At a press briefing today, the Minister of State and Jean Castellini, Minister of Finance and Economy, gave an overview of the 2018 preliminary Budget (PB).
Firstly, the rebalancing process initiated in 2011, and confirmed since then, is continuing, with a surplus of + 2.9 M€ expected in 2018.
With an increase in revenue of +0.6% (compared to the PB for 2017) and a reasonable increase in expenditure of +0.9% (compared to the PB for 2017), the 2018 PB is “both a budget of achievements and ambitions for the future,” as described by the Minister of State:
– A budget of achievements:
* delivery of accommodation for the Monegasques, with the Engelin and U Pavayùn projects and complete refurbishment of the Jardins d’Apolline;
* increased digital security and security of goods and people and the financial sector;
* consolidation of the bases of the social model with regard to safeguarding civil service pensions, the health and solidarity policy, the sports policy and the cultural policy.
– A budget of ambitions, with projects to prepare for the future:
* the launch of major urban projects, including the refurbishment of the Louis II Stadium, the restructuring of the Fontvieille Shopping Centre, improvements to the Larvotto and the installation of cable cars for the Exotic Garden-Rock;
* increased activity with regard to sustainable development and environmental protection, particularly through energy transition;
* continued discussions with Europe, in line with the conditions set out by the Sovereign Prince;
* support for the Principality’s outreach by increasing public aid for development and investment in Monaco Explorations and by developing content and platforms for information and communication.