Finance Minister: French Budget Talks on Right Path

French Minister for Economy, Finance, Industrial and Digital Security Eric Lombard leaves following the weekly cabinet meeting at the Elysee Palace in Paris, France, January 29, 2025. REUTERS/Benoit Tessier
French Minister for Economy, Finance, Industrial and Digital Security Eric Lombard leaves following the weekly cabinet meeting at the Elysee Palace in Paris, France, January 29, 2025. REUTERS/Benoit Tessier
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Finance Minister: French Budget Talks on Right Path

French Minister for Economy, Finance, Industrial and Digital Security Eric Lombard leaves following the weekly cabinet meeting at the Elysee Palace in Paris, France, January 29, 2025. REUTERS/Benoit Tessier
French Minister for Economy, Finance, Industrial and Digital Security Eric Lombard leaves following the weekly cabinet meeting at the Elysee Palace in Paris, France, January 29, 2025. REUTERS/Benoit Tessier

French Finance Minister Eric Lombard said on Friday that talks on getting the 2025 budget passed through parliament were "on the right track", although some compromises may still be needed.
Lombard also told TF1 television that the government was sticking to its goal of bringing the public sector deficit to 5.4% of gross domestic product this year, Reuters reported.
Lombard was speaking as a panel of French lawmakers were meeting for a second day on Friday to thrash out the final text of a much delayed 2025 budget bill that is key to restoring investor confidence over the country's finances and the government's survival.
The seven senators and seven members of the lower house were holding the closed-door negotiation to find a compromise before the bill heads to the lower house floor next week, when it could trigger a possible motion of no-confidence in the government.
"What I am hearing is that the talks are taking place in a constructive spirit and progressing at a good pace....I trust lawmakers. They understand the seriousness of the situation. I think we are on the right path," Lombard said.
In the 2025 budget bill under discussion, Prime Minister Francois Bayrou wants to bring the public sector deficit down to 5.4% or GDP this year after it spiraled higher last year as tax income fell short of expectations and spending rose faster than expected.
Lombard said the 5.4% target was "a commitment" made to the French people and the European Union that would not change.
France's failure to agree the 2025 budget has rattled investors while sapping business and household confidence. The government has had to make billions of euros in concessions to forge a bill with a chance of getting passed.



Iraq Appoints Ali Al-Shatari as Director General of Oil Marketer SOMO

A special forces soldier waves an Iraqi flag from the top of a church damaged by ISIS forces in Bartella, east of Mosul, Iraq. (Reuters)
A special forces soldier waves an Iraqi flag from the top of a church damaged by ISIS forces in Bartella, east of Mosul, Iraq. (Reuters)
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Iraq Appoints Ali Al-Shatari as Director General of Oil Marketer SOMO

A special forces soldier waves an Iraqi flag from the top of a church damaged by ISIS forces in Bartella, east of Mosul, Iraq. (Reuters)
A special forces soldier waves an Iraqi flag from the top of a church damaged by ISIS forces in Bartella, east of Mosul, Iraq. (Reuters)

Iraq, the second-largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC), appointed a new chief for national oil marketer SOMO, the company said on Thursday.

Ali al-Shatari will become the director general of the State Oil Marketing Organization (SOMO), succeeding Khudhyer Abed, also taking over as Iraq's governor in OPEC, according to Reuters.

SOMO, which markets all Iraqi oil, is expected to begin handling oil output from Iraq's semi-autonomous Kurdistan region after the end of an almost two-year dispute with the government in Baghdad.