The French government has increased its estimate of the total cost of measures undertaken in response to the coronavirus outbreak up to 136 billion euros ($154.6 billion) compared to that of 110 billion euros in mid-April, French Finance Minister Bruno Le Maire announced during the presentation of the third finance bill for 2020 on Wednesday
MOSCOW (Pakistan Point News / Sputnik - 10th June, 2020) The French government has increased its estimate of the total cost of measures undertaken in response to the coronavirus outbreak up to 136 billion Euros ($154.6 billion) compared to that of 110 billion euros in mid-April, French Finance Minister Bruno Le Maire announced during the presentation of the third finance bill for 2020 on Wednesday.
"Almost 136 billion are currently allocated to support the economy, employment, local and regional authorities and the most vulnerable, compared to 110 billion euros forecast at the end of April," the bill read.
According to the minister, the new amended budget takes into account the economic damage from the coronavirus pandemic and includes all financial contributions made to curb it. Moreover, it confirms an already announced government forecast for 2020 of a debt of 120.9 percent GDP, an 11.4-percent GDP deficit and an 11-percent decline in the country's economy overall.
The government also plans to raise its allocation to the debt issuance program in 2020 amid an increase in public expenditure due to the health crisis.
In particular, the Agence France Tresor (AFT), responsible for managing the state's debt, is expected to issue 260 billion euros in medium- and long-term loans, against 205 billion euros originally planned as part of the 2020 budget.
The total amount for the short-term debt issuance increased to 79.9 billion euros, against the sum of 62.1 billion euros estimated in April.
The French government has already announced a global support plan for the economy worth 40 billion euros, which includes separate rescue packages for the sectors heavily affected by the COVID-19 crisis, some of which were already presented.
As of Wednesday, France has confirmed over 191,000 COVID-19 infections and over 29,000 related deaths.
