Japan Govt Adopts Record 102-T.-Yen FY 2020 Budget
Tokyo, Dec. 20 (Jiji Press)--The Japanese government on Friday adopted a budget plan for fiscal 2020 calling for record general-account spending of 102,658 billion yen chiefly reflecting ballooning social security costs.
The total spending amount represents a rise of 1,200.9 billion yen, or 1.2 pct, from the initial budget for fiscal 2019, which ends next March, topping 100 trillion yen for the second straight year on an initial budget basis.
The government will continue to rely heavily on debts to finance expenditures, projecting to procure about 30 pct of its planned revenues from bond issuance for fiscal 2020.
The government will submit the budget plan to parliament after the turn of the year, aiming for its enactment before the start of the new fiscal year on April 1.
Of social security costs that account for one-third of the general-account budget, natural growth stemming from the country's aging population is estimated at 411.1 billion yen. The size of growth was made smaller than the 530 billion yen projected earlier thanks to cuts in official drug prices that are estimated to curb spending by 110 billion yen.
[Copyright The Jiji Press, Ltd.]