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France rolls out initial €45 billion package to help struggling companies

Issued on: 17/03/2020 – 10:14Modified: 17/03/2020 – 10:14

France will mobilise 45 billion euros ($..

By admin , in Health , at March 17, 2020

Issued on: Modified:

France will mobilise 45 billion euros ($50.22 billion) in crisis measures to help its companies, with the economy expected to contract 1% this year due to the coronavirus outbreak, Finance Minister Bruno Le Maire said on Tuesday.

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Le Maire said a large part of the 45 billion euro figure was the deferral of all tax payments and payroll charges that companies were due to pay this month and the cancellation of such payments for firms at risk of collapse.

"We are going to mobilise 45 billion euros as our first immediate economic assistance to companies," Le Maire told French RTL radio. "We don't want bankruptcies."

The money comes in addition to 300 billion euros in government loan guarantees that President Emmanuel Macron announced on Monday, Le Maire said.

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