2021 budget: Monaco announces deficit spending

Jean Castellini, Monaco’s Minister of Finance and Economy unveiled yesterday the Principality’s 2021 budget. The new budget will be voted by the National Council in December.

“The goal is to preserve Monaco’s social and economic structure,” said Jean Castellini. Joined by Sophie Vatrican, the Budget and Treasury director, Castellini unveiled Monaco’s 2021 budget, which is, unsurprisingly, not as ambitious as in previous years. The Minister addressed the issue of the 2020 revenues, as the government will have to wait until the end of December to know the full economic impact of the pandemic. The subject of spending was also touched upon. Castellini stressed that Monaco’s spending and investments must be in the favour of Monégasques and residents.

First budget deficit since 2015

Last September, Jean Castellini said that Monaco’s budget deficit would be brought back down between €100 and 150 million, after going below the 300 million euro mark in June.

The 2021 budget includes spending for the national housing plan for Monegasques. Some of the budget will also go towards Monaco’s digital transition and the development of a mobility policy. €11 million will go to the Princess Grace Hospital and €44 million to the redevelopment of the Larvotto neighbourhood, which is planned for summer 2021.