The large-scale national loan outlined by French President Nicolas Sarkozy for financing domestic projects will be created at the beginning of 2010 and will help finance France's future, Prime Minister François Fillon (centre) said on Sunday.
The large-scale national loan outlined by French President Nicolas Sarkozy for financing domestic projects will be created at the beginning of 2010, Prime Minister François Fillon announced on Sunday. Fillon emphasised that the loan was not a second recovery package but rather an investment in France's future.
"[The fund] will serve to outline our vision for France, that is to say, a post-financial crisis France," he said after a government meeting at the premier's head office at Matignon.
Regarding further discussions on the specifics of the fund that are set to begin on Wednesday, he pledged that the "great debate" over them would be concluded within the first two weeks of November and followed by the passage of better legislation to govern the nation's finances.
As to the "national priorities" that will benefit from the fund, Fillon said financing would be focused on projects that lend themselves to concrete, "targeted" plans with obvious financial and socioeconomic advantages. He cited sustainable development and ecologically sound ventures as possible examples, along with improvements and modernisations of the university system.
The premier warned, however, that the fund would not act as a "miracle solution" to all of France's budgetary problems.
In an attempt to quell fears that a national loan would simply mask the state’s massive debt, Fillon assured that France will also cut public spending at the same time as the loan is launched.
According to an Opinion Way survey, 56% of the French population is opposed to the idea of a national loan. 82% claim they don’t intend to subscribe to it.
Date created : 2009-06-28