French Finance Minister Michel Sapin. Photo: Fred Dufour

Paris - France on Monday rejected an EU forecast that it will fail to cut its overall budget deficit as promised next year, with Finance Minister Michel Sapin saying Paris was “determined” to stay on target.

“The government reaffirms its determination to put in place the Responsibility and Solidarity Pact and to make the 50 billion euros in necessary savings to bring the deficit to three percent of GDP (ouput) next year,” Sapin said in a statement.

In economic forecasts released on Monday, the European Commission said it expected France to overshoot its target with a deficit of 3.4 percent in 2015.

Sapin said the EU had “only partially taken into account” the amount of French savings in its prediction.