French finance minister Antoine Armand said on Friday that a belt-tightening budget was aimed at regaining control over a "colossal" debt, adding that the government was keeping a close eye on how financial markets viewed the French debt situation.

France's belt-tightening budget is meant to regain control over its "colossal" debt burden, Finance Minister Antoine Armand said on Friday,adding that the government was keeping a close eye on the views of financial markets.

France's government is to deliver its 2025 budget on Thursday with plans for 60 billion euros ($65.68 billion) worth of tax hikes and spending cuts to tackle a spiralling fiscal deficit. Prime Minister Michel Barnier's new government is under increasing pressure from financial markets and France's European Union partners to take action after tax revenues fell far short of expectations this year and spending exceeded them.

France's belt-tightening budget is meant to regain control over its "colossal" debt burden, Finance Minister Antoine Armand said on Friday, adding that the government was keeping a close eye on the views of financial markets.

France's new centre-right government, led by Prime Minister Michel Barnier, has introduced an austerity budget aimed at addressing the high national debt. According to an explanation provided by the government following a Cabinet meeting on Thursday,