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Coronavirus

France Unveils $523B Package to Support Economy

PARIS — The French government has included in its new budget law for this year 460 billion euros ($523 billion) in emergency funding to support the country’s economy as it feels the effects of the coronavirus pandemic.

Following a Cabinet meeting on Wednesday, Finance Minister Bruno Le Maire praised the government's effort to save jobs as part of a “massive and effective response to the crisis.”

France’s budget deficit is estimated to reach a record-high of 11.4% in 2020, with debt representing 120.9% of gross domestic product by the end of the year.

The budget revision reinforces measures to support the state-funded partial activity scheme, tax cuts and other financial aids for businesses.

It includes rescue plans for sectors affected the most by the pandemic, such as 18 billion euros ($20.4 billion) for tourism, 8 billion euros ($9 billion) for the auto industry and 15 billion euros ($17 billion) for aviation.

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