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PARIS - FRANCE plans to pump 19 billion euros (S$37.4 billion) into key industries as part of a stimulus package to kick-start the French economy, Finance Minister Christine Lagarde said on Tuesday.
The minister told the Europe 1 radio station that any French stimulus package would be equivalent to one per cent of the country's gross domestic product (GDP).
'So in France, that would mean around 19 billion euros. We will see if we can agree with our European partners on the 1 percent.... All countries need to move together,' she said.
President Nicolas Sarkozy said earlier on Tuesday that he would present the full details of a rescue plan 'within the next 10 days'.
The latest initiative would help shore up the automobile industry and construction sector among others and comes on the heels of a 20 billion euro strategic investment fund launched last week.
Mr Sarkozy last week announced that his government was working on a package of measures to revive the French economy and on Monday he met with German Chancellor Angela Merkel to discuss a Europe-wide rescue plan.
The European Commission is on Wednesday to present a coordinated multi-billion euro package of national measures, totalling 130 billion euros, or one per cent of GDP of the EU's 27 member-states.
Facing an economic downturn, Britain on Monday announced a 20 billion pound (S$46.6 billion) package to fire up consumer spending.
Germany announced earlier this month a raft of measures including tax breaks and infrastructure spending that it says is worth 32 billion euros over two years to stimulate economic activity. -- AFP
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