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PARIS — The French authorities mentioned it will scale back spending in 2024 by an additional €10 billion because the French financial system is rising slower than anticipated.
“We earn much less, we spend much less, it is a rule of frequent sense,” French Financial system and Finance Minister Bruno Le Maire instructed reporters Monday, citing elevated rates of interest and geopolitical tensions together with the wars in Ukraine and Gaza as causes for the financial slowdown.
Final yr, Paris outlined its spending plans for 2024 assuming that the financial system would develop by 1.4 % — an estimate France’s Excessive Council of Public Funds, an impartial watchdog, then deemed overoptimistic.
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