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French finance minister says deficit reduction was top priority before Moody's ratings warning

BY Reuters | CORPORATE | 10/25/24 05:06 PM EDT

WASHINGTON, Oct 25 (Reuters) - French Finance Minister Antoine Armand on Friday, following a Moody's credit rating warning, said that France's top fiscal priority is to reduce its public deficit to a 5% target by 2025 and it did not wait for ratings actions to take action.

Moody's late on Friday revised France's outlook to "negative" from "stable," citing mounting uncertainty that the country will be able curb widening budget deficits.

Speaking to reporters on the sidelines of International Monetary Fund and World Bank annual meetings, Armand said: "We noted the prospect of the negative outlook. We didn't wait for the negative outlook to take the necessary measures" to control debt. (Reporting by David Lawder; Editing by Leslie Adler)

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