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Japan's lower house passes US$783 billion annual budget
Published in Saudi Press Agency on 10 - 02 - 2005

Japan's lower house on Wednesday passed an 82.18 trillion yen (US$783 billion; ¤592 billion) national
budget for the fiscal year starting April 1, boosting
overall outlays to deal with the country's rapidly aging
population but cutting spending in most other programs
including defense.
The budget plan, which lifts overall spending 0.1 percent,
was passed with a vote of 281 to 187, said lower house
spokeswoman Yuko Harada. It will now go to the less
powerful upper house, where it is likely to be approved
before the end of the month.
Social security makes up the biggest chunk of the national
budget and is one of the few areas where spending will
rise. The 20.37 trillion yen (US$194 billion; ¤147 billion)
in outlays _ up 2.9 percent _ is designed to help cover
services for Japan's steadily growing population of
elderly.
To finance the budget, the government plans to issue bonds
worth 34.39 trillion yen (US$328 billion; ¤248 billion),
down 2.2 trillion yen (US$21 billion; ¤16 billion) from
this fiscal year.
The decline in the planned bond issuance _ the first in
four years _ was made possible by cuts in defense, public
works and education, and projected rises in tax revenues
thanks to Japan's recent economic recovery.
The budget cuts defense spending by 1 percent and public
works outlays by 3.6 percent.
Still, debt-servicing costs will rise 5 percent from the
current fiscal year to 18.44 trillion yen (US$176 billion;
¤133 billion), as outstanding bond issues mature and
interest payments come due.


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