He added that the government did not plan to increase taxes to reduce the debt. "It will be no doubt more than 115% at the end of the year," RTL quoted him as saying on its website. /Reuters France's state debt to gross domestic product (GDP) ratio is set to increase to more than 115% by the end of the year due to the cost of COVID-19 crisis measures, Budget Minister Gerald Darmanin said in an interview with TV station RTL on Sunday. The French government said in April it expected its crisis package to cost 100 billion euros (89.6 billion pounds) - over 4% of GDP. It will have to be paid back, I have always said that. Copyright © 2020 CGTN. In … France must prepare a plan now to bring down debt with spending cuts, even if the crisis and a second lockdown require more fiscal stimulus, the International Monetary Fund said. Trump’s Special Twitter Treatment Would End With Biden Win, Bannon Suspended by Twitter; YouTube Removes His Video on Fauci, U.S. Stocks Post Biggest Weekly Gains Since April: Markets Wrap, UBS Sued for $500 Million by Chinese Tycoon Over Deal Gone Awry, More U.S. States Hit Highs; NYC Fears Second Wave: Virus Update. Government Debt in France increased to 2638.30 EUR Billion in the second quarter of 2020 from 2438.40 EUR Billion in the first quarter of 2020. source: INSEE, France. Government Debt to GDP in France is expected to reach 116.00 percent by the end of 2020, according to Trading Economics global macro models and analysts expectations. Since then it has announced more support measures, notably for the car industry. /Reuters. “Given that fiscal space is limited, any additional expansionary measures should be well-targeted and temporary,” the IMF also said. France Government Debt to GDP - values, historical data and charts - was last updated on November of 2020. Beijing ICP prepared NO.16065310-3, France's debt could be over 115% of GDP by year end - budget minister. At the end of March, the INSEE official statistics agency said that in 2019 gross public debt came in at 98.1% of GDP, unchanged from 2018, although the public sector budget deficit increased to 3.0% of GDP from 2.3% in 2018. Have a confidential tip for our reporters? While the timing of action will depend on the economic situation, it said the government needs to start planning now. Risks to French economic outlook are large, IMF says, France will need to streamline spending, increase efficiency. Speaking earlier this week on France Inter, Finance Minister Bruno Le Maire said the government’s priority was jobs, investment and economic recovery. National Debt of Japan – 234.18% Japan is the country with the highest national debt to GDP ratio. “All the debt related to this crisis is an investment. In the long-term, the France Government Debt to GDP is projected to trend around 111.00 percent in 2021 and 105.00 … People walk at Trocadero square near Paris' Eiffel Tower, May 16, 2020. People walk at Trocadero square near Paris' Eiffel Tower, May 16, 2020. France's state debt to gross domestic product (GDP) ratio is set to increase to more than 115% by the end of the year due to the cost of COVID-19 crisis measures, Budget Minister Gerald Darmanin said in an interview with TV station RTL on Sunday. The country should also aim to increase employment among vulnerable groups as recent progress is now at risk. Before it's here, it's on the Bloomberg Terminal. France must prepare a plan now to bring down debt with spending cuts, even if the crisis and a second lockdown require more fiscal stimulus, the International Monetary Fund said. … In its Article IV review of France, the Fund warned that elevated debt levels increase risks and reduce room for maneuver. Government Debt in France averaged 1475.37 EUR Billion from 1995 until 2020, reaching an all time high of 2638.30 EUR Billion in the second quarter of 2020 and a record low of 683.50 EUR Billion in the fourth quarter of 1995. The total financing requirement will stand at €282.3bn, mainly consisting of €152.8bn to cover the deficit to be financed and €127.3bn to redeem medium- and long-term debt maturing in 2021. On 3 September, the government unveiled the details of its EUR 100 billion (around 4.0% of GDP) recovery package aiming to revive the French economy from the blow dealt by the Covid-19 pandemic and associated lockdown measures, which led to a sharp contraction in the first half of 2020 (Q1: -5.9% seasonally-adjusted quarter-on-quarter, Q2: -13.8% s.a. qoq). But this reimbursement will come when we have regained growth, ”said Le Maire. Aside from fiscal consolidation, the IMF also said France will need to make further efforts in coming years to boost productivity, which may be damaged by the crisis. France’s plan to split off debt linked to the Covid-19 crisis means repayments will take more than 20 years, Finance Minister Bruno Le Maire said. On 28 September of 2020, the Council of Ministers adopted the French Budget Bill for 2021.