{"id":26477,"date":"2020-04-22T17:56:53","date_gmt":"2020-04-22T15:56:53","guid":{"rendered":"https:\/\/www.monaco-tribune.com\/2020\/04\/prince-albert-slashes-palace-budget-while-monaco-faces-huge-deficit\/"},"modified":"2020-04-22T17:57:10","modified_gmt":"2020-04-22T15:57:10","slug":"prince-albert-slashes-palace-budget-while-monaco-faces-huge-deficit","status":"publish","type":"post","link":"https:\/\/www.monaco-tribune.com\/en\/2020\/04\/prince-albert-slashes-palace-budget-while-monaco-faces-huge-deficit\/","title":{"rendered":"Prince Albert slashes Palace budget while Monaco faces huge deficit"},"content":{"rendered":"<p><strong>Prince Albert II of Monaco is tightening his belt after deciding to cut the working budget of the Prince\u2019s Palace by 40% in the face of the &#8220;unprecedented economic consequences&#8221; 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.<\/strong><\/p>\n<p>&#8220;The seriousness of the situation has forced the need for strict financial management (&#8230;) for an overall reduction of State expenditure&#8221;, the Prince\u2019s representatives underlined in a <a href=\"https:\/\/www.facebook.com\/palaismonaco\/photos\/a.314903211855558\/3334913503187832\/?type=3&amp;__xts__%5B0%5D=68.ARAMh5q_wmJxwDpzQZMwfdnkYYo1-dsgkivY9AlbFDTrlPzkoJPWiUdZt8uZ5tVwF27-iipxseQs3a4y-xDL5Wian4hoAdtvRmIa32WdHuThhJV_P6tuFaZTgJ6d5F3tfeGRUiWbG4MXMtBp4MqXFLwpDZ6Wn1g8pEmXbrZ5yUvTugbkCorW0dZ8_tiMzJEw0xD7u0-zyXXGEceEq1du5Bn67NGNYdkgw426UkYQIp_PguLKCjnX9S4Isear0mTluJcn9jQ3TSbU1MuPAHDRT-JPFyIu8xZiQ2strfmcPEfoR0lnf8IYh73E8At4unOPqXf8J9QCOa4lVA1zrwToWoCw0A&amp;__tn__=-R\">statement.<\/a> \u201cDue to this, the Sovereign Prince has decided to reduce the expenses of the Prince\u2019s Palace by nearly 40% of its allocated budget, from \u20ac13.2 million to \u20ac8 million.\u201d<\/p>\n<p><strong>An unprecedented deficit<\/strong><\/p>\n<p>On Tuesday evening, the National Council of Monaco unanimously voted to amend the 2020 budget which has a current deficit of some \u20ac478 million. This represents almost a third of the original budget.<\/p>\n<p>It is due to an expected drop in State revenue of around \u20ac175 million, mainly due to the end of VAT payments, and the unprecedented expenditure of around \u20ac300 million. These exceptional costs were incurred due to the outbreak of COVID-19 as the need to finance aid to preserve the Principality&#8217;s economy, its businesses and its employees arose.<\/p>\n<p>This is the first time in the Principality&#8217;s history that the government have made such drastic changes to a budget.<\/p>\n<p><strong>A robust economic and social model<\/strong><\/p>\n<p>While setting an example of extreme measures that can be taken by authority figures, the Prince assured in his statement that he has &#8220;full confidence in the Principality\u2019s robust economic and social model to overcome this health crisis with unprecedented economic consequences&#8221;.<\/p>\n<p>Monaco, like all countries in Europe, has been affected by COVID-19. Prince Albert II himself contracted the virus but has since<a href=\"https:\/\/www.monaco-tribune.com\/en\/2020\/03\/prince-albert-ii-of-monaco-recovers-from-coronavirus\/\"> recovered<\/a>. To date, 94 people have been affected by the <a href=\"https:\/\/www.monaco-tribune.com\/en\/2020\/04\/coronavirus-in-monaco-domestic-violence-budget-deficits-masks\/\">coronavirus in the Principality<\/a>. The Prince\u2019s Government has stated lockdown will end May 3rd.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Prince Albert II of Monaco is tightening his belt after deciding to cut the working budget of the Prince\u2019s Palace [&hellip;]<\/p>\n","protected":false},"author":21,"featured_media":26447,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[243,254],"tags":[2888],"post_sectags":[],"post_format":[2465],"class_list":["post-26477","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-people-en","tag-covid-19-en","format-in-brief"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.8 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Prince Albert slashes Palace budget while Monaco faces huge deficit<\/title>\n<meta name=\"description\" content=\"Prince Albert II of Monaco is tightening his belt after deciding to cut the working budget of the Prince\u2019s Palace by 40% in the face of the &quot;unprecedented\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.monaco-tribune.com\/en\/2020\/04\/prince-albert-slashes-palace-budget-while-monaco-faces-huge-deficit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Prince Albert slashes Palace budget while Monaco faces huge deficit - 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