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Day: 4 November 2020

2021 budget goes into the red

by: Stephanie Horsman
04/11/2020

For the first time since 2015, Monaco’s budget will be in deficit to the tune of €114.5 million. However, spending will continue in key areas in the Principality. 

“It is a budget drawn up in an uncertain but proactive economic context, in accordance with the government’s policy on economic revival and unemployment support, and the national housing plan for Monegasques,” said Minister of Finance and the Economy Jean Castellini on Wednesday morning as he revealed details of the initial 2021 draft budget to the press.

According to the minister, the Prince’s Government took into consideration the fact that revenue is being heavily impacted by the health crisis, while expenditure is being influenced by a “tightening of the belt” in state services and the funnelling of budgetary resources and investment to Monegasques and residents.

Revenue, revealed Mr Castellini, is estimated to drop by €40 million in 2021 compared to the previous year, primarily as a result of less VAT coming in.

Meanwhile, expenses will jump by 5%, or €79 million. The government has managed to contain operating expenses thanks to the saving efforts of State services, as well as the reigning in of some investments. But the government maintains that a certain amount of investment will continue “because it is necessary for the future of the country”.

The result: a €114.5 million black hole – the first budget deficit since 2015.
“Our objective, nevertheless, remains to find a balanced budget as soon as possible and to preserve the Principality’s economic and social model,” said Jean Castellini.

Budget priorities

The National Housing Plan for Monegasques is being allocated a third of the €625 million earmarked for investment spending and includes the delivery of nearly 800 new apartments between 2022 and 2025.
The acceleration of the digital transition has been assigned €45 million – the same amount as 2020 – for the continued development of infrastructure such as the sovereign Cloud, the administrative transformation and the development of a digital economy.

A portion of the budget will be directed to Monaco’s mobility plan, including the renovation of the Grimaldi Forum and Larvotto car parks, 12 new MonaBike stations, €4 million for elevators and escalators in the Principality and an additional €3 million for these in Beausoleil, and continued renovation of the TER trains.

Preserving and improving Monaco’s way of life is also a priority for the government, particularly in the health sector which will see €17 million invested in the Cap Fleuri hospital and €11 million in the new Princess Grace Hospital Centre. Meanwhile, €44 million will be directed to the redevelopment of Larvotto for a delivery date of summer 2021.

Minister Jean Castellini said that the initial budget is intended to be “pragmatic and flexible”. He says it was drawn up in consultation with the National Council and takes into consideration Monaco’s economic recovery plan covering 2020 and 2021, and the extension of the CTTR temporary unemployment scheme until the end of March 2021, at a cost of €40.

The 2021 initial draft budget will be submitted to the National Council next month for a vote.

Photo © Michael Alesi – Government Department of Communication

Full steam ahead at Silversea Cruises

by: Stephanie Horsman
04/11/2020

Silversea Cruises, the super-luxury cruise line based in Monaco, has taken delivery of Silver Moon – the ninth vessel in its fleet. Meanwhile, Silver Dawn is set to be delivered in 2021, showing confidence that the cruise sector will bounce back after an incredibly bad year.
Silver Moon is the newest ship to be added to the Silversea fleet and was delivered on 30th October in an intimate ceremony held at the Fincantieri shipyard in Ancona, Italy, where the vessel was constructed.
Executives from Silversea Cruises, the Royal Caribbean Group, and Fincantieri gave live speeches via video feed. Richard D. Fain, Chairman and CEO of the Royal Caribbean Group, and Jason Liberty, Executive Vice President and CFO of the Royal Caribbean Group, praised the 1,000-plus craftspeople who contributed to the build’s success. In Ancona, Luigi Matarazzo, Fincantieri’s General Manager of the Merchant Ships Division, and Roberto Martinoli, Silversea’s President and CEO, both spoke to attendees, before Martinoli offered his signature to officially take delivery of the ship.
“I congratulate all those involved in the build of Silver Moon; it is a proud moment for everybody at Silversea Cruises, the Royal Caribbean Group, and Fincantieri,” said Richard D. Fain, Chairman and CEO of the Royal Caribbean Group. “This beautiful ship represents the resilience of the global cruise industry and it is encouraging to see such innovation and progress in this challenging period. I have long said that Silversea Cruises is the jewel in the crown of the Royal Caribbean Group, and I am today reminded of the cruise line’s quality.”
The new ship, which can accommodate 596 guests, is completely top-shelf. Eight restaurants serving a variety of cuisines are available and guests enjoy large suites with one of the industry’s highest space-to-guest ratio. For those looking for a truly exceptional experience, there are 10 premium suites which have a dedicated butler, 24/7 in-suite bar and dining, and other high-end amenities.
Fincantieri is the largest shipbuilding company in Europe and the fourth biggest in the world. Sliver Moon is the third ship to be built for Silverseas at the location.
 
 

'Twinning' Monaco and Dolceacqua

by: Stephanie Horsman
04/11/2020

Tourism and business ties between the Italian village of Dolceacqua and Monaco are set to be strengthened if municipal efforts to ‘twin’ the two are realised.
Monaco Mayor Georges Marsan received Mayor of Dolceacqua Fulvio Gazzola and his assessor Giorgio Lamberti on Tuesday 3rd November at the Prince’s Palace.
The mayors and their entourages came together to sign an intention letter to make the charming mountain village of Dolceacqua and the Principality twinned towns. The two municipalities have had close links dating back to 1491 with the marriage of Luc Doria and Françoise Grimaldi, followed just over 30 years later with an oath-taking ceremony in 1523, further uniting them.
The modern concept of town twinning, conceived after the Second World War in 1947, was intended to foster friendship and understanding among different cultures and between former foes as an act of peace and reconciliation, and to encourage trade and tourism.
Today, it is increasingly being used to form strategic international business links.
The objectives and details of the twinning will be subject to a charter that must be approved by the Municipal Councils of each entity, after authorisation is given by Monaco’s Minister of State, Pierre Dartout.
 
 
 

Call-out to help rebuild school in Beirut

by: Stephanie Horsman
04/11/2020

Les Amis du Liban, AMADE, and Monaco Aide et Presence are joining forces to save the Brothers of Saint-Joseph school in Lebanon after it was severely damaged in the August explosions.

On 4th August this year, two explosions shook the city of Beirut, Lebanon, killing over 190 people and injuring 6,500 more. The human toll extended to thousands of people who were left homeless, jobless and destitute in the wake of the disaster.

When Les Amis du Liban was on the ground in the stricken city organising the first distributions of food and basic necessities in partnership with the Lebanese Red Cross, they discovered a school that had been badly damaged in the blast. The school was unable to welcome the 400 children who relied on it for their educations.

This spurred Les Amis du Liban to join forces with AMADE and Monaco Aide and Presence to revive the school, founded in 1966 in the Achrafieh district, which teaches kids from kindergarten to 12th grade.

The three associations have set a goal of raising €180,000, the total estimated cost of repairing the school, hiring new staff and paying for the instruction of the school’s most vulnerable students for a three-year period. CFM Indosuez has put them on the road to success by offering €15,000 to start them off.

This current fundraising effort complements a previous drive that amounted to €170,000 worth of household goods, food and basics that have benefitted affected families in the area. Five shipping containers have already been sent and an additional three are poised to go by the end of the month, along with the first emergency arrangements for the school.

 Donations to save the school can be made online at the AMADE website: www.amade-mondiale.org or sent by cheque to AMADE, Emergency Operation Lebanon, 4 rue des Iris, 98000 Monaco.

 
 

Prince’s Foundation launches new magazine

by: Stephanie Horsman
04/11/2020

The first edition of Impact, a digital magazine connecting people with the environment, has been published by the Prince Albert II of Monaco Foundation.
The aim of the new magazine is to enlighten people on the environmental challenges that directly impact lives.
It explains the actions being taken by the foundation and its partners to protect biodiversity and improve living conditions in local communities affected by climate change and other environmental factors.
“To take more effective action for our planet, we need to create connections between human societies and the landscapes, ecosystems and species that they depend on and are all too often overlooked,” says the Prince in his opening words at the start of the issue.
The 92-page periodical is visually stunning, with beautiful photography, easy-to-read graphs and charts to spotlight important points, and an appealing layout with the kind of in-depth reporting expected from a high-end glossy. The publication is in both English and French.
The Prince’s intent is clearly to get the word out to as many people as possible as well as to allow the voices of those working on the front lines to be heard.
“By giving a platform to environmental experts, stakeholders and thinkers, by highlighting the sometimes neglected aspects of protecting the planet, and by combining factual elements and innovative ideas, it aims to provide everyone with the tools to better understand our world, give it more meaning and in so doing protect it more effectively,” he says.
The first edition of Impact covers topics and events with environmental spins such as mobilising youth, climate-proof farming and marine plastic management. It has interviews with scientists and experts who give insights about their speciality subjects, and touches on how science and technology are helping in the fight against degradation.
Closer to home, it covers the Mediterranean’s noise pollution problem and names the winners of the 2020 Prince Albert II Foundation Awards.
Impact is written in both English and French and is available on the foundation’s website www.fpa2.org or by clicking here.