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France prepares for a difficult economic future

France prepares for a difficult economic future

Paris, Mar 7 (Prensa Latina) The Government of France announced today a special budget to face the energy surcharge that its economy began to suffer, motivated by the commercial and financial blockade imposed on Russia, which sky rocketed the global price of fuel.
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Specifically, 22 billion euros will be allocated to maintain the purchasing power of the French in the face of rising energy prices, and as announced by the Minister of Finance, Bruno Le Maire, some 10 billion will be allocated to freezing the price of gas during 2022, compared to the 1.2 billion euros budgeted until now, he explained.

In addition, the “capping of electricity tariffs” has cost “8 billion euros and the inflation premium 4 billion euros”, the official said, so that “the total bill amounts to more than 20 billion euros”.

The executive is ready to take further measures, if necessary, to support the purchasing power of households, and “we will give a response to all the French people most affected by the crisis”, added Le Maire.

At the same time, he acknowledged that there are economic uncertainties yet to be known that could arise if Russia interrupts or limits the supply of gas and oil to Europe, which would have a strong impact due to its high dependence on both energy flows.

As expressed by Engie energy group CEO Catherine Mac Gregor, France could face difficulties in gas supplies this summer ahead of the winter of 2022-2023.

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