The presentation of the 2022 Economic Survey of Slovenia, prepared by the Organisation for Economic Co-operation and Development (OECD), took place on Monday at Brdo pri Kranju. The Economic Survey provides a comprehensive picture of the macroeconomic situation in Slovenia, with special attention paid to the topical issue of the digitalisation of society and the economy.

Based on today's technical adjustment, Slovenia will receive approximately EUR 1.5 billion for the measures envisaged in the Recovery and Resilience Plan. This is EUR 286 million less non-repayable financial support than predicted by the previous Government, which is a new fact that Robert Golob's Government will need to address. The shortfall in non-repayable financial support will have to be promptly dealt with by changing the financial resources envisaged in the Recovery and Resilience Plan.

Minister of Finance Klemen Boštjančič today attended the Economic and Financial Affairs Council configuration meeting in Luxembourg, on the margins of which three other events took place over the course of two days: a meeting of finance ministers in their capacity as Members of the European Stability Mechanism (ESM) Board of Governors, the Eurogroup meeting, and the meeting of finance ministers in their capacity as Members of the European Investment Bank (EIB) Board of Governors.

At today’s session, the Government adopted the Stability Programme and the 2022 National Reform Programme. It extended the currently applicable Decree on excise duty on energy products and the validity of the Decree fixing the excise duty level for electricity.

Following the Council of the EU’s decision on the assessment of the Slovenian Recovery and Resilience Plan in July 2021 and the signing of the Financing agreement for the implementation of the Recovery and Resilience Facility by the European Commission and the Republic of Slovenia, the European Commission has announced that it has also signed a document on the operational arrangements for the implementation of the Recovery and Resilience Facility in Slovenia.

According to estimates by the Ministry of Finance, general government debt in Slovenia decreased by almost 5 percentage points in 2021 compared to 2020. In 2020, general government debt amounted to 79.8% of gross domestic product, and in 2021, according to estimates by the Ministry of Finance, it decreased to 74.9% of gross domestic product.

On the 16th of February 2022, the Republic of Slovenia, rated A3 (stable)/A (stable)/AA- (stable) reopened its 2.250% March 2032 (Mar-32) and 0.4875% October 2050 (Oct-50) by total of €750mn. Reopening size of the Mar-32 was €350mn, totalling to €2.7bn issue size after reopening. Reopening size of the Oct-50 was €400mn accumulating to €1.65bn issue size after reopening.

The Republic of Slovenia announces the cash tender results of the Euro denominated notes of the tender that expired on 15 February 2022.

The Republic of Slovenia, rated A3 (stable) / AA-(stable) / A (stable), has mandated Barclays, BNP Paribas, Credit Agricole CIB, Deutsche Bank, Erste Group and J.P. Morgan to lead manage a reopening of the SLOREP benchmarks due in March 2032 and October 2050. The transaction will be Regulation S in dematerialized registered form. The deal is expected to launch today, subject to market conditions.

Announcement of the Republic of Slovenia Cash Tender Offer on EUR and USD denominated Notes

The Republic of Slovenia, rated A3 (Stable – Moody’s) / AA- (Stable – S&P) / A (Stable – Fitch), successfully issued today a new EUR1.25bn 4-year Slovenian Government bond due 13th February 2026 and EUR500mn 40-year Slovenian Government bond due 13th February 2062. The transaction marks Slovenia’s first benchmark transaction in 2022.

The Republic of Slovenia, rated A3 / AA- / A (all stable), has mandated Barclays, BNP Paribas, Commerzbank, Deutsche Bank, Goldman Sachs Bank Europe SE and J.P. Morgan to lead manage a EUR dual-tranche transaction consisting of a new 4-year benchmark due 2026 and 40-year benchmark due 2062. The transaction will be Regulation S in dematerialized registered form. The deal is expected to be launched in the near future, subject to market conditions.

The Government has issued the Decree on the implementation of the EU Regulation establishing the Recovery and Resilience Facility, which sets out in more detail the implementation and financing of the Facility in Slovenia.

Under the financing agreement for the implementation of the Recovery and Resilience Facility, Slovenia has today received an advance payment of 13% of the grants allocated under the Recovery and Resilience Plan, amounting to €231 million. The first funding under the RRP will be provided for the areas of sustainable mobility, digital transformation and healthcare.

Today, the Republic of Slovenia received notification that the European Commission has signed a financing agreement for the implementation of the Recovery and Resilience Facility. The signing of the agreement is the basis for the beginning of the implementation of the National Recovery and Resilience Plan, which was prepared and adopted by the Government of the Republic of Slovenia and endorsed by the European Commission. We can therefore expect the first funding from the Recovery and Resilience Facility by the end of the month.

On the 8th September 2021, the Republic of Slovenia, rated A3 (stable)/A (stable)/AA- (stable) reopened its 10-year Benchmark (SLOREP 12 February 2031) by €250mn to bring the new outstanding issue to €2bn size.

The Republic of Slovenia announces the cash tender results of the Euro denominated notes of the tender that expired on 7 September 2021. March 2022 Notes and March 2023 Notes were accepted in the amount of EUR 11,257,000 and EUR 86,848,000, respectively.

The Republic of Slovenia, rated A3 (stable) / AA-(stable) / A (stable), has mandated Barclays, BNP Paribas, Deutsche Bank, HSBC and J. P. Morgan to lead manage a reopening of the 10-year SLOREP benchmark due in February 2031 in line with Regulation S transactions in dematerialized registered form. The deal is expected to be launched today.

The Republic of Slovenia (the Issuer), rated A3 (stable) / AA- (stable) / A (stable), has mandated Barclays, BNP Paribas, Deutsche Bank, HSBC and J.P. Morgan as Joint Dealer Managers for a Tender Offer for the Issuer’s outstanding March 2022 and March 2023 EUR securities. Additionally, the Republic will consider an ultra-long Euro-denominated Reg S transaction in dematerialised registered form, subject to market conditions and the results of the concurrent Tender Offer. Relevant stabilisation (including FCA/ICMA) applies. Target Market: Manufacturer target market (MIFID II product governance) are eligible counterparties and professional investors (all distribution channels) and also retail investors (all distribution channels).