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France in "action" to reach 3% of budget deficit in 2015: Finance Minister

English.news.cn   2014-04-14 19:34:27

PARIS, April 14 (Xinhua) -- France was "in action" to stick to the pledged deficit reduction by 2015 via a package of measures to spur growth and trim public spending, Finance Minister Michel Sapin said on Monday.

"We are not in the phase of promises. We are in action in decision to... reach 3 percent of deficit in 2015, not above. On this basis, we have made our fiscal strategy," the minister stressed.

"It is from the moment we are below 3 percent of GDP that we can control the debt and reduced it. The objective is that France is deleveraging," he told the local broadcaster Europe1.

French new cabinet will examine in April 23 a refreshed financial roadmap after it reported worse-than-expected budget gap at 4.3 percent in 2013 that may prompt further efforts to squeeze spending to meet its 2015 deadline for bringing its deficit in line with an EU limit of 3 percent.

"France must be up to its responsibilities... to monitor its deficit and achieve its debt-cleaning," Spain added.

With the aim, the government targeted to save 50 billion euros (69.14 billion U.S. dollars) by 2017 with a planned cut in public expenditure that would help to collect 19 billion euros, local authorities and the health insurance fund each saving 10 billion euros.

Looking to 2014, the eurozone's second largest economy eyes to narrow the deficit to 3.6 percent and to 2.8 percent in 2015. (1 euro = 1.382 U.S. dollar)

Editor: Yang Yi
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