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Republic of Slovenia: Staff Report for the 2011 Article IV Consultation—Informational Annex

Author(s):
International Monetary Fund
Published Date:
May 2011
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Appendix I: Republic of Slovenia: Fund Relations

(As of March 31, 2011)

I. Membership Status: Joined: 12/14/1992; Article VIII status as from September 1, 2005.

II.

General Resources AccountSDR Million% Quota
Quota275.00100.00
Fund holdings of currency198.3772.14
Reserve Tranche position76.6527.86
Lending to the Fund24.30

III.

SDR Department
Net cumulative allocation215.88100.00
Holdings187.3986.80

IV. Projected Payments to Fund4

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

Forthcoming
20112012201320142015
Charges/Interest0.090.140.140.140.14
Total0.090.140.140.140.14

V. Exchange Rate Arrangement

Slovenia adopted the euro on January 1, 2007. Slovenia has accepted the obligations of Article VIII. Slovenia maintains an exchange system that is free of 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).

VI. 2011 Article IV Consultation

Slovenia is on the 24-month Article IV consultation cycle. The 2011 mission visited Ljubljana during March 9–21, 2011 and held discussions with the Minister of Finance, the Governor of the Bank of Slovenia, and other key economic ministers, government officials and representatives of the Parliament, financial sector, labor, business and media. Mr. Kavčič (Advisor to the Executive Director) attended the meetings. Mr. Prader (Alternate Executive Director) attended the concluding meeting.

The mission comprised: Mr. Spilimbergo (Head), Ms. Mahieu, Mr. Simone (all EUR), and Mr. Blotevogel (MCD).

The mission held a press conference on the concluding statement. The authorities have agreed to the publication of the staff report.

VII. FSAP Participation and ROSCs

An FSAP mission took place during November 6–20, 2000. A FSSA report (SM/01/129) was prepared on April 24, 2001 and published on September 18, 2001 (Country Report No. 01/161). An FSAP Update mission visited Ljubljana during November 10–21, 2003. An FSSA report (SM/04/152) was issued on April 26, 2004.

The fiscal transparency module of the fiscal ROSC was published in June 2002.

VIII. Technical Assistance

DateDept.Subject/Identified Need
August 2001FADVAT.
November 2001FADDirect Tax Reform.
November 2003FADExpenditure Rationalization.
April–May 2004FADPerformance Information to Support Better Budgeting.
November 2004STARecording Transactions in International Trade in Services
April 2006STAGovernment Finance Statistics
December 2009MCMFinancial Supervisory Architecture
Appendix II: Republic of Slovenia: Statistical Issues

1. Data provision is adequate for surveillance purposes.

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

3. Real Sector Statistics: The Statistical Office of the Republic of Slovenia (SORS) follows the European System of Accounts 1995 (ESA95). Quarterly GDP estimates by industry and expenditure categories are compiled in both current and constant prices, and are 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.

4. The SORS compiles the Harmonized Index of Consumer Prices (HICP) 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 the three-year average of expenditure data for consumer goods from continuous Household Budget Surveys for 2002, 2003, and 2004. It also compiles a retail price index (RPI), which differs from the consumer price index in weights only.

5. 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 general government 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 for publication in the Government Finance Statistic Yearbook (GFS Yearbook).

6. The data published in the Bulletin of Government Finance are on a cash basis and broadly use the analytical framework and classification system of the IMF’s 1986 government finance statistics methodology. The data reported for publication in the GFS Yearbook are also on a cash basis but are recast in the analytical framework and classifications of the Manual on Government Finance Statistics 2001 (GFSM 2001).

7. The Slovenian authorities adopted the GFSM 2001 methodology, which is used as a building block for the compilation of the ESA 95–based data jointly by the Ministry of Finance and the SORS for reporting to the European Commission. To assist the Ministry of Finance resolve several classification issues and develop a migration path, a STA technical assistance mission visited Ljubljana in April 2006. The introduction in 2008 of a new chart of accounts for all public entities based on accrual principles greatly facilitated the adoption of the new methodology.

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

9. 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 2002, the Bank of Slovenia revised the balance of payments statistics going back to 1994; the most significant revisions were related to the income component of the current account and to the other investment component of the financial account.

10. External Debt Statistics: External debt statistics were revised and brought in line with the SDDS in August 2003. The main change comprised the inclusion of trade credits in the debt data.

Republic of Slovenia: Table of Common Indicators Required for Surveillance As of March 31, 2011
Date of

latest

observation
Date received

or posted
Frequency of

Data6
Frequency of

Reporting6
Frequency of

publication6
Exchange Rates3/31/113/31/11DDD
International Reserve Assets and Reserve Liabilities of the Monetary Authorities12/113/11MMM
Reserve/Base Money2/113/11MMM
Broad Money2/113/11MMM
Central Bank Balance Sheet2/113/11MMM
Consolidated Balance Sheet of the Banking System2/113/11MMM
Interest Rates22/113/11MMM
Consumer Price Index2/113/11MMM
Revenue, Expenditure, Balance and Composition of Financing 3 – General Government41/113/11MMM
Revenue, Expenditure, Balance and Composition of Financing3 – Central Government2/113/11MMM
Stocks of Central Government and Central Government-Guaranteed Debt512/10,9/103/11MMM
External Current Account Balance1/113/11MMM
Exports and Imports of Goods and Services1/113/11MMM
GDP/GNPQ4/103/11QQQ
Gross External Debt1/113/11MMM
International Investment Position12/103/11QQQ

When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.

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