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Slovenian privatization program to start in September

FXstreet.com (Barcelona) - Slovenian Finance Minister Uros Cufer announced on Monday that the country would begin privatizing some of its state-owned companies in September, in an attempt raise funds quickly and avoid asking for international bailout.

15 State enterprises have been listed for privatization. These include NKBM, Slovenia's second largest bank, Telekom Slovenije, the largest telecommunications provider and thirteen smaller companies. The government hopes to obtain enough money from the asset sales to increase budget income and cover the cost of recapitalization.

The privatization program will start in September and "it will take 2 to 3 quarters to complete," Cufer told the Slovenian members of parliament today.

Last week Fitch rating agency cut Slovenia´s credit rating one level to BBB+ from A-, putting more pressure on the country to raise funds in order to reduce borrowing needs.

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