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French foreign minister promises France will boost arms to Ukraine

France's new foreign minister Catherine Colonna said on a visit to Kyiv Monday that Paris is ready to boost military aid to Ukraine to help it counter Russia's invasion.

French foreign minister promises France will boost arms to Ukraine
French Foreign Minister Catherine Colonna visits the memorial for Ukrainian servicemen killed during the Russian occupation in Kyiv (Photo by Sergei CHUZAVKOV / AFP)

“France is not at war with Russia”, but it will “continue to reinforce arms deliveries,” Colonna said at a news conference with her Ukrainian counterpart Dmytro Kuleba.

She said the arms will arrive “in the coming weeks.”

Colonna defended French President Emmanuel Macron, who has come under fire in Ukraine and some Western countries for holding frequent phone calls with Kremlin chief Vladimir Putin.

“The conversations between the President of the Republic and Vladimir Putin are direct and frank,” she said.

She added that “it does not seem to be the hour for negotiations but, as President Zelensky said, the day for dialogue will have to come.

“We are at Ukraine’s side to facilitate this if it wishes,” she said.

The pair also discussed Ukraine’s closer integration with the European Union and Colonna said France was “in favour of a rapprochement with Ukraine and even an accelerated one. It is a legitimate request,” she said.

Kyiv has expressed frustration at some EU countries for not wanting to fast-forward its member status in the face of Moscow’s attack.

“I asked my French colleague not only to support the decision to grant Ukraine EU candidate status, but also to convince those who still doubt the expediency of this step,” Ukraine’s Kuleba said.

Colonna, who took office this month, also visited the town of Bucha, where Russian forces allegedly killed hundreds of civilians.

“This should never have happened. It must never happen again,” Colonna told reporters after visiting an Orthodox church in Bucha.

She said France stood with victims of alleged Russian atrocities and that her country would “do everything in its power to restore peace.”

Colonna said France had been “the first one to respond” by dispatching gendarmes to Bucha to probe killings alongside Ukrainian investigators.

She said she hoped that work would be completed as quickly as possible, “so that families can see their loved ones laid to rest in proper graves”.

Colonna is the highest-ranking French official to visit Ukraine since the beginning of the Russian invasion on February 24th.

She was also to hold talks with President Volodymyr Zelensky to discuss Moscow’s blockade of Ukraine’s ports and the impact on global food security.

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ECONOMY

S&P downgrades French credit rating in blow to Macron

Ratings agency Standard & Poor's downgraded France's credit score on Friday citing a deterioration in the country's budgetary position, a blow to Emmanuel Macron's government days before EU parliamentary elections.

S&P downgrades French credit rating in blow to Macron

In a statement, the American credit assessor justified its decision to drop France’s long-term sovereign debt rating from “AA” to “AA-” on concerns over lower-than-expected growth.

It warned that “political fragmentation” would make it difficult for the government to implement planned reforms to balance public finances and forecast the budget deficit would remain above the targeted three percent of GDP in 2027.

The S&P’s first downgrade of France since 2013 puts the EU’s second-largest economy on par with the Czech Republic and Estonia but above Spain and Italy.

The announcement will sting for Macron, who has staked a reputation as an economic reformer capable of restoring France’s accounts after low growth and high spending.

The risk of a ratings downgrade had been looming for several quarters, with the previous “AA” assessment given a “negative outlook”.

The surprise slippage in the public deficit for 2023 to 5.5 percent of Gross Domestic Product (GDP) instead of the expected 4.9 percent did not play in the government’s favour.

France’s general government debt will increase to about 112 percent of GDP by 2027, up from around 109 percent in 2023, “contrary to our previous expectations”, the agency added.

Responding to the downgrade decision, Economy Minister Bruno Le Maire reaffirmed the government’s commitment to slashing the public deficit to below three percent by 2027.

“Our strategy remains the same: reindustrialise, achieve full employment and keep to our trajectory to get back under the three percent deficit in 2027,” he said in an interview with newspaper Le Parisien, insisting that nothing would change in the daily lives of the French.

Le Maire claimed the downgrade was primarily driven by the government’s abundant spending during the Covid pandemic to provide a lifeline to businesses and French households.

The main reason for the downgrade was because “we saved the French economy,” he said.

Government critics offered a different rationale.

“This is where the pitiful management of public finances by the Macron/Le Maire duo gets us!” Eric Ciotti, head of the right-wing Republicans party, wrote on social media platform X.

Far-right leader Marine Le Pen called the Macron administration’s handling of public finances “catastrophic” and denounced the government as being “as incompetent as they are arrogant”.

A credit downgrade risks putting off investors and making it more difficult to pay off debt.

Earlier this year, influential ratings agencies Moody’s and Fitch spared handing France a lower note.

S&P also maintained its “stable” outlook for France on Friday on “expectations that real economic growth will accelerate and support the government’s budgetary consolidation”, albeit not enough to bring down its high debt-to-GDP ratio.

“S&P’s downgrading of France’s debt simply reflects an imperative that we are already aware of: the need to continue restoring our public finances,” Public Accounts Minister Thomas Cazenave wrote in a statement sent to AFP.

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