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National News

Finance Ministry drafts ¥82.18 trillion budget

Finance Minister Sadakazu Tanigaki on Dec. 20 proposed a draft budget for fiscal 2005 worth ¥82.18 trillion, up 0.1 percent from the initial 2004 budget, as higher debt-servicing costs outpaced cuts in discretionary spending.

"An utmost effort to cut costs" by the Finance Ministry just managed to offset rising social security costs as Japan ages, keeping 2005's budget at around the same size as 2004, Tanigaki said.

But some say the budget plan does not make significant cuts in expenditures, and makes it clear that the government is headed toward restoring fiscal balance mainly through tax increases.

General expenditures - a broad category of discretionary spending covering major policy-related outlays - fell to ¥47.28 trillion, down 0.7 percent for the first decline in three years. Tax grants and subsidies to local governments and prefectures also fell, to ¥16.09 trillion, down 2.5 percent.

Defense spending for fiscal 2005 will fall by 1.0 percent, because of sharp cuts in costs for personnel and existing equipment to make way for a new ballistic missile defense system.

Also, the Finance Ministry earmarked ¥1.23 billion in the draft budget for fiscal 2005 to increase the number of Japanese in the United Nations and related organizations as it seeks a permanent seat on the U.N. Security Council.

However, the Finance Ministry also proposed a 3.8 percent cut in foreign aid in fiscal 2005 from ¥816.9 billion to ¥786.2 billion.

The proposed cut came despite the Foreign Ministry's call for ending the downtrend in official development aid (ODA) expenditures. The ministry argues that ODA is Japan's most important diplomatic tool. (Kyodo, The Japan Times)


Shukan ST: Jan. 7, 2005

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