Japan ministries seek $774B for FY 2008
Japan’s ministries and agencies asked for a total of $774.5 billion for their fiscal 2008 budget, the second highest on record, a report said Tuesday.
Japanese Finance Minister Fukushiro Nukaga gave a breakdown of the requests to the Cabinet Tuesday, Kyodo news service reported. The ministry will draw up the final budget later this year.
The budgetary requests represented a 7.3 percent increase over the initial general-account budget for the current fiscal year, the report said. The highest such request is $776.3 billion made in fiscal 2004.
The report said of the current total, requests for core policy-related outlays totaled $439.7 billion. That is over the spending cap of $411.7 billion set by the Cabinet for fiscal 2008.
The finance minister said the excess would need to be cut.
The rest of the requests included $193.3 billion for debt-servicing costs and $141.3 billion for local tax grants. // Copyright 2007 by United Press International
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