The government has approved a Regulation proposed by the Andorran Minister of Finance to adopt complementary technical standards of the EU, applicable to banks and investment companies, relating to such entities solvency, liquidity and financial supervision.
The European Directive had already been adopted in the 2018 Andorran Law on Solvency, Liquidity and Prudential Supervision of Banks and Investment Companies and provided for the implementation of the present Regulation.
EU Monetary Agreement:
At the annual meeting of the Joint Committee on Monetary Agreement between Andorra and the EU, Andorra confirmed the steps it has taken to prevent money laundering and the regulation and supervision of the financial system. As the Principality is authorised to issue Euros, the volume of issuance by Andorra was agreed for the coming year.
February 2022
National Heliport
With the stated aim of this new infrastructure project being to ‘…help unlock the country, boost tourism and offer a viable alternative to land transport ..’ the construction of a new national heliport is proposed in the Caubella area.
Acoustic studies are positive and indicate that up to 33 flights a day would be allowed, a significant increase to the current number of flights, while reducing the noise level. It is intended that all commercial flights across the Principality will be required to take off or land from the heliport to ensure the integration of private projects into the national network.
The specification will be open to international tender and will be published later this year with the project awarded in early 2022. It is expected that the works will be complete by mid-2023 with a project cost of approximately €4million.
COVID - Continuing progress
The latest news on the fight against infection and progress on the vaccination of the population remains positive. The reproduction rate remains below 1 as infections remain stable and are following a steady downward trajectory. Fifty eight people are self-isolating at their home with no Covid cases currently in hospital.
The government’s vaccination program has vaccinated 62% of the qualifying population and almost 40% have received the second dose. In recognition of the immunization efforts by Andorra, at a meeting between the Prime Ministers of France and Andorra, the French authorities recognized the Andorran vaccination certificates to maintain mobility between the two countries. It is hoped that the Andorran certificate will be recognized by other EU Member States to allow wider circulation of residents within Europe.
June 2021
Closer cooperation with Spain and EU
Discussions are continuing with Spain to simplify administrative procedures for Andorrans who work or study in Spain. At a recent meeting both countries confirm their full support of the process.
The discussions with Spain are part of the wider policy Andorra has pursued in recent years to reach an Association Agreement with the European Union. In June2020, Andorra celebrated the 30th anniversary of the 1990 Trade Agreement with the EU. To mark the occasion the Secretary of State stated that the Principality of Andorra ‘…continues to align itself on the path of progressive approach to the European cause, advancing cautiously but with determination to reach an ambitious Association Agreement’.
International Credit Rating
The credit rating agency Standard & Poor has reaffirmed its rating of Andorra as ‘BBB/A2’ with a stable outlook despite the international impact of the current pandemic.
Standard & Poor’s assessment considered that the country’s steps to join the IMF and secure an Association Agreement with the EU could lead to a further improvement to its credit rating as a result of an anticipated increased resilience to any future financial crisis, together with reduced reputational risks as a result of improved transparency. The agency positively noted the government’s policies towards economic openness and to adapt to international standards of taxation and regulation of financial services.
Andorra’s International Presence: In early October the French President Emmanuel Macron, in his capacity as the co- prince of Andorra, officiated at a ceremony on the presentation of credentials by the Ambassadors of twenty countries on their accreditation to the Principality of Andorra. In his address President Macron encouraged the ambassadors to promote and strengthen the existing bi-lateral co-operation between their nations.
The Ambassadors attending the ceremony represented the states of Sweden, Switzerland, United Arab Emirates, Australia, Cambodia, Japan, France, Spain, Italy, Portugal, and Monaco among others.
Abolition of visas: Russia - Andorra
At a meeting in Madrid, the Ambassadors of Andorra and Russia exchanged diplomatic notes as part of the formal process to abolish the current visa requirement for Andorran and Russian nationals to permit mutual visa free travel between the two states.
Following the ratification of the Convention by both states, with effect from 25th November 2020, it will no longer be necessary to obtain a visa for tourist visits of up to 90days.
The Andorran government’s aim is to continue the policy to develop bilateral relations and facilitate exchanges between the two nations.
Andorra joins the International Monetary Fund
On the 16th October Andorra was welcomed as the 190th full member of International Monetary Fund following signature of the statutes of ratification to complete the membership process.
The Andorran Minister of Finance, Mr Eric Jover, is reported as stating:
‘For Andorra, today culminates a process of accession that will allow us to improve our reputation and international approval, to have access to more and better technical assistance and training in financial issues and opens the door to have a financial security network in case of need.’
Membership of the IMF formalises Andorra’s longstanding relations with the IMF and was encouraged by the European Parliament as well as the Andorran Special Commission for Monitoring and Risk Prevention for Financial Stability. Within the organisation of the IMF Andorra will join the group known as the Belgian/Dutch group of 15 nations.
October 2018:
United Nations Delegation
The Prime Minister, Antoni Marti led the Andorran delegation to the United Nations on the 25th Anniversary of the Principality’s accession to the body and took the opportunity to meet with a number of international leaders and reaffirm Andorra’s commitment to meet international objectives.
In his speech to the General Assembly he restated Andorra’s commitment to achieve a fair and inclusive global society while regretting the rise of populism and technocracy.
In a separate speech organised by the UN High Commissioner on Human Rights the Andorran Foreign Minister, Maria Ubach, stated, education is essential in the defense of human rights to enable young people are able to fight stereotypes and work towards gender equality.
EU Negotiations
Negotiation continue with the European Union in coordination with Monaco and San Marino and despite criticism at home the government considers positive progress is being made. One of the major issues faced by the small states, Andorra, Monaco and San Marino, in any association agreement with the EU is acceptance of the free movement of people that continues to respect the specific nature of the three countries.
Foreign Aid
The proposal by the Minister of Foreign Affairs to renew its contribution to UNICEF has been approved. The additional funding will be applied to improve the social status of indigenous populations in the Congo through the provision of basic services, including health, education and clean water, and a strategy for the protection of human rights.
For more information, please contact Philippe Ogier p.ogier@rosemont.ad or visit our dedicated website www.rosemont.ad