All Covid-19 news selected by Monaco Tribune
- Now new cases since last Saturday. To date, 94 people have been infected with the novel coronavirus.
- 27 people have now recovered.
- 5 people are hospitalised.
- 3 of them are in intensive care.
- 77 people are self-isolating at home and are monitored by doctors
Not all the people tested and hospitalised are residents of the Principality.
“In a country where the budget is generally balanced, where the last deficit dates back to the 2009-2011 global crisis (€200 million spread over three years), we are talking here about nearly €350 million in surplus spending… in just 3 months!”
Jean Castellini, Government Counsellor-Minister of Finance and Economy
“We feel real solidarity”
Erwan Grimaud, founder of drone company MC Clic
A record deficit of 477.3 M€ to keep the national economy afloat: This deficit is equivalent to a third of the Principality’s overall budget and a quarter of the available reserves of the Constitutional Reserve Fund (FRC). Even though it is endowed with a total of 5.5 billion euros, the FRC only accounts for a little over 2 billion in available liquid assets. It is therefore advisable to be “prudent and pragmatic in the budgetary choices that will require drawing on this Reserve Fund. It is the heritage of all Monegasques. It must be managed intelligently, sparingly and in a virtuous manner”, pointed out Jean Castellini, Government Counsellor and Minister of Finance and the Economy.
The Councillor-Minister also indicated that, in this period of crisis, “each month, the State injects 75 M€ (1/3 in aid to companies, 2/3 to finance the Total Temporary Reinforced Unemployment Benefit (CTTR)), to which must be added indirect aid to companies, up to 50 M€, through loans from banking establishments supported by the State”.
To cope with this new budgetary situation, Jean Castellini mentioned the following options:
- Considering new revenue for the State in the field of the digital economy, in the strong recovery expected in the tourism sector and by favouring the local economy at the time of recovery.
- Control expenditure, particularly operating expenditure. “State services will contribute through their efforts to this savings policy, as announced by the Prince’s Palace”.
- Do not lower capital expenditure ambitions.
Earth Day: Prince Albert calls for a new equilibrium between Human and Nature: Speaking on the occasion of the 50th World Earth Day, H.S.H. Prince Albert II of Monaco delivered a message of hope but also a call for a new balance between Man and Nature. Read more
Erwan Grimaud, founder of MC-Clic: “we feel real solidarity”: For almost nine years, Erwan Grimaud has specialised in making drones through 3D printing with his business MC-Clic. Now his attention has turned toward making visors, a vital piece of protective equipment for Monaco’s healthcare workers. He will appear this Thursday evening at a Business Time virtual conference, organised by the Young Economic Chamber of Monaco, alongside Anne Caravel, owner of the Jardin Exotique pharmacy and Frédéric Platini, Secretary-General of Monaco Red Cross. Grimaud spoke to Monaco Tribune about his work during the crisis and what he expects the next step will be. Read the interview
Prince Albert slashes Palace budget while Monaco faces huge deficit: Prince Albert II of Monaco is tightening his belt after deciding to cut the working budget of the Prince’s Palace by 40% in the face of the “unprecedented economic consequences” of the coronavirus epidemic. The announcement came a few hours before the National Council was to vote on a corrective budget for the State which is heavily in debt. Read more
Six questions with Paul Lacombe (AS Monaco Basket): Before the recent outbreak, Monaco’s basketball team was leading the Jeep Elite League before it was put on hold 14th March. Paul Lacombe, the 29-year-old with 27 caps is the backbone of the Roca Team. Lacombe spoke to Monaco Tribune about the unprecedented health crisis the planet is facing and the renewal of the season. Read the interview
Exotic Garden of Monaco reveals its treasures: During this confinement period, which feels about as unreal as the exotic plants themselves, the garden’s team decided to share one plant every day among the great variety of succulent plants that the gardens have until its reopening. It all began with a Mexican epiphyte. Read more