Ministry of Finance
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Last week, the National Assembly adopted state budgets for the next two years. With the adopted budget for 2020, more than € 10 billion will be spent on priorities in the field of development, welfare state and security; at the same time, it is our responsibility to ensure long-term fiscal sustainability.
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At today’s session the Slovenian government put forward the draft state budgets for 2020 and 2021. The draft budgets follow the fiscal rule that requires medium-term balance of general government revenues and expenditures without borrowing. Total state budget expenditures of EUR 10.35 billion are planned in the next year, which is 1.9% higher than set out in the revised budget for 2019, while revenues are planned to rise by 4.5% to just under EUR 10.82 billion.
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In the first half of this year, the state budget showed a surplus of EUR 208,2 million, while in the same period last year it stood at EUR 184.2 million. First-half revenues stood at approximately EUR 5.08 billion this year, up 6.8% on the same period last year, while expenditures rose 6.5% and amounted to approximately EUR 4.87 billion.
Topical
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Fitch upgraded Slovenia’s credit rating
The rating agency Fitch upgraded the credit rating for Slovenia from A- to A, with a stable outlook. This is the third such upgrade for Slovenia by rating agencies this year, showing that the country is in good shape and has been successfully consolidating its public finances.
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The Republic of Slovenia: Tap EUR 1.5bn 1.1875% 10-year bond offering due 14 March 2029
The Republic of Slovenia, rated Baa1 (Positive – Moody’s) / AA- (Stable – S&P) / A- (Stable – Fitch), successfully reopened its existing 10-year Slovenian Government bond due 14th March 2029 for an additional EUR 350 million.
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The Republic of Slovenia Tap of the EUR 1.1875% notes due 14 March 2029
The Republic of Slovenia, acting through the Ministry of Finance (the "Issuer"), rated Baa1 (Positive) by Moody’s, AA- (Stable) by S&P, A- (Stable) by Fitch, has mandated Goldman Sachs International Bank, Jefferies and J.P. Morgan to joint lead manage an increase of its outstanding 1.1875% notes due 14 March 2029 (ISIN: SI0002103842). The transaction, in Reg S, dematerialised registered form, is expected to be launched in the near future, subject to market conditions.