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France lowers better-than-expected 2015 budget gap: FinMin

Xinhua, March 4, 2016 Adjust font size:

French Finance Minister Michel Sapin on Friday announced that budget deficit of France, eurozone's second biggest economy, would be lower than the previously expected 3.8 percent for the whole year of 2015.

"I don't know the final number yet, but what I can tell you today is that not only was our target met, but it was even exceeded, improved," Sapin said.

In an interview with the local broadcaster Europe1, French minister also confirmed the 3.3 percent target for this year.

"This is an objective which is in line with our budget law. It's an objective which is a commitment towards our European partners. It will be achieved," he stressed.

Under pressure to reach healthy finances, French government promised to bring down the budget deficit to 2.8 percent, below the EU-mandated threshold by 2017.

Last year, the EU offered France extra time to bring its budget gap to the safe line. However, the EU urged the French government to take additional measures and fiscal reforms to deliver on its promises. Endit