PARIS (Reuters): According to French Finance Minister Eric Lombard, the 2025 budget bill his new government is working on aims to save 50 billion euros ($51.7 billion), which is less than the amount from the previous administration.
Lombard went on to say that the budget situation was "serious" and that the administration decided to aim for a deficit in 2025 of between 5% and 5.5% of GDP, which would be a decrease from the "probably" 6.1% deficit in 2024.
After the previous government lost a no-confidence vote in
early December due to opposition to its belt-tightening initiatives, Lombard,
who was formerly in charge of Caisse des Depots, the French government's
investment arm, is now tasked with guiding a budget through parliament.
Investors and rating agencies have expressed
concern over France's failure to enact a 2025 budget, but MPs in the sharply
split parliament have found the cutbacks required to bring the country's public
finances into balance to be too great. Michel Barnier's former administration
sought to save 60 billion euros.
$1 is equivalent to 0.9678 euros.
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