The French authorities introduced on Wednesday a brand new spherical of measures to assist households, corporations, farmers and fishermen deal with the financial fallout from Russia’s invasion of Ukraine.
“We’ve to organize for a protracted disaster,” Prime Minister Jean Castex instructed a information convention as he introduced the brand new “resilience plan”.
“We should put together directly measures to restrict the influence on our corporations, our jobs and our buying energy”, he instructed journalists.
With a presidential election looming subsequent month, the federal government already final yr capped fuel and energy worth will increase and supplied monetary handouts to low-income households to deal with larger power costs and inflation.
Because the Ukraine disaster places further strain on costs, Finance Minister Bruno Le Maire stated that the extra measures would convey the entire invoice to €25-26 billion ($27.5-$28.6 billion).
Among the many new measures, Castex stated the federal government would cowl greater than half of the price of corporations’ improve of their fuel and energy payments to assist take up losses they’d have in any other case suffered.
In the meantime, corporations combating excessive power costs or the lack of export markets would be capable of get tax and payroll costs postponed.
Castex stated that the federal government would additionally delay and develop state-guaranteed loans arrange in the course of the Covid-19 disaster in addition to reactivate a subsidised furlough scheme for corporations affected by a drop in shopper demand.
With gas costs at a document excessive, a 15 cent per litre gas low cost introduced this weekend could be broadened to incorporate pure fuel utilized in automobiles whereas TotalEnergies had indicated it will add an extra low cost at its petrol stations, Castex stated.