Wednesday, September 4, 2013
Budget Requests For FY14 Reach Record Y99.25tln
TOKYO (Nikkei)--General-account budget requests submitted by ministries and agencies for fiscal 2014 totaled an all-time high 99.25 trillion yen, according to figures released Wednesday by the Finance Ministry.
Requests for policy-related spending, which excludes debt-servicing costs, came to 73.97 trillion yen. The ministries and agencies sought 3.51 trillion yen under a new framework for priority projects.
The Welfare Ministry made the largest request of 30.56 trillion yen, with most of that money to cover social security expenses. The figure topped 30 trillion yen for the second year in a row as government spending on medical and nursing care continues to grow.
The focus will turn to spending cuts because more than 2 trillion yen would have to be shaved from policy-related spending for the government to achieve its goal of reducing the budget deficit to improve public finances.
(The Nikkei, Sept. 5 morning edition)