Page 118 - economic report 2021

Timeline of the most significant

economic developments in 2021

January

2 January, an atypical ski season begins, marked by COVID-19. The Government and Ski Andorra agree to
open only for Andorran residents.
15 January, Standard & Poor’s rating agency confirms Andorra’s rating of BBB/A-2 with a stable outlook,
despite the effects of the SARS-CoV-2 pandemic.
20 January, the Government authorises the creation and opening of the private online and semi-presential
university, Humanium International University.
27 January, the Government approves, by Decree 25/2021, amending the Decree of 20 May 2020, a second
special guarantee scheme for companies and businesses during the health emergency caused by SARS-CoV-2.
Decree 25/2021 expands the list of concepts for applying for the Government guarantee and includes financial
leasing transactions.
Law 1/2021, of 28 January, is passed, amending Law 16/2020, of 4 December, on further special, urgent
measures during the health emergency caused by the SARS-CoV-2 pandemic. The new law introduces
mechanisms to ease certain requirements applicable to temporary suspension of employment contracts and
reductions in working hours.
29 January, Fitch Ratings international ratings agency confirms Andorra’s rating as BBB+ with a stable outlook
despite the pandemic situation.

116 February

3 February, the Government approves and publishes the 2020-2050 national energy strategy to tackle climate
change.
17 February, the Government issues Decree 44/2021 on temporary, partial easing of the special requirements
to access one-off financial aid for involuntary employment.
17 February, the Government issues Decree 54/2021 amending the Decree of 20 May 2020 approving a
second special guarantee scheme for companies and businesses, modifying and extending the list of concepts
for applying for the Government guarantee, and repeals Decree 25/2021. Decree 54/2021 includes fuel
expenses and substitutes the employer contribution to ERTO furlough with staff costs.
24 February, the Government issues Decree 60/2021, approving certain International Financial Reporting
Standards adopted by the European Union (IFRS-EU) and amending the Decree of 22 December 2016,
approving the accounting framework applicable to entities operating within the Andorran financial system and
collective investment schemes under Andorran law, in accordance with the IFRS-EU, which were adopted at
Timeline of the most significant economic developments in 2021
the same time by Andorra (IFRS-Andorra).

March

6 March, the vaccination campaign against COVID-19 starts among the general population.
Approval of Law 3/2021, of 18 March, amending Law 16/2020, of 4 December, on further special, urgent
measures during the health emergency caused by the SARS-CoV-2 pandemic. This amendment extends by
one month the period of reduced rent on business premises and in contracts whereby a landlord assigns the
management of holiday accommodation to a company for a fixed price, until 30 April 2021.
29 March, it is announced that Andorra Turisme and Cirque du Soleil have agreed to move the show planned
for summer 2021 to July 2022.
31 March, the Government approves by Decree 101/2021 a special aid scheme toward rents and mortgage
payments for businesses engaged in renting and selling ski equipment.