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Budget: Monaco’s Reserve Fund exceeds €7 billion and other Monaco news

Summer is coming to Monaco but life is not getting any slower. And to keep you updated we gathered the most interesting news here.

Budget: Monaco’s Reserve Fund exceeds €7 billion for the first time

Monaco’s budget had a surplus of nearly €130 million at the end of 2023, according to a new report by the IMSEE (Monegasque Institute of Statistics and Economic Studies).

In 2023, government turnover grew faster than expenditures. As a result, the budget surplus increased compared to 2022 and reached €126.3 million. Expenses increased significantly at the end of the financial year (+13.5%, or +€143.0 million), but this was almost entirely offset by the reduction in equipment expenses (-11. 5%, or –€112.7 million).

Enhancing Monaco’s Tapestry: CREM and CMB Monaco’s Strategic Partnership

From left to right: Francesco GROSOLI, CEO CMB Monaco; Louisette AZZOAGLIO LEVY – SOUSSAN, President of CREM; Alexandre BOIN, CREM Director @CREM – CMB

We are coming close to the 14th anniversary of CREM so it’s worth reflecting on how the Club for the Foreign Residents of Monaco came about and how well its current partnership with CMB is flourishing.

Louisette Azzoaglio Levy-Soussan got the idea when she was in Paris working for Princess Grace. Princess Caroline and Princess Stéphanie were at school there and Prince Albert was in the States. Louisette told HelloMonaco in her HelloMonaco Words of Wisdom interview that she was feeling very lonely. Because, although she had a few friends in Paris, it’s a big city and it’s very difficult to create a social life there. When she came back to Monaco, she thought of all the foreign people who left their countries to come and live in Monaco and thought how difficult it may be for some of them to get into Monegasque society. And Monaco has a particularly rich tapestry of foreign residents.

Record-Breaking Munegu Cup Brings Joy and Unity to Stade Louis II

The famous arches of Stade Louis-II

The second edition of the Munegu Cup saw a spectacular turnout, with over 400 eager schoolchildren from the Principality descending upon Stade Louis-II on Wednesday, May 28. Organized in partnership with the Department of National Education, Youth, and Sports (DENJS), this event doubled down on its previous success under the enthusiastic guidance of President Dmitry Rybolovlev.

‘Les Voiles de l’Espoir’: A wind of hope for children

Les Voiles de l’Espoir.A wind of hope for children
@Les Voiles de l’Espoir

‘Les Voiles de l’Espoir’, the world’s biggest nautical event for children in remission from cancer and leukaemia, returns for a 12th edition (15-22 June 2024) and will be calling into Monaco on Wednesday 19th June. 

Organised every two years since 2001, this 100% volunteer event is orchestrated by the ‘Les Voiles de l’Espoir’ endowment fund. Fifty cruise sailing boats are expected to line up on the start of this wonderful adventure for the children and requires at least two years’ preparation from a technical, financial and mobilisation of volunteers point of view.

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