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France to stick to 2015 deficit target: FinMin

Xinhua, February 6, 2015 Adjust font size:

The French government said it would honor its commitment to cut the budget gap by 0.5 percent this year, Finance Minister Michel Sapin said on Thursday in response to the European Commission's call for additional efforts to reign in unhealthy spending.

"Regarding the planned structural deficit in 2015, the government is committed to reporting a 0.5 percent cut and will achieve it," Sapin said.

"France is aware of its responsibilities and will meet its commitments in trustful dialogue with the European Commission," he added in a statement posted on the ministry's website.

For 2015, the ruling Socialist party pledged to save 21 billion euros (about 24 billion U.S. dollars) to narrow the budget gap to 4.1 percent from an expected 4.3 percent for 2014.

They postponed by an extra two years their target to reach the 3 percent goal, the rate mandated by the EU to reach healthy finances, with plans to keep its deficit at 2.8 percent of the gross domestic product (GDP) by 2017.

Earlier in the day, the European Commission said France would lower its structural budget deficit by only 0.3 percent of GDP, urging Paris to energize efforts and take additional measures to meet targets. Endit