Japan Facing Unabated Pressure for Spending
Tokyo, Dec. 21 (Jiji Press)--The Japanese government is facing unabated pressure for spending amid the coronavirus epidemic, with its fiscal consolidation initiative fading.
The government finalized a fiscal 2021 budget bill of a record 106,609.7 billion yen on Monday, after compiling three supplementary budgets for fiscal 2020.
The country’s primary budget balance is expected to stand at a deficit of 20,361.7 billion yen for fiscal 2021, more than double the deficit of 9,626.4 billion yen in the fiscal 2020 initial budget.
The government appears almost certain to be forced to revise its goal of achieving a primary balance surplus by fiscal 2025.
The outstanding amount of long-term government debt is seen reaching 1,010 trillion yen at the end of fiscal 2020 and 1,019 trillion yen at the end of fiscal 2021.
[Copyright The Jiji Press, Ltd.]