PARIS: France will erase the 100 billion euro ($117.89 billion) cost of its economic recovery plan from its debt pile by 2025, Prime Minister Jean Castex said on Wednesday.
Castex said the recovery plan would focus on supporting companies and production rather than spurring demand.
“The recovery plan should not weigh on public finances, quite the contrary,” Castex told the Medef employers’ federation’s annual end-of-summer conference.
The French government will unveil details of the post-pandemic rescue plan to haul the 2.3 trillion euro economy out of its deepest slump since World War Two on Sept. 3.
The government has already said money will be pumped into creating jobs, especially for young people, and training for those who lost their jobs during an unprecedented recession. Some 30 billion euros will target investment in tackling climate change.
Earlier Castex reiterated a government promise that taxes would not be increased to help finance the recovery stimulus and that planned cuts to business taxes would be maintained.
France will receive 40 billion euros in European Union subsidies to meet the initial cost of the recovery.
($1 = 0.8482 euros)
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