Now is the time for frugality.
As an immediate consequence of sluggish growth, the government has set itself the objective of reducing its spending by 10 billion euros this year, in order to achieve its target of a 4.4% deficit in 2024. It comes before the highly anticipated decision from the main rating agencies in the spring on the French debt rating.
“If we earn less, we spend less,” explained the Minister of the Economy Bruno Le Maire this Monday morning during a meeting with the press in the ministry’s premises.
Half of the savings, or five billion euros, will have to be found in the operating budget of the ministries: freeze on recruitment, reduction in travel and purchases, or even a real estate sale program.
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