French Economy Minister Bruno Le Maire vowed that the federal government will push forward with structural reforms after Fitch Ratings pointed to social unrest over the deliberate pension reforms in decreasing its evaluation of France’s credit rating.
“I consider that the information invalidate the evaluation by the Fitch company,” Le Maire advised AFP on Saturday.
Citing the federal government’s reform plans for pension and unemployment advantages, Le Maire added that “we’re ready to go structural reforms for the nation … And we are going to proceed to go structural reforms for the nation.”
Le Maire mentioned the federal government of French President Emmanuel Macron is planning a “entire sequence of reforms” that can pace up “the transformation of France’s financial mannequin.” A inexperienced business plan, which the federal government will current “in just a few days,” will enable France to “open new industrial websites and create new jobs,” he mentioned.
Fitch on Friday downgraded France’s rating by one notch to AA- from AA. “Social and political pressures illustrated by the protests towards the pension reform will complicate fiscal consolidation,” the company said.
“Political impasse and (generally violent) social actions pose a threat to Macron’s reform agenda and will create pressures for a extra expansionary fiscal coverage or a reversal of earlier reforms,” it added.
The authorities has confronted robust protests after adopting a pension reform that can elevate the authorized retirement age from 62 to 64. Trade unions plan to proceed their demonstrations with a “massive mobilization” on Monday.
