The unemployment rate should begin to show an appreciable decline only in 2016, while inflation is expected to remain at around 1%.
The lender estimates public debt to peak at 95% of gross domestic product in 2015.
According to IMF,
President Francois Hollande target to bring the shortfall down to 3.8% in 2014 and to EU-agreed ceiling of 3% in 2015.
The lender recommended to boost structural reforms that include opening protected sectors to greater competition and continuing down the path of labor market reforms.
Achieving the deficit objectives while delivering on the tax cut commitments leaves no room to deviate from the announced expenditure reductions, the IMF said.
"The major risks are that the initial plans may be diluted in sequential annual budgets and that cuts in transfers to local governments may be compensated by unsustainable cuts in investment, higher taxes or higher debt,"
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