Japanese Government Proposes Additional Budget of 13.9 Trillion Yen
Click to start listening
Tokyo, Dec 9 (NationPress) The Japanese government has put forward a supplementary budget proposal for fiscal 2024 to the National Diet, focusing on strategies to combat escalating prices and promote economic growth.
This proposal totals around 13.9 trillion yen (approximately $92.5 billion) in the general account, which is higher than the previous year's supplementary budget, according to a report from Xinhua news agency, citing the national broadcaster NHK.
Significant initiatives outlined include support for wage increases, measures to alleviate rising utility expenses, and aid for households that are exempt from residential taxes.
Additionally, the proposal intends to direct funds towards infrastructure restoration in areas affected by the Noto Peninsula earthquake.
The budget is expected to partly draw from a projected 3.8 trillion yen surplus in tax revenue for the current fiscal year, along with surplus funds from the previous year.
However, almost half of the funding, equating to 6.69 trillion yen, will rely on the issuance of new government bonds, raising concerns regarding long-term fiscal discipline.
The government is pushing for the budget to secure approval before year-end amidst ongoing political discussions about related reforms. (1 yen equals $0.0066)
