Republic of Slovenia: Staff Report for the 2021 Article IV Consultation—Informational Annex
Author:
International Monetary Fund. European Dept.
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Publication Date:
25 May 2021
eISBN:
9781513573007
Language:
English
Keywords:
expenditure category; FSAP update mission; Health funds; update mission; common currency; Balance of payments statistics; External sector statistics; Bank resolution; Financial sector stability
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REPUBLIC OF SLOVENIA

Abstract

REPUBLIC OF SLOVENIA

Title Page

REPUBLIC OF SLOVENIA

STAFF REPORT FOR THE 2021 ARTICLE IV CONSULTATION—INFORMATIONAL ANNEX

May 3, 2021

Prepared By

European Department

(In Consultation with Other Departments)

Fund Relations

(As of February 28, 2021)

Membership Status: Joined December 14,1992; Article VIII

General Resources Account:

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SDR Department:

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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):

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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 cur r ency pr actices 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. Discussions were conducted by video conference during March 8–19, 2021 with the Bank of Slovenia Governor Boštjan Vasle, Minister of Finance Andrej Šircelj, President Robert Polnar and members of the parliamentary committee on finance and monetary policy, other senior officials, representatives of the private sector and labor unions. The team also held a conference call with the Single Supervisory Mechanism. Mr. Pucnik (OED) attended most meetings and Mr. Palotai (OED) joined the concluding meeting.

The mission comprised Mr. Akitoby (Head), Ms. Hassine, Mr. Rozenov and Ms. Sandhu (all EUR). The mission held a press conference on March 19, 2021.

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, 2001–21

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Statistical Issues

Data provision is adequate for surveillance purposes.

Special Data Dissemination Standard: Slovenia joined the Special Data Dissemination Standard Plus (SDDS Plus) ― the highest tier of the Data Standards Initiatives ― in February 2020, and posts its metadata on the Fund’s Dissemination Standards Bulletin Board on the Internet: https://dsbb.imf.org/sddsplus/country/SVN/category.

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 2019. 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 and international investment position data are comprehensive and of high quality. 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 April 2021)

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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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Cover IMF Staff Country Reports
Republic of Slovenia: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Slovenia
Author:
International Monetary Fund. European Dept.
Volume/Issue:
Volume 2021: Issue 094
Publisher:
International Monetary Fund
ISBN:
9781513573007
ISSN:
1934-7685
Pages:
62
DOI:
https://doi.org/10.5089/9781513573007.002