Debt agency chief: France needs to borrow USD259B to close i...| MENAFN.COM

Friday, 02 December 2022 02:59 GMT

Debt agency chief: France needs to borrow USD259B to close its budget deficit


(MENAFN) Based on the local media sources, France is going to need to issue a record amount euro270 billion (USD259 billion) of debt on the financial markets in 2023 to cover its deficit. The director of the nation's debt agency made the announcement on Monday.

According to Le Figaro news, Agence France Tresor director general Cyril Rousseau was addressing the journalists at a briefing before the government presented its budget. The state borrowed almost euro260 billion between last year and this year.

The public debt load has increased since from the year's commencement, the state has borrowed money on average at a rate of 1.18 percent from the markets, up from -0.05 percent last year. The study also mentioned that it was designed to cover the costs associated with the COVID-19 pandemic's second year.

In order to give financial assistance and prevent companies and enterprises from going under during the months-long lockdown, the Macron administration devised a "whatever it costs" strategy.

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