Government adopts the 2023 Stability Programme

Today, the Government adopted the 2023 Stability Programme which must be submitted to the European Commission by the end of April each year as part of the European Semester process. The Government plans to bring the general government deficit below the 3% of gross domestic product (GDP) threshold in 2024 and to further reduce it in the following years.

Each year, the Government prepares a national reform programme and a stability programme as part of the European Semester – a process of coordinated preparation and reporting on economic and fiscal policy measures of the European Union Member States. In the stability programme the Government sets out, inter alia, a multi-annual fiscal framework in accordance with the requirements of the European Union and the Stability and Growth Pact.

In 2024, fiscal policy will again be subject to the fiscal rules, because after almost four years the general escape clause at the EU level will be deactivated as the situation gradually normalises.

The Government is envisaging a general government deficit of 4.1% of GDP in 2023, and a reduction of the general government deficit below the 3% of GDP threshold, i.e. to 2.8 % of GDP, in 2024. In 2025 and 2026, sufficient fiscal effort will allow a further reduction in the deficit to 2.2% and 1.3 % of GDP respectively.

Fiscal projections also foresee a gradual reduction in the general government consolidated debt over the 2023–2026 period to 63.5% in 2026.

The Ministry of Finance will send the 2023 Stability Programme to the European Commission this week. To avoid misinterpretation, we would like to reiterate at this point that the Government is not announcing an increase in value added tax in this document.  As part of the annual preparation of the stability programme, the Government is required by the European Commission to produce a sensitivity analysis of various economic factors to the general government balance, but this is not a forecast of its future decisions.

The European Commission also requires all Member States to include in their stability programmes a chapter containing a sensitivity analysis of the general government balance.  This analysis shows the elasticity of certain categories of government expenditure and revenue that results from the change in individual economic factors. It is therefore only an analysis of the impact of change in different economic factors (such as inflation and employment growth) or other changes on the general government balance.

The analysis is an econometric evaluation of various measures, and we have made it clear that it should be interpreted with caution.  The analysis is not a forecast of future government decisions, but only shows individual evaluated deviations from the baseline fiscal scenario based on the forecast made by the Institute of Macroeconomic Analysis and Development of the Republic of Slovenia.

Source: Ministry of Finance

Government issues Decree amending the Decree on the method of providing regularly scheduled public bus services as a service of general economic interest, on concessions for such services and on the integrated ticketing system

The Ministry of the Environment, Climate and Energy has extended the application of the provisions of the Decree on the method of providing regularly scheduled public bus services as a service of general economic interest, on concessions for such service and on the integrated ticketing system, which refer to the relations between the parties that have been or will be established on the basis of valid concession contracts as well as to the existing relations between special regular services and regularly scheduled services in urban transport, until the expiry of the concession relations established on the basis thereof or until the expiry of the validity period of the licences issued by the public passenger transport authority.

Source: Ministry of the Environment, Climate and Energy

Government issues Ordinance Amending the Ordinance on the Climate Change Funding Programme for 2022 and 2023

The proposal for the Ordinance Amending the Ordinance on the Climate Change Funding Programme for 2022 and 2023 regulates the competence of the ministries after their reorganisation for the implementation of the measures set out in the Ordinance, regulates the conditions for the smooth and continuous implementation of measures and does not interfere with the financial resources earmarked for these measures.

Source: Ministry of the Environment, Climate and Energy 

Government grants permission for the use of the name "Slovenian Technology Forum"

The Government has granted the Economic Interest Grouping Technology Forum (Tehnološki forum) permission to use the name 'Slovenia' in the company's modified name, which will now be "Slovenian Technology Forum, EIG" (Slovenski tehnološki forum, GIZ).  The main objective of the grouping is to support government policies that would contribute to a substantial development of the high-tech sector in Slovenia.

The aim of the grouping is to facilitate and promote the profit-making activities of its members, generating high added value and quality jobs with above-average wages, which will have a positive impact on the economic and social prosperity of Slovenia. The long-term goal of the grouping is to significantly expand the technology sector, which will be achieved by advocating policies that promote the growth and development of this sector and thus have a positive impact on Slovenian society as a whole.

The Technology Forum brings together 19 Slovenian high-tech companies, funds and investors in the high-tech sector (mainly in start-ups) and companies that perform support functions for the operation of the high-tech sector (such as financial advisors working with companies in the sector). The companies that are members of the Technology Forum make most of their business in foreign markets, sell products and services with extremely high added value, or are formerly successful Slovenian companies that have been taken over by foreign owners.  Their employees use the most advanced information technologies in their work and are therefore among the most qualified IT professionals in Slovenia.

The grouping intends to extend its membership to high-tech companies operating in sectors other than information technology, developing high-tech products with high added value and competing with these products in foreign markets. In the next 12 months, it also intends to welcome start-ups as members.

Source: Ministry of the Economy, Tourism and Sport 

Report on the 2022 Implementation of the National Land Survey Services Work Programme

The Government adopted the Report on the 2022 Implementation of the National Land Survey Services Work Programme.

The Surveying and Mapping Authority of the Republic of Slovenia (GURS) has prepared the Report on the 2022 Implementation of the National Land Survey Services Work Programme in accordance with the Land Surveying Activities Act.

The Report on the 2022 Implementation of the National Land Survey Services Work Programme includes the reporting on the substantive and financial performance of tasks from the 2022 National Land Survey Services Work Programme adopted by the Government on 10 February 2022 and from the amended 2022 National Land Survey Services Work Programme adopted on 28 September 2022.

The Report on the 2022 Implementation of the National Land Survey Services Work Programme consists of the Report on the 2022 Implementation of the Work Programme of the National Land Survey Services and the Land Survey Institute of Slovenia, the Report on the 2022 Implementation of the National Land Survey Institute Work Programme – tasks of other sectors, the Report on the Implementation of the Programme E-Environment Projects and the Report on the Implementation of the Project Green Slovenian Location Framework.

Source: Ministry of Natural Resources and Spatial Planning 

Government takes note of 2022 Report of the Inspection Council

The Government took note of the 2022 Report of the Inspection Council.

The Inspection Council operates in accordance with the Inspection Act as a permanent inter-ministerial working body headed by the minister responsible for administration or by a body authorised by the minister. Its purpose is to ensure mutual coordination of work and to achieve greater efficiency of various inspection bodies. The members of the Inspection Council are chief inspectors, heads of bodies or management bodies of entities governed by public law in which an inspection service operates, or persons authorised by the head or the management body; i.e. persons who are most responsible for the operation of individual inspection bodies. The Inspection Council performs tasks aimed at achieving greater efficiency and co-ordination in the work of inspection bodies – it coordinates the joint performance of inspection tasks by different inspection bodies, deals with common issues related to the operation of inspection bodies, deals with issues related to the training in inspection bodies and deals with, co-ordinates and plans measures to provide information support to inspection bodies.

The data in the Inspection Council's annual report show that in 2022 a total of 56,212 administrative measures and 29,758 measures for minor offences were imposed (a total of 85,970 measures), while in 2021 a total of 32,492 administrative measures and 37,112 measures for minor offences were imposed (a total of 69,604 measures).

The report also provides a substantive account of the problems faced by individual inspection bodies in their work, including regulations and staffing issues, financial and other problems and the presentation of the activities and problems of the eight regional inspector coordination groups and the work of the four committees of the Inspection Council.

Source: Ministry of Public Administration 

Government takes note of Report on the Public Sector Inspectorate's work in 2022

The Government took note of the Report on the Public Sector Inspectorate's Work in 2022.

The Public Sector Inspectorate, which is a body within the Ministry of Public Administration and comprises the Administrative Inspection Service, the Public Employee System Inspection Service and the Information Society Inspection Service, has prepared an annual report on its work in 2022, which contains information on the organisation and staff, an overview of the Inspectorate's work in 2022, information on inspections, reported violations, imposed measures, findings and proposals.

The supervision of administrative procedures shows that the most frequent irregularities are violations of procedural deadlines for taking decisions and violations in the processing of clients' applications, violations in the service of documents and irregularities in the drafting of decisions as regards their constituent parts and the correct drafting of records.

Other violations detected include: violations relating to appeals, the summoning of clients, the drafting of official notes, powers to conduct administrative procedures and to take decisions in administrative procedures, repeated first-instance procedures, the work of second-instance authorities, the representation of clients in administrative procedures, the issuance of certificates, the use of extraordinary legal remedies, enforcement, the determination of completeness, finality and enforceability of specific administrative acts and violations in serving documents in electronic form.

On the basis of the irregularities and violations detected in administrative procedures 564 measures were imposed. In most cases, the measures involve procedures whereby a responsible person of an authority informs the employees of the findings in the inspection record, draws their attention to the irregularities found and reminds them of the basic principles of the administrative procedure. The imposition of measures must be followed by the correction of irregularities relating to the failure to comply with instruction deadlines, the correction of irregularities relating to the preparation and drafting of decisions and the reminding of staff to handle applications correctly and to process applications within the prescribed instruction deadlines.

Other measures imposed involve the correction of other individual irregularities detected during inspections related to the implementation of the General Administrative Procedure Act (ZUP) and other laws governing administrative procedures.

The Report of the Public Sector Inspectorate's Work in 2022 also presents systemic findings from the administrative supervision of various state bodies in order to determine the extent to which the bodies comply with the amendments in the Administrative Procedure Act and the Decree on administrative operations in the field of electronic commerce and to encourage the bodies to maximise the use of electronic commerce.

Source: Ministry of Public Administration 

Government approves Annual Work Programme of the Slovenian Red Cross –  Federation of Associations

The Government approved the Annual Work Programme of the Slovenian Red Cross – Federation of Associations with the financial plan for 2023 and the part relating to the exercise of public authority of the Slovenian Red Cross. The tasks and programmes related to the exercise of public authority of the Slovenian Red Cross – Federation of Associations are co-financed by the competent ministries with the funds provided in the Budget of the Republic of Slovenia for 2023 and on the basis of the adopted financial plans.

The documentation includes the work programme carried out by the Slovenian Red Cross – Federation of Associations, as part of their public authority in the field of blood donation, protection against natural and and other disasters, inquiry services and international activities. This part of the programme is approved by the Government in accordance with the Slovenian Red Cross Act. The remaining part of the programme includes activities planned in 2023 in the field of general humanitarian programmes and volunteering programmes, as well as information and promotion activities. The annual work programme was previously approved by the General Committee of the Slovenian Red Cross and its General Assembly at a meeting.

The Slovenian Red Cross carries out the following activities as a public authority in accordance with Article 9 of the Slovenian Red Cross Act:

• tasks related to notification, record-keeping and inquiries about victims of armed conflicts and persons affected by natural and other disasters;
• training of staff for the performance of tasks determined by the Geneva Convention;
• organising first aid courses and exams;
• organising and training of first-aid units;
• promoting blood donor recruitment campaigns and organising blood donation campaigns;
• issuing organ donor cards;
• health protection measures in cases of natural and other disasters and armed conflict;
• measures for receiving and accommodating evacuees and other people at risk, and other measures contributing to the care of affected people and people at risk.

 Source: Ministry of Defence 

Report on the Implementation of the Development Plan for Irrigation and Use of Water for Irrigation in Agriculture and the Programme of Measures for the Implementation of the Development Plan for Irrigation and Use of Water for Irrigation in Agriculture until 2023 for the year 2022

The Government took note of the Report on the Implementation of the Development Plan for Irrigation and Use of Water for Irrigation in Agriculture until 2023 and the Programme of Measures for the Implementation of the Development Plan for Irrigation and Use of Water for Irrigation in Agriculture until 2023 for the year 2022.

On 24 August 2017 the Government adopted the Development Plan for Irrigation and Use of Water for Irrigation in Agriculture until 2023 and the Programme of Measures for the Implementation of the Development Plan for Irrigation and Use of Water for Irrigation in Agriculture until 2023. The Ministry of Agriculture, Forestry and Food reports annually on the implementation of the plan and the programme. The implementation of the programme is financed exclusively by the funds of the Rural Development Programme 2014–2020.

In 2022 the following decisions were issued:

• 16 decisions on setting up single-use private irrigation systems on an area of 38.7 ha,
• one decision on setting up a multiple-use irrigation system on an area of 34.8 ha,
• one decision on extending a private irrigation system for multiple use on an area of 3.1 ha (25 ha before the extension, 28.1 ha after the extension),
• three decisions on setting up local irrigation systems (for multiple use) on an area of 103 ha.

For submeasure M04.1 Support for investments in agricultural holdings not related to irrigation of agricultural land, two calls for tenders were published in 2022. For submeasure M04.3 two calls for tenders were published in relation to irrigation – for the modernisation and construction of irrigation systems designed for multiple use: an amount of EUR 6,252,361.05 was granted for the modernisation of eight irrigation systems covering an area of 1460 ha, while for the construction of an irrigation system on a total area of 80 ha three bids were submitted totalling EUR 704,000.00.

Source: Ministry of Agriculture, Forestry and Food 

Government adopts Decision Establishing the Public Agency for Scientific Research and Innovation of the Republic of Slovenia

The Government adopted the Decision Establishing the Public Agency for Scientific Research and Innovation of the Republic of Slovenia (ARIS), which will be published in the Official Gazette. The ARIS was established pursuant to the amended Scientific Research and Innovation Activities Act and is the universal successor of the Slovenian Research Agency, assuming the totality of its activities, property, employees, fixed assets and documentation and taking on all of its legal relations.

Within four months of the entry into force of the amended Scientific Research and Innovation Activities Act, the ARIS will take over the technological development and innovation activities and the accompanying employees, equipment, documentation, premises and rights of budgetary spending from the Public Agency for Entrepreneurship, Internationalization, Foreign Investments and Technology. The ARIS will succeed to all legal relations of the Public Agency for Entrepreneurship, Internationalization, Foreign Investments and Technology concerning technological development and innovation, with the exception of the employees, equipment, documentation and premises and other rights and obligations arising from existing legal relations pertaining to technological development and innovation based on the Recovery and Resilience Plan.

The ARIS activities will promote inter-ministerial cooperation and connect the academic community, the industry and the wider social environment.

Source: Ministry of Higher Education, Science and Innovation 

Government discusses request for the review of constitutionality of the Financial Administration Act

The Government adopted its position on the request for the review of constitutionality of Article 18a of the Financial Administration Act submitted by the Human Rights Ombudsman. They believe that the relevant regulation meets the requirements of the protection of constitutional rights and that, as a result, the request for the review of constitutionality is unfounded.

According to the Government, Article 18a of the Financial Administration Act expressly provides that the installation of geolocation devices may only be used to track goods, not people. Such devices may only be used to collect data on the location or journey of goods (the longitude and latitude) and not the driver’s personal data. A tracking device is therefore installed on a vehicle or means of transport.

In the Government’s opinion, the Act contains many safeguards ensuring that this measure will be used proportionately, to the smallest possible extent and in a manner that prevents unauthorised interference in an individual’s right to privacy and personal data protection.

As regards respect for the principle of proportionality, the Government stressed that it would be applied in each specific case, as the measure could only be used for financial investigation purposes and was limited to performing duties related to the gravest violations concerning excise duties, value added tax and customs duties. It will only be applied when the final destination of the goods vehicle cannot be effectively ascertained by means of other powers at the Financial Administration’s disposal.

The acquired data can only be used independently, without the identification and determination of individuals, the location of the goods being the only essential piece of information. The purpose of goods tracking is, for example, to discover the warehousing locations of goods that were supposed to leave the territory of Slovenia and were instead redirected to the manufacture of non-recorded excise goods in Slovenia. In certain cases, this is the only way for the Financial Administration to effectively prevent the gravest violations concerning excise duties, value added tax and customs duties.

In order to ensure appropriate legal protection, the Act provides for a two-instance issue of a decision, limiting the possibility of using this power both in terms of substance and the person approving the measure.

The Government believes that the content of Article 18a of the Financial Administration Act meets the requirements of the protection of constitutional rights and that, as a result, the request for the review of constitutionality is unfounded.

Source: Ministry of Finance 

Katja Stergar appointed Director of the Slovenian Book Agency

On 8 March 2023, following a proposal from the Council of the Slovenian Book Agency (the JAK), the Government issued a decision appointing Katja Stergar as Director of the JAK for a term of five years, namely from 28 April 2023 up to and including 27 April 2028.

Katja Stergar obtained a bachelor’s degree in comparative literature and literary theory from the Faculty of Arts, University of Ljubljana, in 2003. She has been a JAK employee since its establishment, occupying the position of Undersecretary for the last three years. Since 1 November 2022, she has been acting director of the JAK. Before she started working at the JAK, she was briefly employed at the Ministry of Culture as an advisor in the literary field and before that was the editor of a monthly children’s magazine, Pil. She has dedicated her entire career to books and international literary collaboration. During her career, she has also edited several books, including Tadej Golob’s Kam je izginila Brina?, published by Miš Publishing in 2013. She has also edited two lexicons and proofread nine monographs as well as numerous bachelor’s, master’s and doctoral theses. Katja Stergar is a member of several national and international expert juries and committees for literature and translation.

Her programme presented before the Agency Council contained an accurate identification of problems relating to the organisation of Slovenia’s appearance as a Guest of Honour in Frankfurt and Bologna, a clear outline of the financing plan and a summary of issues in subsidy procedures. Katja Stergar’s programme and presentation gave an excellent review of Slovenia’s priorities at both the 2023 Frankfurt Book Fair and the 2024 Bologna Children’s Book Fair.

Source: Ministry of Culture 

Slovenia’s campaign for a non-permanent seat on the UN Security Council

Minister of Foreign and European Affairs Tanja Fajon acquainted the Government with the Ministry’s activities in recruiting support for the candidacy and preparations for the envisaged non-permanent membership of the Republic of Slovenia in the UN Security Council in the 2024–2025 period.

The main element of the strategy is securing support for Slovenia’s candidacy by establishing as many multi-level contacts as possible with the representatives of all UN Member States. The emphases of the campaign were developed around the motto: "BUILDING TRUST. SECURING FUTURE."

For the purposes of the candidacy, Ambassador Franc But was appointed the Minister’s Special Envoy to the UN Security Council, a SC UN Project Team was established and selected ambassadors in Canberra, Brasilia, Seoul and Abu Dhabi were appointed Special Envoys in the regions where Slovenia has no accreditations. The Permanent Mission of the Republic of Slovenia to the United Nations in New York is giving individualised candidacy presentations to UN Member States at regular intervals.

When the current Government took power, campaign activities intensified. Minister Fajon has hosted the ministers of Austria, Luxembourg, Iceland, Spain and Portugal in Slovenia, and visited Germany, Ukraine, North Macedonia, Argentina, Uruguay, Algeria, Serbia, Montenegro, Bosnia and Herzegovina, Kosovo, Uzbekistan, Kyrgyzstan, Switzerland, Ethiopia and Tanzania. She has attended numerous international events in New York, Angola, Geneva, India, Qatar and elsewhere. At the beginning of May, she will attend the Summit of the Association of Caribbean States in Guatemala.

The people actively seeking support for Slovenia’s candidacy for a seat on the UN SC at international events include the former President of the Republic of Slovenia, the current President of the Republic of Slovenia, the Prime Minister and other ministers.

Source: Ministry of Foreign and European Affairs 

Slovenia welcomes Proposal for a Regulation of the European Parliament and of the Council on measures to reduce the cost of deploying gigabit electronic communications networks and repealing Directive 2014/61/EU (Gigabit Infrastructure Act)

At today’s session, the Government adopted the position of the Republic of Slovenia on the Proposal for a Regulation of the European Parliament and of the Council on measures to reduce the cost of deploying gigabit electronic communications networks and repealing Directive 2014/61/EU (the Gigabit Infrastructure Act).

In its position, Slovenia welcomed the proposed Act, as it will help achieve the targets of the Digital Decade programme for 2030 concerning gigabit connectivity and advocates for the efficient use of public and private existing infrastructures and the reduction of costs and obstacles in carrying out new civil engineering works, while maintaining effective competition without harming the safety, security and smooth operation of the existing infrastructure.

The Act aims to reduce costs and speed up the roll-out of very high-capacity networks by optimising the deployment and reuse of physical infrastructure and developing consistent, simplified and digitalised administrative procedures for the deployment of networks across the EU.

Source: Ministry of Digital Transformation 

Government adopts a proposal for a position of the Republic of Slovenia on the Recommendation for a Council Decision authorising the European Commission to participate, on behalf of the European Union, in negotiations on the amendment of the Council of Europe Convention on the prevention of terrorism or an additional protocol thereto regarding the revision of the definition of terrorist offences

The Government adopted a proposal for a position of the Republic of Slovenia on the Recommendation for a Council Decision authorising the European Commission to participate, on behalf of the European Union, in negotiations on the amendment of the Council of Europe Convention on the prevention of terrorism or an additional protocol thereto regarding the revision of the definition of terrorist offences.

The Republic of Slovenia supports the Recommendation for a Council Decision authorising the European Commission to participate, on behalf of the European Union, in negotiations on the amendment of the Council of Europe Convention on the prevention of terrorism (CETS No. 196) or an additional protocol thereto regarding the revision of the definition of terrorist offences.

Slovenia will, among other things, endeavour to ensure that the negotiated definition of terrorist offences is compatible with the applicable EU legislation and the fundamental principles of EU law.

Source: Ministry of Justice 

Government adopts a position on the Proposal for a Regulation of the European Parliament and of the Council establishing a Union certification framework for carbon removals

The Republic of Slovenia supports the objectives of the Proposal for a Regulation of the European Parliament and of the Council establishing a Union certification framework for carbon removals. We believe that the proposed framework will significantly contribute to the European Union's climate goals, which are consistent with the objective to limit, by the end of the century, the global temperature increase to 1.5°C above pre-industrial levels.

The Republic of Slovenia supports the introduction of a Union certification scheme for voluntary carbon markets in line with the European Green Deal and its strategies and action plans. In this context, it is important to establish a transparent, robust and coherent certification framework that will enable the quantification of the amount of additional carbon removals and take into account the principles and characteristics of forest and agriculture ecosystem management, the geological, pedological, climate and landform specificities of a country, and the limited potential of the agriculture and forestry sectors.

Source: Ministry of the Environment, Climate and Energy 

Government adopts a position on the Proposal for a Directive of the European Parliament and of the Council amending Directive 2012/19/EU on waste electrical and electronic equipment (WEEE)

The Republic of Slovenia agrees with the targeted proposal to amend Directive 2012/19 in connection with the judgment of the Court of Justice of the European Union in case C-181/20 1 and in order to respect the principle of non-retroactivity, thus avoiding a breach of legal certainty in the implementation of the Directive. With the aim of improving the legislative environment, the Republic of Slovenia also supports other proposed amendments to the Directive.

Source: Ministry of the Environment, Climate and Energy 

Government adopts a position on the Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions – EU policy framework on biobased, biodegradable and compostable plastics

The Republic of Slovenia supports the Communication from the Commission on the EU policy framework on biobased, biodegradable and compostable plastics, and welcomes the Commission’s intention to fill policy gaps, guide future EU policy or legislation on such matters and provide orientation for the market.

Furthermore, the Republic of Slovenia supports the Commission's intention to adopt a more systematic approach to regulating the use of biobased, biodegradable and compostable plastics, taking into account the policies adopted so far on waste prevention (waste hierarchy), reduced energy consumption, circular economy, and a significant reduction of littering and plastic pollution. The Republic of Slovenia supports the production of biobased plastics from organic waste and by-products.

The Republic of Slovenia also supports the implementation of the Communication objectives within the framework of existing multilateral environmental agreements and will strive to address this issue adequately in negotiations on the new legally binding instruments on plastic pollution.

Source: Ministry of the Environment, Climate and Energy 

Government discusses the nomination of a member of the Board of Directors of the European Investment Bank

The Government nominated Aleš Škoberne as a member of the Board of Directors of the European Investment Bank and Martin Zdovc as his alternate.

As a member and shareholder of the European Investment Bank, Slovenia has the right and the duty to nominate or propose the appointment of its representatives on the bank's bodies. According to its Statute, the EIB is directed and managed by a Board of Governors, a Board of Directors, a Management Committee and an Audit Committee.

Each Member State has one director on the Board of Directors and, depending on the Member State’s size, one or more alternate directors. Slovenia has one director and one alternate director. As the statutory term of office of all members of the Board of Directors and their alternates will expire at the annual general meeting scheduled for 16 June 2023, the EIB has invited its governors to propose the appointment of members and alternates of the Board of Directors.

The Government nominated Aleš Škoberne, who is currently the CEO of ECM Partners and has extensive experience in the financial sector, in particular in investment management, as a member of the Board of Directors.

As his alternate, the Government nominated Martin Zdovc who works at the Slovenian Ministry of Finance, where, among other tasks, he has been advising each successive member of the Board of Directors for the last few years and has been in charge of all national procedures related to the adoption of the EIB policy.

Source: Ministry of Finance