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“Support is key word” in relaunching Monaco’s economy

“Support is key word” in relaunching Monaco’s economy

By Stephanie Horsman - October 15, 2020

The government has offered a “practical guide” for economic recovery in the Principality, vowing to protect employees as well as assist companies in trouble.

At a press conference held Wednesday at the Oceanographic Museum, the Minister of State, Pierre Dartout, set out the government’s plan for economic recovery for those hit hard since the start of the pandemic.

“Support is the key word of the government’s policy to safeguard businesses and jobs and thus revive the economic machine. Our method is to be as practical as possible through a guide that we are presenting to you today and which lists all the assistance measures, especially their instructions for use,” said Dartout.

Minister of Social Affairs and Health Didier Gamerdinger, added that the government wants to “reassure and protect employees while helping companies in tension”, and reminded those present of the commitments that the government has already set in motion, including the extension of the CTTR system until 31st March 2021.

“Over 12 months, the CTTR represents a cost of €150 million, or more than 10% of the state budget,” said the minister, who also welcomed the widening of the scope of exemptions from charges for companies with up to €5 million in annual turnover.

A more exuberant word came from Jean Castellini, Minister of Finance and the Economy, who said, “The recovery is now! And to better disseminate this message of support, this practical guide of around 15 pages is an essential tool. It is the summary of all the concrete aids deployed through the various Funds of the Recovery Plan, which should benefit both professionals and individuals, giving priority to support for the economic fabric and the revival of activity for SMEs, artisans and traders in the Principality.”

The guide covers topics from aid for energy-efficient housing upgrades, to help improving business productivity. It also explains how the digital transition can save companies money, as well as elicit bonuses, for things like buying electric vehicles and bicycles for company use.

Finally, Laurence Garino, Head of the Welcome Office, laid out some specifics that will positively impact citizens, especially as the Christmas holiday season approaches.

“In a budgetary deficit context, the state will inject €4.6 million into the local economy through the granting of an exceptional end-of-year bonus to all civil servants, state employees and retirees of the Civil Service – nearly 8,000 people, under the form of vouchers for shops in the Principality. Add to this the free four-hour parking on weekends and public holidays for customers of Monegasque businesses and the establishment of a new intramural travel service by Monaco Taxis that merchants can offer their customers, thanks to subsidised tickets, the objective of consuming in the national territory is reinforced.”


Photo from left to right: Didier Gamerdinger, Pierre Dartout, Jean Castellini, and Laurence Garino © Communication Department – Manuel Vitali




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