Keizai Doyukai Outlines Watchdog for Govt Spending

Economy

Karuizawa, Nagano Pref., July 12 (Jiji Press)--The Japan Association of Corporate Executives, or Keizai Doyukai, unveiled Friday an outline for an independent fiscal surveillance body to prevent wasteful spending by the government.

The draft plan was shown at a summer seminar meeting of Keizai Doyukai in Karuizawa, a resort town in Nagano Prefecture, central Japan, after the business lobby decided during the previous year's seminar to request the government to set up an independent fiscal watchdog.

According to the plan, the surveillance body will be set up at the Diet, Japan's parliament, and will also make long-term forecasts for the government's fiscal conditions, for some 50 years ahead.

Keizai Doyukai plans to draw up a complete blueprint for the body and propose it to the government as well as ruling and opposition parties as early as September.

Independent fiscal watchdogs, such as the Congressional Budget Office of the United States, have already been established in 29 of the 36 member countries of the Organization for Economic Cooperation and Development.

[Copyright The Jiji Press, Ltd.]

Jiji Press