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Tag: Finance Minister

  • Le Maire withdraws from defence post to ease French political crisis

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    Former French economy and finance minister Bruno Le Maire has withdrawn from his planned appointment as defence minister in an effort to help resolve France’s deepening political crisis.

    Le Maire said on Monday that he had offered President Emmanuel Macron his immediate resignation and that the president had accepted.

    “I hope that this decision will allow discussions to resume with a view to forming a new government, which France needs,” he wrote on X.

    The announcement followed the surprise resignation earlier in the day of Prime Minister Sébastien Lecornu, who stepped down after just a month in office.

    Lecornu, who unveiled his partial Cabinet line-up on Sunday night, quit after the conservative Républicains party threatened to withdraw from the governing coalition.

    Party leader Bruno Retailleau reacted angrily to Le Maire’s planned appointment, saying it fell short of the change he had been promised and expressing frustration over the limited influence conservatives had been given in the new government.

    According to media reports, Retailleau also accused Lecornu of failing to inform him in advance about Le Maire’s nomination.

    Criticism over soaring national debt

    Le Maire served as economy and finance minister from 2017 to 2024, steering France through the Covid-19 pandemic and the energy crisis with policies aimed at shielding businesses and households from severe hardship.

    However, during his tenure, France’s public debt rose by €1 trillion ($1.1 trillion), a fact that drew heavy criticism — including from within the conservative ranks — over his new appointment to the senior post of defence minister.

    Uncertain path forward for Macron

    It remains unclear whether Le Maire’s withdrawal will ease the crisis. President Macron met the outgoing Prime Minister Lecornu again at the Élysée Palace on Monday afternoon, though no details of their talks were made public.

    French media speculated that Macron may be seeking to persuade Lecornu, one of the president’s closest allies, to stay in office to stabilize the government.

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  • FM Sitharaman to begin pre-budget consultations from today

    FM Sitharaman to begin pre-budget consultations from today

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    Finance Minister Nirmala Sitharaman will begin her pre-budget meetings from Monday starting with industry leaders and experts in infrastructure and climate change.

    The meetings will be held virtually by Sitharaman seeking suggestions for the 2023-24 budget-making from stakeholders.

    “Finance Minister Smt. @nsitharaman will be holding her 1st #PreBudget2023 consultations with the captains from industry and experts of #Infrastructure and #ClimateChange in two groups, tomorrow, 21st Nov. 2022, in forenoon and afternoon,” the Ministry of Finance said in a tweet.

    On November 22, the minister will meet agriculture and agro-processing industry, representatives from the financial sector and capital market.

    She will also be meeting the representatives of services sector and trade bodies, besides experts from social sector, including health, education, water and sanitation, on November 24.

    The pre-budget meetings with the trade union representatives and economists are scheduled for November 28.

    The participants will give suggestions on the 2023-24 Budget which will be presented in Parliament by the Finance Minister on February 1.
     

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