A Half a Billion Euro Budget Deficit Due to The Crisis and Support for the Economy
The Palace has issued a press release revealing the extent of the impact of the Covid-19 pandemic on the 2020 budget and paved the way with savings in the operating expenses of the Palace.
Here is the essence of the Palace statement:
“The COVID-19 coronavirus pandemic will have a major impact on the state budget with an estimated deficit estimated at nearly 500 million euros for the 2020 financial year. This amount corresponds to the financing of the exceptional support necessary for the benefit of those participating and contributing to the Monegasque economy – measures that have been decided by His Government – as well as the anticipated decline in state revenues.
The gravity of the situation necessitates increased rigorous financial management accompanied by significant efforts, in particular for the purpose of an overall reduction in State expenditure.
In this context, H.S.H. the Sovereign Prince decided to reduce the operating expenses of the Prince’s Palace with a drop of almost 40% in His endowment, which went from 13.2 million euros to 8 million euros.
The Sovereign Prince has full confidence in the solidity of the economic and social model of the Principality of Monaco to overcome this health crisis which has had unprecedented economic consequences for His country.”