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Report: Japan's Cabinet approves slightly higher budget for 2008, says report

Report: Japan's Cabinet approves slightly higher budget for 2008, says report

The Japanese government approved an 83.06 trillion yen draft budget for fiscal 2008 Monday, increasing spending as the government struggles to tackle rising social security costs, a news report said Monday.
Prime Minister Yasuo Fukuda's Cabinet approved the 83.06 trillion yen (US$728 billion; euro506.26 billion) draft budget submitted by the Ministry of Finance, Kyodo News agency said.
Cabinet Office officials could not immediately be reached by telephone Monday, a national holiday, to confirm the Kyodo report.
The proposed budget for the fiscal year through March 2009 is 0.2 percent higher than the 82.91 trillion yen initially set for this year, and marks the second straight year of increase.
The budget proposal highlights rising social security costs and lackluster tax revenues that are hampering the country's financial reform. The possibility of general elections taking place next year may have also discouraged Fukuda's government from aggressive belt-tightening.
The government plans to present the budget for approval to the ordinary Diet session to convene in January, Kyodo said.


Updated : 2021-03-06 08:05 GMT+08:00