The draft budget is worth a total of 1.75 trillion 96 billion yen, or about $.940 billion
Tokyo … News Time
The Japanese government has submitted a record budget bill to parliament for the new fiscal year, which begins in April. The draft allocates funds for anti-corona virus measures. The government formally approved the draft budget for the fiscal year 2022 in the cabinet meeting on Monday before presenting it in the general session of parliament. The draft budget is worth a total of 1.75 trillion 96 billion yen, or about $.940 billion, which is more than $.8.6 billion more than the initial budget for the current fiscal year. A record $.317 billion will be allocated to meet social security spending, including medical care and nursing care for the elderly to meet the needs of Japan’s aging population. The amount also includes money to increase the wages of workers in the medical care and medical care sector. The Japanese government has also proposed spending about $.47 billion on defense. The cost of repaying Japan’s government debt is more than $.212 billion.
About $.43 billion will be set aside as safe haven for dealing with the global Corona virus epidemic. Such funds may be spent without the approval of Parliament. The government expects to raise a record 652 trillion yen ($.570 billion) in tax revenue in the wake of a recovery in corporate revenue. The issuance of government bonds is expected to exceed $.322 billion. These figures will be 34% of the total revenue.
