Monaco to unleash 75 million euro stimulus to revive economy
Monaco Tribune
On 12 September, the Prince’s government announced an economic recovery plan in hopes of boosting Monaco’s economy following a difficult six months. The amount will be distributed between four main sectors.
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Pierre Dartout, Monaco’s new Minister of State, described the government’s 75 million economic recovery plan as “ambitiously realistic”. It is a time “when we must be both vigilant and mobilised… the government must strike a balance between respecting health guidelines and introducing stimulus measures,” Dartout explained.
Funds for four different sectors
The 75 million euros will be divided into four different funds, each one intended for a particular sector of the Principality’s economy. The Green Fund (25 million euros) will go towards Monaco’s sustainable energy transition. The Blue Fund (20 million euros) will help Monaco’s firms with digital business transformation. 20 million euros from the White Fund will go to Monaco’s building and construction industry. Finally, the Red and White Fund, worth 10 million euros, will go to help local businesses.
Both temporary unemployment and partial exemption from employer contributions have been prolonged until October. Employees will also be able work remotely until December 2020 if they wish so. Additionally, the government announced the creation of a committee intended to help the newly unemployed to find work. Further information on the recovery plan is available on the government’s website.