Government makes 10 billion euros in budget cuts, ecology collateral suffers

The French government recorded savings of ten billion euros in a decree on Thursday, announced after a downward revision of growth forecasts for 2024, including two billion euros less for the program. “Ecology, Development and Sustainable Mobility”. The text, published in the Official Journal and signed by Prime Minister Gabriel Ettel, Economy Minister Bruno Le Maire and Public Accounts Minister Thomas Cazeneuve, “Cancel” Budgetary expenditure totaling ten billion euros in 29 sectors from ecology to higher education, including justice, defence, integration regions and public development aid.

in programs “Sustainable Ecology, Development and Mobility”which is titled “Energy, Climate and Post-Mining”. When cut by a billion euros “Funding to Accelerate Ecological Transition in Regions”. Loses more than 400 million. Furthermore, categories “Work and Employment” And “Research and Higher Education” 1.1 billion and 900 million euros respectively related to canceled credits.

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Growth forecast low

Public development aid is reduced by 740 million euros, aid with access to housing loses 300 million euros, the national police 134 million euros and public administration ©prisoners about 118 million. The government announced this savings last Sunday “instant” Honoring its fiscal commitments, against the backdrop of fears of a deterioration of its financial rating. Objective: Keep the public deficit at 4.4% of Gross Domestic Product (GDP) in 2024, countering growth forecasts of up to 1% in the context of geopolitical tensions and economic slowdown, particularly in China and Germany.

This new tightening of the screw adds to the 16 billion savings already included in the 2024 French budget, which comes mainly from the elimination of the Energy Shield. In a sign of the difficult budgetary equation facing the executive, a source in the French economy ministry reported on Monday that it “Probably Hard to Hold” Deficit target of 4.9% of GDP for 2023.