Paris, September 21 (QNA) - France's public debt could reach a record level in 2027, underscoring the worrisome developments facing the country's public finances, Economy Minister Roland Lescure warned in press remarks Monday.

He added that next year's draft budget projects debt to reach a record 121.7 percent of GDP, a day after Scope Ratings downgraded France's sovereign credit rating.

The government needs to act now, particularly on the budget, Lescure contended, stating that making the necessary choices at this juncture would help dispel fears of having to take more difficult measures in the future.

The French minister stressed that he wants to "act decisively" to safeguard his country's financial stability and preserve "France's signature", referring to confidence in its ability to meet its financial obligations.

France's 10-year borrowing rate stands at around 4.50 percent, while the spread between French and German borrowing costs has risen to 1 percent point, a level that more clearly reflects investors' concerns over the state of France's public finances.

These developments leave the government and Parliament facing the challenge of taking measures to curb spending and achieve savings, helping contain debt levels and factor in the need to preserve France's ability to finance its needs in the markets. (QNA)