PARIS (Pakistan Point News / Sputnik - 15th June, 2020) The French authorities have allocated about 500 billion Euros ($562 billion) to support the country's economy amid the crisis triggered by the coronavirus pandemic, President Emmanuel Macron Said on Sunday.
"We decided to introduce a massive plan [of support] for the most affected sectors - car manufacturing, aircraft, tourism, culture, restaurant and hotel industry. And we will continue to implement it. In total, we mobilized almost 500 billion euros to support our economy, for workers, for entrepreneurs, for the most needy," Macron said during his address to the nation, adding that these costs are justified in the current situation.
The president also said that these expenses would be added to the country's existing debt. At the same time, Macron noted that the authorities would not finance the costs by raising taxes, as France is already a country with a heavy tax burden.
"The only answer is to build a stronger, more sustainable economic model, work and produce more so as not to depend on others. And we must do this, even despite the fact that our country will face numerous bankruptcies due to the halt of the global economy," Macron added.
According to the leader, it is necessary to avoid layoffs and create new jobs, investing in France's "technological, digital, industrial and agricultural independence."
Earlier this week, the French Ministry for an Ecological and Solidarity Transition said that the government would allocate 300 million euros to cover the losses of airports to avoid any negative effects for airlines amid the COVID-19 pandemic. In addition, the culture and media sector, one of the industries that have been severely affected by the coronavirus outbreak and stay-at-home orders, will receive over 3.5 billion euros of aid from the government.
