mardi 13 janvier 2015
Japan government approves record $812 billion budget; deficit-halving goal in sight
Posted on 17:54 by nice news
Japanese Prime Minister Shinzo Abe's cabinet approved on Wednesday a record $812 billion budget for the coming fiscal year while cutting new borrowing for a third straight year in a bid to balance growth and fiscal reform.
The 96.34 trillion yen ($812.45 billion) general-account budget draft, the third since Abe swept to power in late 2012, marks a rise from this fiscal year's initial 95.88 trillion yen, reflecting higher welfare spending and military outlays.
The new fiscal year begins on April 1.
A projected rise in tax revenue to a 24-year high of 54.53 trillion yen on an expected economic recovery allows the government to cut new bond issuance to a six-year low of 36.86 trillion yen. That accounts for 38.3 percent of the budget, also a six-year low.
With Japan's public debt above twice its gross domestic product (GDP), the industrial world's heaviest burden, Abe sought to restore fiscal health while lifting growth in the world's third largest economy.
The 96.34 trillion yen ($812.45 billion) general-account budget draft, the third since Abe swept to power in late 2012, marks a rise from this fiscal year's initial 95.88 trillion yen, reflecting higher welfare spending and military outlays.
The new fiscal year begins on April 1.
A projected rise in tax revenue to a 24-year high of 54.53 trillion yen on an expected economic recovery allows the government to cut new bond issuance to a six-year low of 36.86 trillion yen. That accounts for 38.3 percent of the budget, also a six-year low.
With Japan's public debt above twice its gross domestic product (GDP), the industrial world's heaviest burden, Abe sought to restore fiscal health while lifting growth in the world's third largest economy.
Japan government approves record $812 billion budget; deficit-halving goal in sight
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