French govt. says will reduce budget deficit later than promisedOctober 1, 2014 - 13:16 AMT PanARMENIAN.Net - The French government has said it will reduce its budget deficit to below the EU threshold of 3% of GDP by 2017, two years later than promised, according to BBC News. The new forecast indicates the public deficit will fall to 4.3% next year, but to 2.8% by 2017. It was released as Finance Minister Michel Sapin prepared to present his annual budget to cabinet. Sapin said growth would remain weak, projecting that the economy would only grow very slightly this year. "We have taken the decision to adapt the pace of deficit reduction to the economic situation of the country," he told a news conference. "Our economic policy is not changing, but the deficit will be reduced more slowly than planned because of economic circumstances - very weak growth and very weak inflation." The French government is hoping to boost growth by cutting taxes, although this will have to be financed by further spending reductions. France plans to cut public spending by €50bn ($63bn) by 2017. The country has missed a number of budget deficit targets and has struggled with high unemployment and low growth. In August, three French ministers resigned amid a bitter row over economic policy. Photo: Reuters Related links: Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. Ucom equips four bus stops in Ijevan with free Wi-Fi Ucom now provides free Wi-Fi coverage in smart bus stops in four communities of Ijevan. Armenians stage more campaigns against territorial concessions to Azerbaijan Protesters blocked more roads across Armenia on Friday, April 26 in continuing attempts to scuttle territorial concessions to Azerbaijan. Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. |