, 2023-01-22 21:28:53,
Tokyo, Jan. 23 (Jiji Press)–The Diet, Japan’s parliament, started a 150-day ordinary session on Monday, with the government proposing a record budget for fiscal 2023 reflecting its aim to drastically boost the country’s defense power.
The draft budget for the fiscal year from April calls for general-account expenditures of 114,381.2 billion yen, up 6.3 pct from the fiscal 2022 initial budget. The size of spending will hit a record high for the 11th consecutive year and top 110 trillion yen for the first time ever.
In the draft budget, the government earmarked over 10 trillion yen in defense-related spending as part of its efforts to increase the country’s total defense expenditures over the five years from fiscal 2023 to 43 trillion yen.
The fiscal 2023 defense budget will increase 26.3 pct to 6,821.9 billion yen. Apart from this, the government will set aside 3,380.6 billion yen in nontax revenue under a new system to ensure higher defense spending in and after fiscal 2024.
Social security outlays, which account for over 30 pct of the total spending, will rise 1.7 pct to a record 36,888.9 billion yen.
[Copyright The Jiji Press, Ltd.]
To read the original article from news.google.com, Click here