{
  "title": "Statement by First Deputy Managing Director David Lipton on Slovenia",
  "publication": "IMF News, October 9, 2016",
  "sourceUrl": "https://www.imf.org/en/news/articles/2016/10/09/pr16454-slovenia-statement-by-first-deputy-managing-director-david-lipton",
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  "summary": "Press Release No. 16/454",
  "publishDate": "2016-10-09",
  "sections": [
    {
      "heading": "Context and metadata",
      "content": "- Press Release No. 16/454\n- Date: October 9, 2016\n- Speaker: Mr. David Lipton, First Deputy Managing Director of the International Monetary Fund (IMF)\n- Meeting: Met with Bank of Slovenia Governor Bostjan Jazbec on the sidelines of the IMF-World Bank Annual Meetings in Washington, DC."
    },
    {
      "heading": "IMF assessment of Slovenia’s economy",
      "content": "- “Our current assessment is that, while growth has returned, Slovenia could grow faster and more sustainably with further reforms.”\n- Swift policy actions, including in the financial sector, are needed to:\n  - stimulate private investment\n  - reduce vulnerabilities"
    },
    {
      "heading": "Financial sector actions and historical recapitalization",
      "content": "- Commendation: Bank of Slovenia and the Ministry of Finance led the 2013 bank diagnostic exercise and subsequent recapitalization.\n  - These steps “played a critical role in bringing the country back from the brink of a crisis.”\n  - The recapitalization and diagnostic work “restored confidence in the financial system and set the conditions for a sustained economic recovery.”\n- Policy recommendation:\n  - Continue efforts that supported the 2013 recovery"
    },
    {
      "heading": "Privatization of recapitalized banks",
      "content": "- Recommendation:\n  - Privatization of the recapitalized banks will:\n    - foster their development\n    - allow partial recouping of the public funds"
    },
    {
      "heading": "Non Performing Loans (NPLs) and SMEs",
      "content": "- Urgent policy priority:\n  - “It is also time to decisively deal with bank Non Performing Loans (NPLs), especially to small and medium enterprises (SMEs).”\n- Specific recommendation:\n  - Implement swiftly the guidelines for resolution of NPLs to SMEs prepared by:\n    - the Bank of Slovenia\n    - the Bank Association\n  - Expected effects of swift implementation:\n    - facilitate resumption of bank lending\n    - contribute to raising investment\n    - support economic growth\n    - increase employment"
    },
    {
      "heading": "Central bank independence",
      "content": "- Discussion point:\n  - Principles of central bank independence and non-interference with the central bank’s execution of its duties\n- IMF stance:\n  - The IMF “strongly supports” central bank independence\n  - Respect for these principles is “important to ensure continued confidence in the economy”\n\nStatement by First Deputy Managing Director David Lipton on Slovenia, Press Release No. 16/454, October 9, 2016.\n\n---\n\n\n References\n\n- David Lipton\n- Republic of Slovenia and the IMF\n- Press Releases\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2016/10/09/pr16454-slovenia-statement-by-first-deputy-managing-director-david-lipton"
    }
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    "Published: October 9, 2016",
    "Press Release No. 16/454",
    "Date: October 9, 2016",
    "Speaker: Mr. David Lipton, First Deputy Managing Director of the International Monetary Fund (IMF)",
    "Meeting: Met with Bank of Slovenia Governor Bostjan Jazbec on the sidelines of the IMF-World Bank Annual Meetings in Washington, DC.",
    "“Our current assessment is that, while growth has returned, Slovenia could grow faster and more sustainably with further reforms.”",
    "Swift policy actions, including in the financial sector, are needed to:",
    "Commendation: Bank of Slovenia and the Ministry of Finance led the 2013 bank diagnostic exercise and subsequent recapitalization.",
    "Policy recommendation:",
    "Recommendation:",
    "Urgent policy priority:",
    "Specific recommendation:",
    "Discussion point:",
    "IMF stance:",
    "[David Lipton](http://www.imf.org/external/np/omd/bios/dl.htm)",
    "[Republic of Slovenia and the IMF](http://www.imf.org/external/country/SVN/index.htm)",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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