France's budget for next year will “fully” comply with the European Union's new spending rules, finance minister Antoine Armand pledged ahead of his first meeting with EU counterparts on Monday.

Armand is set to present the national budget on Thursday, with the government aiming to address France's “colossal” debt through a combination of spending cuts and new taxes.

“We have prepared a budget to strengthen the country's financial and national sovereignty,” Armand said at a media briefing, going on to add that respecting EU rules is “a question of international credibility.”

Brussels has already reprimanded France for violating budget rules, formally placing the country under a procedure in July due to its deficit exceeding the 3% limit, France 24 reports.

France is required to submit a plan to reduce its public deficit, but Paris secured a delay after a new government was appointed following snap elections.

The country is aiming to improve its financial position by approximately €60 billion in 2025, with the goal of lowering the public sector deficit to 5% of GDP, down from an estimated 6.1% this year. 

The finance minister expressed confidence in France's efforts to reduce the deficit and bring it in line with EU regulations.

“Our objective is to bring our deficit below the 3% mark by 2029,” he said.

Furthermore, he reaffirmed France's commitment to reducing the deficit to 5% by next year.

“The prime minister has given me an extremely clear mandate: to defend French and European interests in the world in economic and financial matters,” Armand commented.