France must save up to 10 billion euros (about 12.5 billion U.S. dollars) in 2012 in order to reach its public defict target of 4.5 percent of the national economic output, Finance Minister Pierre Moscovici said on Monday.

In an interview with news channel iTele, Moscovici said the government had to find about 7 to 10 billion euros, adding that the official figure would be released in July.

"We inherited a situation of public finances which is fairly calamitous," the minister said.

On Monday, the French socialist government hold a seminar focusing on the country's financial staus-quo, to outline the country's 2013 draft budget and prepare a supplementary budget draft for this year.

Despite challenging economic and financial climate, France wants to cut budget gap to 4.5 percent this year from 5.2 percent recorded in 2011.

The eurozone's second largest economy is targeting to see its public deficit drop to 3.0 percent in 2013, and to balance its books four year later.