAT
November 2001Direct Tax Reform
November 2003Expenditure Rationalization
May 2004Options for Short-Term Public Expenditure Rationalization
October 2004Performance Information to Support Better Budgeting
April 2014Strengthening the Public Financial Management Framework
May 2015Establishing a Spending Review Process
October 2015The 2013 Property Tax Act: Evaluation of its Design and the Employed Mass Valuation System
STA
November 2004Recording Transactions in International Trade in Services
April 2006Government Finance Statistics
February 2007Balance of Payments Statistics (course)
April 2007Government Finance Statistics Compilation (workshop)
March 2008Balance of Payments: Coordinated Direct Investment Survey

Statistical Issues

Data provision is adequate for surveillance purposes.

Special Data Dissemination Standard: Slovenia subscribes to the Special Data Dissemination Standard (SDDS), meets SDDS specifications, and posts its metadata on the Fund’s Dissemination Standards Bulletin Board on the Internet. http://dsbb.imf.org/Applications/web/sddscountrycategorylist/?strcode=SVN

Real Sector Statistics: The Statistical Office of the Republic of Slovenia (SORS) follows the European System of Accounts 2010 (ESA10). Quarterly GDP estimates by industry and expenditure categories are compiled in both current and constant prices and published within 80 days after the reference quarter. In September 2005, the SORS changed the base year for compiling constant prices GDP from 2000 to the previous year’s prices and started using the chain–link index methodology.

The Harmonized Index of Consumer Prices (HICP) is compiled for monitoring compliance with the Maastricht inflation criterion. However, price collection is restricted to four cities and their surrounding rural areas. The weights are based on expenditure data for consumer goods from Household Budget Surveys for 2015. It also compiles a consumer price index (CPI), which differs from the HICP in weights only and a house price index

Government Finance Statistics: Slovenian fiscal statistics are timely and of a high quality. The ministry of finance publishes a comprehensive monthly Bulletin of Government Finance, which presents monthly data on the operations of the “state budget” (Budgetary Central Government), local governments, social security (Pension and Health funds), and the consolidated general government. The coverage of consolidated fiscal accounts in the national presentation excludes the operations of extra-budgetary funds and own revenues of general government agencies (zavods). However, these operations are small in size.

Monthly fiscal indicators are reported for publication in IFS on a timely basis and annual statistics covering general government operations, including the operations of the extra-budgetary funds are reported to the IMF Annual and Quarterly Database and for publication in the Government Finance Statistic Yearbook (GFS Yearbook). Annual and high frequency fiscal data are compiled on ESA 2010 basis. Fiscal data in the GFSM 2014 framework is reported through the Eurostat convergence project with the IMF.

Money and Banking Statistics: Monetary statistics are timely and of good quality.

Balance of Payments Statistics: Balance of payments data are comprehensive and of high quality. The data have been published in the Balance of Payments Statistics Yearbook since 1993 (with estimates of the international investment position published since 1994). In June 2014, the Bank of Slovenia began reporting balance of payments and international investment position data according to the methodology of the sixth edition of the Balance of Payments Manual (BPM6). In September 2014, the Bank of Slovenia started reporting financial accounts according to the European System of National and Regional Accounts 2010 (ESA2010). Slovenia reports coordinated direct investment and coordinated portfolio investment statistics as well as monthly reserve statistics to the IMF Statistics Department for dissemination.

External Debt Statistics: External debt statistics were revised and brought in line with the SDDS in August 2003.

Republic of Slovenia: Table of Common Indicators Required for Surveillance(As of December 2018)
Date of Latest ObservationDate Received or PostedFrequency of Data6Frequency of Reporting6Frequency of Publication6
Exchange Rates11/201811/2018DDD
International Reserve Assets and Reserve Liabilities of the Monetary Authorities111/201812/2018MMM
Reserve/Base Money11/201812/2018MMM
Broad Money11/201812/2018MMM
Central Bank Balance Sheet11/201812/2018MMM
Consolidated Balance Sheet of the Banking System10/201811/2018MMM
Interest Rates211/201811/2018DDD
Consumer Price Index11/201811/2018MMM
Revenue, Expenditure, Balance and Composition of Financing3 – General Government410/201812/2018MMM
Revenue, Expenditure, Balance and Composition of Financing3– Central Government10/201812/2018MMM
Stocks of Central Government and Central Government-Guaranteed Debt510/201812/2018MMM
External Current Account Balance11/201812/2018MMM
Merchandise Trade10/201812/2018MMM
GDP/GNPQ3201811/2018QQQ
Gross External Debt10/201812/2018MMM
International Investment PositionQ3:201812/2018QQQ

Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.

Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

Foreign, domestic bank, and domestic nonbank financing.

The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

Including currency and maturity composition. The first date corresponds to the stock of central government debt while the second to the stock of central government guaranteed debt.

Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A); Irregular (I); Not Available (NA).

Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.

Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

Foreign, domestic bank, and domestic nonbank financing.

The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

Including currency and maturity composition. The first date corresponds to the stock of central government debt while the second to the stock of central government guaranteed debt.

Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A); Irregular (I); Not Available (NA).

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