The COVID-19 coronavirus pandemic will have a very strong impact on the State budget with a projected deficit estimated at nearly 500 million euros for the 2020 financial year. This amount corresponds to the financing of the exceptional support measures necessary to assist the players in the Monegasque economy, decided by His Government, as well as the anticipated drop in State revenue.
The seriousness of the situation calls for increased rigorous financial management accompanied by major efforts, notably with a view to an overall reduction in State expenditure.
In this context, H.S.H. the Sovereign Prince has decided to reduce the operating expenses of the Palace of Monaco with a reduction of almost 40% in its budget which will decrease from 13.2 Million Euros to 8 Million Euros.
The Sovereign Prince has full confidence in the solidity of the economic and social model of the Principality of Monaco to overcome this health crisis with its unprecedented economic consequences for His country.
