France to have more budgetary measures: official

18:24, June 21, 2010      

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French government is going to announce more budgetary measures by the beginning of July, after it finishes reviewing the saving strategy, Claude Gueant, general secretary of the French President Nicolas Sarkozy, said to Financial Times recently.

"There will be other announcements. We have a review strategy called the general revision of public (RGPP)," which will finish by the beginning of July, "after which measures will be announced," Gueant said in an interview published by Financial Time on Monday.

France has pledged to narrow down deficit to 3 percent of gross domestic product by 2013, after controlling it at 8 percent of GDP this year, 6 percent for next year and 4.6 percent for 2012, nevertheless, the saving strategy will make 100,000 civil servants redundant over three years, the senior official said.

With a covering of 140 billion euros (173.5 billion U.S. dollars) of spending in RGPP, "we will have achieved a definitive reduction of 5 percent, or 7 billion euros, in three years," he added.

French Prime Minister Francois Fillon had announced an austerity plan to cut public spending by 45 billion euros (54.5 billion dollars) over the next three years.

The current pension reform, according to Gueant, was also part of the tighter public spending program. "We will rebalance our pension system for a certain number of years," he said.

France has decided to prolong statutory retirement age from present 60 to 62 in 2018, aiming to reduce pension deficit and raise more contribution. However, labor unions and opposition parties cried foul against the painful pension reform and vowed for massive protesting on the coming Thursday.

Source: Xinhua


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