France must save 25 billion euros in 2024 to control its public finances, the Minister of Economy and Finance, Bruno Le Maire, announced today.
Speaking to journalists, the minister said that he will sign "today a notification letter to all ministries about their expenditure ceiling", which "will mark a reduction in expenditure for all ministries of 5,000 million euros in relation to the law of initial finances".
So far, 15,000 million euros in savings have been "executed", according to Bruno Le Maire. Savings of 10,000 million were recorded announced at the beginning of 2024 in State expenditure and the increase in the internal tax on final consumption of electricity (TICFE) should make it possible to recover 5,000 million euros.
Of the 10 billion euros that still remain to be saved, 5,000 million will be requested from ministries, 2,000 million from local authorities and 3,000 million must be achieved through more effective taxation of energy sources, the minister indicated today.
"It is my responsibility to maintain the objective of a public deficit of 5.1% in 2024", explained the minister, recalling what was set by the Government in the spring.
"The current work is preparation work to build a budget in time, it would be a bad sign for the markets" if this were not the case, said a source in the minister's office cited by AFP.
