National Council rejects 2024 budget, sends “strong signal” to the Prince’s Government

The National Council has narrowly passed the 2023 amended budget and sent the 2024 draft budget back to the government with a request to propose a new bill “that meets the real needs of the Principality”.

In its budgetary debates on the updated budget for the current year earlier this week, Monaco’s elected officials “learned to their great surprise” that public policies and large-scale future building projects would be subject to budget cuts, with a view to next year’s Primary Budget.

As a result, the National Council voted unanimously on Wednesday 18th October to narrowly pass the 2023 Amending Budget. National Council President Brigitte Boccone-Pagès was the only elected official to vote, while the 23 other councillors abstained. The aim was to send “a strong signal” of their discontent to the government.

The 2024 Draft Budget was not even considered by the councillors.

“In this context, elected officials informed the Government that the 2024 Draft Budget, previously submitted, would not be studied and asked it to propose a new bill that meets the real needs of the Principality,” said the National Council in a public statement late on Thursday 19th October.

budget monaco
National Council on Wednesday voted unanimously to put forward only one symbolic vote for the 2023 Amending Budget. Photo source: National Council of Monaco


For next year’s budget to be passed, the National Council wants a guarantee that the pace of deliveries of the National Housing Plan, as announced in 2019, will be respected, with the commitment that 100 new housing units will be built to avoid the “air pocket” in 2026/2027.

They’re asking for a “realistic timetable” on the redevelopment of the Fontvieille Shopping Centre, as well as commitments to start tackling the traffic problems plaguing the Principality as well as the implementation of emergency solutions.

The National Council also wants a government commitment to monitor the effects of, and guarantee better management of, major construction projects including the new Princess Grace Hospital Centre, Îlot Pasteur and the Waste Treatment and Recovery Centre, arguing that, “currently uncontrolled, [these projects] are the cause of delays and out-of-control credit overruns”.

The National Council reiterated these measures are necessary to control spending and schedules within Monaco.

“Only the tabling of a new initial budget bill for 2024 meeting the expectations and legitimate needs of Monegasques, residents and economic actors of the Principality will allow a favourable vote to be considered during the debates, which will be held next December,” concluded the National Council.


Prince Albert II reminds National Council who is responsible for running the Principality

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Main photo: National Council President Brigitte Boccone-Pagès was the only councillor to give her symbolic vote to pass the 2023 Amending Budget