Japan Govt to Adopt Budget Bill with Record Spending on Fri.
Tokyo, Dec. 22 (Jiji Press)--The Japanese government is expected to adopt a fiscal 2023 budget bill on Friday calling for record general-account spending of some 114.38 trillion yen as it seeks to boost defense and social security expenditures, sources familiar with the matter said Thursday.
The amount of general-account spending will grow by 6.78 trillion yen from the initial budget for fiscal 2022, which ends next March, hitting a record high for the 11th consecutive year.
The government will boost defense spending by 1.42 trillion yen to a record high of some 6.79 trillion yen. In addition, 3.38 trillion yen in nontax revenues will be set aside to ensure higher defense spending in and after fiscal 2024.
Social security costs are also expected to grow to a record high of 36.89 trillion yen amid the aging of the country's population.
Debt-serving expenditures are expected to rise to 25.25 trillion yen, and tax revenue grants to local governments will likely total 16.4 trillion yen.
[Copyright The Jiji Press, Ltd.]