YEREVAN, March 20. / ARKA /. Japanese parliament okayed March 19 the fiscal 2014 budget — the largest in history at 95.88 trillion yens. The budget’s enactment will allow the government to start implementing it on April 1, the beginning of the new fiscal year, with no delay, Prime reported.
The speed of the budget enactment was the third fastest in postwar history, reflecting prime minister Abe’s potent power base. His ruling bloc now occupies an overwhelming majority in both chambers.
Major opposition forces, including the Democratic Party of Japan, Your Party, Nippon Ishin no Kai (Japan Restoration Party) and Yuinotoh, all voted against the budget.
Of the 95.88 trillion yen budget, spending for rapidly growing social security areas accounted for 31.8 percent, exceeding the 30 trillion yens level for the first time.
Meanwhile, public works expenditures grew by 12.9 percent to 5.97 trillion yen, reflecting Abe’s aggressive spending policy to prop up the economy, which remains in a long-standing slump.
The budget was funded by issuing government bonds totalling a staggering 41.2 trillion yen, which accounted for as much as 43 percent of the government’s total revenue.-0-
