France's coronavirus recovery plan includes $51 billion economic stimulus package

French Finance Minister Bruno Le Maire has announced that he will propose a stimulus package of $51 million to boost the country’s plunging economy due to coronavirus outbreak. In an interview with French radio on June 9, France’s Finance Minister assured that the government “will not let anyone down” and noted “hundreds of thousands” of people can lose their jobs due to the economic fallout from the COVID-19 pandemic. Moreover, the minister has predicted a “wave of bankruptcies” and the plunge in the French economy could last up to 2021.

As the country slowly lists restrictions and life is moving to normalcy, Le Maire said in the same interview that the government has “everything” that is needed to recover from the impacts of the unprecedented outbreak of deadly coronavirus. French Finance Minister has showcased confidence in the resources of the country including manpower and technology to benefit from the stimulus package and further boost the economy in the post-corona era. 

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To help more vulnerable sectors

Le Maire said on June 9 that he would be tabling at least 45 billion euros on June 10 for the second stage of rescuing the vulnerable sectors of the country including hospitality, food chains, automobile and aeronautics industries. In totality, according to reports, he has revealed that France would be investing at least $521 billion in the recovery measures that sums up to be 21 per cent of the country’s national wealth. Le Maire said that. “To put it in perspective, it is equivalent of Austria’s GDP”. 

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French Finance Minister has claimed that there would not be any tax increase during the remaining term of French President Emmanuel Macron in a bid to motivate people towards more spending and he also noted that the national debt would hike to 121 per cent of the country’s GDP in 2021. Le Maire would present the plan for recovery along with Public Account Minister Gerald Darmanin after the weekly cabinet meeting on June 10.

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