Japan's Cabinet to approve 5.5 trillion yen extra budget

December 12, 2013 - 9:15:35 am

TOKYO: Japan's Prime Minister Shinzo Abe's Cabinet is set to approve Thursday a 5.5 trillion yen supplementary budget for fiscal 2013 to fund an economic stimulus package designed to minimize the potential negative impact on the economy of a planned sales tax hike next year.

Vowing to achieve fiscal rehabilitation, Abe's government will not issue additional bonds, as the country's tax revenues this fiscal year.

Through March are likely to be higher than its initial estimate made in January due to an economic recovery, according to Japan's Kyodo News Agency.

The Cabinet also plans to endorse the basic outline of the initial budget for fiscal 2014.

In which it pledges to make every effort to review expenditures without exceptions and keep new debt issuance in the next fiscal year below that in fiscal 2013. (QNA)


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