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Flood Recovery Will Not Require Additional Borrowing-Fin Min

SLOVENIA

Slovenian Finance Minister Klemen Boštjančič has claimed that the cost of recovery and rebuilding after devastating floods hit large areas of the country will not require additional borrowing with the costs being met by rebalancing the budget, EU funding, insurance, and 'solidarity contributions' in the form of increased personal taxes. In a presentation to the National Assembly earlier today, Prime Minister Robert Golob stated that the cost of rebuilding over the coming five years is set to come in between EUR6.7-7.0bn.

  • N1 Slovenia reports that the gov't currently has plans for raising EUR4.7bn in short term funds. EUR2.0bn is expected from the European Union, EUR1.1bn from redistribution or savings in the state budget, EUR350mn from insurance policies for individuals and companies, and EUR1.3bn in 'solidarity contributions.'
  • The plans could run into some political headwinds, with the Boštjančič stating that those affected by the flooding will also have to pay the increased contribution, which is set to be levied as an additional 0.3% on income tax as well as on passive income (collected rents, dividends etc.)
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